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New York Tax - Part 4 - § 659 Report of Federal Changes, Corrections or Disallowances

Legal Research Home > New York Laws > Tax > New York Tax - Part 4 - § 659 Report of Federal Changes, Corrections or Disallowances

 
    §  659.   Report of federal changes, corrections or disallowances.  If
  the amount of a taxpayer's federal taxable income, federal items of  tax
  preference,  total  taxable  amount or ordinary income portion of a lump
  sum distribution or includible gain of a trust reported on  his  federal
  income  tax  return  for any taxable year, or the amount of a taxpayer's
  earned income credit or credit for employment-related expenses set forth
  on such return,  or  the  amount  of  any  federal  foreign  tax  credit
  affecting  the  calculation  of the credit for Canadian provincial taxes
  under section six  hundred  twenty  or  six  hundred  twenty-A  of  this
  article,  or  the amount of any claim of right adjustment, is changed or
  corrected by  the  United  States  internal  revenue  service  or  other
  competent authority or as the result of a renegotiation of a contract or
  subcontract  with  the  United  States,  or  the  amount  an employer is
  required to deduct and  withhold  from  wages  for  federal  income  tax
  withholding  purposes  is  changed  or  corrected  by  such  service  or
  authority or if a taxpayer's claim  for  credit  or  refund  of  federal
  income  tax  is disallowed in whole or in part, the taxpayer or employer
  shall report such change or correction  or  disallowance  within  ninety
  days   after   the  final  determination  of  such  change,  correction,
  renegotiation  or  disallowance,  or  as  otherwise  required   by   the
  commissioner,  and  shall  concede the accuracy of such determination or
  state wherein it is erroneous.  The allowance of a  tentative  carryback
  adjustment based upon a net operating loss carryback pursuant to section
  sixty-four  hundred eleven of the internal revenue code shall be treated
  as a final determination for purposes of this  section.    Any  taxpayer
  filing  an  amended federal income tax return and any employer filing an
  amended federal return of income tax withheld  shall  also  file  within
  ninety  days  thereafter an amended return under this article, and shall
  give such information as the commissioner may require.  The commissioner
  may by regulation prescribe such exceptions to the requirements of  this
  section  as  he or she deems appropriate.  For purposes of this section,
  (i) the term "taxpayer" shall include a partnership  having  a  resident
  partner  or  having  any  income  derived  from  New York sources, and a
  corporation with respect to which  the  taxable  year  of  such  change,
  correction,  disallowance  or  amendment is a year with respect to which
  the election provided for in subsection (a) of section six hundred sixty
  of this article is in effect, and (ii)  the  term  "federal  income  tax
  return"  shall include the returns of income required under sections six
  thousand thirty-one  and  six  thousand  thirty-seven  of  the  internal
  revenue code.  In the case of such a corporation, such report shall also
  include  any  change  or correction of the taxes described in paragraphs
  two and three of subsection (f) of section thirteen hundred sixty-six of
  the internal revenue code.    Reports  made  under  this  section  by  a
  partnership  or  corporation shall indicate the portion of the change in
  each item of income, gain, loss or deduction (and,  in  the  case  of  a
  corporation, of each change in, or disallowance of a claim for credit or
  refund  of,  a  tax  referred to in the preceding sentence) allocable to
  each partner  or  shareholder  and  shall  set  forth  such  identifying
  information  with  respect  to  such  partner  or  shareholder as may be
  prescribed by the commissioner.

Last modified: February 18, 2012