|
Posted by Katie on April 6, 2008, 11:55 pm
Please log in for more thread options
> NY has changed form IT-204 for the 2007 tax year. We have always
> allocated income using the books and records method on page two of the
> old form. The new form has no place to input the information.
> Section 10 asks if you maintain separate books and records. If yes
> you do not complete part 2.
>
> Does anyone have any idea how to report the information? NY's phones
> are of course busy.
>
Looks to me as though you do exactly the same thing you did last year
-- don't do the apportionment formula if you have checked the box and
use the books & records method. Evidently they have eliminated Part 3
of the old Schedule B, so there is no place on the IT-204 itself to
put the NY source parts of the items of income, expense, etc. --
whether you use separate accounting or formula apportionment.
However, there is still a column for the NY items on the NY K-1
equivalent, so do it there.
It certainly is confusing!
Katie in San Diego
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap