Regulations of Connecticut State Agencies — Title 12
Conn. Agencies Regs § 12-708-1
Accounting period
# (a)
The taxable year of every taxpayer required to make a Connecticut income tax return under the Income Tax Act shall be the same as such taxpayer's taxable year for federal income tax purposes. The taxable year may be a calendar year or a fiscal year consisting of 12 consecutive months. However, under certain circumstances, the period may be less than 12 months (e.g. in case of death or change of accounting period), or it may be more than 12 months in the case of a 52-53 week accounting period.
# (b)
A person who is not required to file a federal income tax return but is required to file a Connecticut income tax return shall report on the calendar year basis unless the Commissioner authorizes the use of a different taxable year. The preceding
Income Tax sentence does not apply, however, in a case where a person had for a previous year filed a federal income tax return and such person's taxable year for federal income tax purposes for the last year for which a federal return was filed was other than a calendar year. Thus, if the last federal income tax return filed was on the basis of a fiscal year ending June 30, and the person is not required to file a federal income tax return for the subsequent taxable year but is required to file a Connecticut income tax return, such person's taxable year for Connecticut income tax purposes for such year and thereafter is a fiscal year ending June 30. If a person not required to file a federal income tax return is subsequently required to file a federal income tax return, and the taxable year for federal income tax purposes is different from the taxable year established for Connecticut income tax purposes, the Connecticut taxable year shall be changed to conform to the federal taxable year.
# (c)
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.
Amendment history
November 18, 1994
Source: official regulations index (title 12 publishes as one PDF)
Nearby sections (25 sections)
- 12-705(b)-3 · Withholding for resident individuals who are recipients of
- 12-705(b)-4 · Distributions
- 12-705(b)-5 · Liability of third parties paying wages
- 12-705(c)-1 · Voluntary withholding other than by employers
- 12-705(c)-2 · Voluntary withholding by employers
- 12-705(c)-3 · Voluntary withholding for military retirees
- 12-705(c)-4 · Voluntary withholding for civil service retirees
- 12-706(b)-1 · Wage and tax statement
- 12-706(c)-1 · Withheld amounts to be credited against income tax…
- 12-707-1 · Schedule for filing withholding tax returns and payment of
- 12-707-2 · Liability for tax
- 12-707-3 · Withheld taxes trust fund
- 12-708-1 · Accounting period
- 12-708-2 · Change of accounting period
- 12-708-3 · Method of changing accounting period
- 12-708-4 · Short taxable year resulting from a change in accounting
- 12-708-5 · Connecticut returns of trusts, estates or partnerships for…
- 12-708-6 · Accounting methods
- 12-708-7 · Change of accounting method
- 12-708-8 · Change other than from accrual to installment method of
- 12-708-9 · Change from accrual to installment method of accounting
- 12-711(b)-1 · Connecticut adjusted gross income derived from or…
- 12-711(b)-2 · Income and deductions from Connecticut sources—general
- 12-711(b)-3 · Items attributable to real or tangible personal property
- 12-711(b)-4 · Business, trade, profession or occupation carried on in…