§ 28-19 Returns, Notices, Records and Statements.
RCNY § 28-19
(a)Permanent books of account or records. (Administrative Code § 11-518(a)). Every taxpayer shall keep such permanent books of account or records, including inventories, as are sufficient to establish the amount of gross income, deductions, credits and other matters required to be shown by such taxpayer in any return of such tax or information. The Commissioner of Finance is authorized to prescribe the contents and form of returns and statements and may require the inclusion of a return, document, or statement of any information he deems necessary for the proper enforcement of Chapter 5 of Title 11 of the Administrative Code.
(b)Form of records. No particular form is required for keeping the records, but such systems of accounting shall be used as will enable the Commissioner of Finance to ascertain whether liability for tax is incurred and, if so, the correctness of the amounts required to be reported in any tax return.
(c)Requiring returns, statements, or the keeping of records. The Com missioner of Finance may require any person to make such returns, render such statements, furnish such copies of Federal income tax returns and of Federal audit determinations, or keep such specific records as the Commissioner of Finance may deem necessary to verify whether or not such person is complying or has complied with Chapter 5 of Title 11 of the Administrative Code.
(d)Copies of returns, schedules and statements. Every person who is required by these regulations or by instructions applicable to any form prescribed thereunder to keep a copy of any return, schedule, statement or other document, shall keep such copy as a part of his records.
(e)Place for keeping records. The books and records required by these regulations shall be kept at locations accessible to the representatives of the Commissioner of Finance, and shall be made available for inspection by such representatives.
(f)Retention of records. The books and records required to be kept by these regulations shall be retained so long as the contents thereof may become material in the administration of Chapter 5 of Title 11 of the Administrative Code.
(g)Notice of qualification as receiver, etc. (Administrative Code § 11-518(b)). Every receiver, trustee in bankruptcy, assignee for benefit of creditors, or other like fiduciary of a taxpayer subject to the tax imposed by Chapter 5 of Title 11 of the Administrative Code, required under the Internal Revenue Code and its applicable regulations to give notice of his qualification to act in such capacity must, within the same required period, give like written notice to the Commissioner of Finance (see: Internal Revenue Code § 6036, and subsection (a) of § 3-01.6036-1 of the Internal Revenue Code Regulations).
