N.Y. Comp. Codes R. & Regs. tit. 20 § 261.3

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

Section 261.3 - Method of changing accounting period

(a) If a nonresident taxpayer changes his accounting period by reason of a change in his Federal income tax accounting period, such taxpayer must file, with his first City of Yonkers earnings tax return for the new accounting period, either a copy of the consent of the Commissioner of Internal Revenue to change the accounting period of such taxpayer's return for Federal income tax purposes or, if no consent is required, a statement to that effect referring to the particular provision of the Internal Revenue Code or regulations authorizing the change of accounting period.

(b) A nonresident taxpayer who is not subject to Federal income tax, but is subject to the City of Yonkers earnings tax, must obtain the consent of the State Tax Commission before changing his accounting period. The request for such change of accounting period must state the reasons therefor, and must be made on or before the 15th day of the second calendar month following the close of the short period for which a City of Yonkers earnings tax return is required to effect the change of accounting period. If the State Tax Commission approves the change of accounting period, it will advise the taxpayer as to the effective date of such change and as to any short period City of Yonkers earnings tax returns required as the result thereof.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 261.3