N.Y. Comp. Codes R. & Regs. tit. 20 § 261.11

Current through Register Vol. 46, No. 51, December 18, 2024

Section 261.11 - Change of accounting methods

Tax Law, § 5(d)(1) of § 1340(c); Codes and Ordinances of the City of Yonkers, § 92-102(d)(1)

(a) A nonresident taxpayer may not change his method of accounting, for City of Yonkers earnings tax purposes, unless a similar change has been made for Federal income tax purposes, except where a nonresident taxpayer does not have a Federal method of accounting.

(b) If a nonresident taxpayer's method of accounting is changed for Federal income tax purposes, his method of accounting for City of Yonkers earnings tax purposes must be similarly changed, without application to the State Tax Commission, but a copy of the consent of the Commissioner of Internal Revenue to the change must be annexed to such nonresident taxpayer's first City of Yonkers earnings tax return filed under the new method, together with the statement required pursuant to section 261.12 of this Part.

(c) Where a nonresident taxpayer does not have a Federal method of accounting, an application for permission to change a method of accounting must be made within 180 days after the beginning of the taxable period to which the proposed change will relate. Such application must be accompanied by a statement specifying the nature of the nonresident taxpayer's business, such taxpayer's present method of accounting, the method to which such taxpayer desires to change, the taxable year in which the change is to be effected, the classes of items to receive different treatment under the new system, and all items which would be duplicated or omitted as a result of the proposed change. If such nonresident taxpayer later adopts a Federal method of accounting and such method differs from such taxpayer's method under the City of Yonkers earnings tax, such nonresident taxpayer must conform his City of Yonkers method of accounting to the Federal method of accounting.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 261.11