Legislation
SECTION 15-119
Accounting periods and methods
Yonkers Income Tax Surcharge (YTS) CHAPTER ROOT, ARTICLE 10
§ 15-119. Accounting periods and methods.
A. Accounting periods. A taxpayer's taxable year under this article
shall be the same as his/her taxable year from federal income tax
purposes.
B. Change of accounting periods. If a taxpayer's taxable year is
changed for federal income tax purposes, his/her taxable year for
purposes of this article shall be similarly changed. If a taxable period
of less than twelve (12) months results from a change of taxable year,
the exclusion allowable under § 15-116 of this article shall be prorated
under regulations of the State Tax Commission.
C. Accounting methods. A taxpayer's method of accounting under this
article shall be the same as his/her method of accounting for federal
income tax purposes. In the absence of any method of accounting for
federal income tax purposes, net earnings from self-employment within
the City of Yonkers shall be computed under such method as in the
opinion of the State Tax Commission clearly reflects net earnings from
self-employment within the City of Yonkers.
D. Change of accounting methods.
(1) If a taxpayer's method of accounting is changed for federal income
tax purposes, his/her method of accounting for purposes of this article
shall be similarly changed.
(2) If a taxpayer's method of accounting is changed, other than from
an accrual to an installment method, any additional tax which results
from adjustments determined to be necessary solely by reason of the
change shall not be greater than if such adjustments were ratably
allocated and included for the taxable year of the change and the
preceding taxable years beginning after 1983, not in excess of two (2),
during which the taxpayer used the method of accounting from which the
change is made.
(3) If a taxpayer's method of accounting is changed from an accrual to
an installment method, any additional tax for the year of such change of
method and for any subsequent year, which is attributable to the receipt
of installment payments properly accrued in a prior year, shall be
reduced by the portion of tax for any prior taxable year attributable to
the accrual of such installment payments, in accordance with regulations
of the State Tax Commission.
A. Accounting periods. A taxpayer's taxable year under this article
shall be the same as his/her taxable year from federal income tax
purposes.
B. Change of accounting periods. If a taxpayer's taxable year is
changed for federal income tax purposes, his/her taxable year for
purposes of this article shall be similarly changed. If a taxable period
of less than twelve (12) months results from a change of taxable year,
the exclusion allowable under § 15-116 of this article shall be prorated
under regulations of the State Tax Commission.
C. Accounting methods. A taxpayer's method of accounting under this
article shall be the same as his/her method of accounting for federal
income tax purposes. In the absence of any method of accounting for
federal income tax purposes, net earnings from self-employment within
the City of Yonkers shall be computed under such method as in the
opinion of the State Tax Commission clearly reflects net earnings from
self-employment within the City of Yonkers.
D. Change of accounting methods.
(1) If a taxpayer's method of accounting is changed for federal income
tax purposes, his/her method of accounting for purposes of this article
shall be similarly changed.
(2) If a taxpayer's method of accounting is changed, other than from
an accrual to an installment method, any additional tax which results
from adjustments determined to be necessary solely by reason of the
change shall not be greater than if such adjustments were ratably
allocated and included for the taxable year of the change and the
preceding taxable years beginning after 1983, not in excess of two (2),
during which the taxpayer used the method of accounting from which the
change is made.
(3) If a taxpayer's method of accounting is changed from an accrual to
an installment method, any additional tax for the year of such change of
method and for any subsequent year, which is attributable to the receipt
of installment payments properly accrued in a prior year, shall be
reduced by the portion of tax for any prior taxable year attributable to
the accrual of such installment payments, in accordance with regulations
of the State Tax Commission.