20 NYCRR § 6-1.3

Reports where Federal income is changed

Official textus-ny/regstax.ny.gov

# (a)

General. If the amount of the taxable income of any corporation or of any shareholder of any corporation that has elected to be taxed under Subchapter S of chapter one of the IRC, as reported for Federal income tax purposes, is changed or corrected by a final determination of the Commissioner of Internal Revenue or other officer of the United States or other competent authority, or if a renegotiation of a contract or subcontract with the United States results in a change in taxable income, the corporation is required to report the changed or corrected taxable income or the results of the renegotiation within 90 days, or 120 days in the case of a corporation making a combined report for the taxable year affected, after the final determination. The corporation must concede the accuracy of the determination or explain how it is erroneous.

# (b)

Final determination. Any deficiency notice issued (including a notice issued pursuant to a waiver filed by a corporation) pursuant to the provisions of the IRC is a final determination unless a timely petition to redetermine the deficiency is filed in the Tax Court of the United States. If a petition is filed, the judgment of the court of last resort is the final determination. The allowance by the Commissioner of Internal Revenue of a refund of any part of the tax shown on the taxpayer's Federal return or of any deficiency thereafter assessed, whether the refund is made on the commissioner’s own motion or pursuant to the judgment of a court, is also a final determination. The allowance of a tentative carry-back adjustment in accordance with IRC section 6411 based on a net operating loss carry-back or a net capital loss carry-back must be treated as a final determination.
Any settlement or closing agreement entered into between the taxpayer and the IRS or any consent to IRS audit findings signed by the taxpayer also is a final determination.

Source: official source document (DTF adopted rule text, December 2023 corporate reform)

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