Conn. Agencies Regs. § 12-708-7 - Change of accounting method
(a) A person may
not change the method of accounting for Connecticut income tax purposes unless
a similar change has been made for federal income tax purposes, except where
the person does not have a method of accounting for federal income tax
purposes.
(b) If the method of
accounting is changed for federal income tax purposes, the method of accounting
for Connecticut income tax purposes shall be similarly changed, without
application to the Commissioner, but a copy of the consent of the Commissioner
of Internal Revenue to the change shall be attached to the first Connecticut
income tax return filed under the new method, together with the statement
required pursuant to §§
12-708-8(c)
and
12-708-9(d)
of this Part.
(c) Where a person
does not have a method of accounting for federal income tax purposes, an
application for permission to change a method of accounting shall be made to
the Commissioner within 180 days after the beginning of the taxable period to
which the proposed change shall relate. Such application shall be accompanied
by a statement specifying the nature of the person's business, if any, the
present method of accounting, the method to which such person 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
person later adopts a method of accounting for federal income tax purposes
which differs from the method for Connecticut income tax purposes, the person
shall conform the method of accounting for Connecticut income tax purposes to
the method of accounting for federal income tax purposes.
(d) While this section pertains to Section
12-708
of the general statutes, for purposes of supplementary interpretation, as the
phrase is used in Section
12-2
of the general statutes, the adoption of this section is authorized by Section
12-740(a)
of the general statutes.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.