§ 11-83 Reports Where Federal or New York State Taxable Income is Changed.
RCNY § 11-83
(§ 11-605(3), Administrative Code.) (a) If the amount of the taxable income of any taxpayer or of any shareholder of any taxpayer which has elected to be taxed under subchapter S of chapter 1 of the Internal Revenue Code, as returned for Federal or New York State income or franchise tax purposes, is changed or corrected by a final determination of the Commissioner of Internal Revenue or other officer of the United States or New York Tax Commission, or other competent authority, or if a renegotiation of a contract or subcontract with the United States or the State of New York results in a change in taxable income, the taxpayer is required to report such changed or corrected taxable income or the results of such renegotiation and to concede the accuracy thereof or state wherein it is erroneous.
(b)Any deficiency notice (including a notice issued pursuant to a waiver filed by a taxpayer) pursuant to the provisions of the Internal Revenue Code or the New York Tax Law is a final determination, unless a timely petition to redetermine the deficiency is filed in the Tax Court of the United States or with the State Tax Commission, in which event the judgment of the court of last resort affirming the deficiency, or the redetermination of the deficiency pursuant to the judgment of the court of last resort, is the final determination. The allowance by the Commissioner of Internal Revenue or the State Tax Commission of a refund of any part of the tax shown on the taxpayer's return or of any deficiency thereafter assessed, whether such refund is made on his or its own motion or pursuant to judgment of a court, is also a final determination.
(c)Any taxpayer filing an amended return with the United States Treasury Department or the New York State Department of Taxation and Finance shall also file an amended report with the Commissioner of Finance.
