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Statute of Limitations

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zak

Guest
Do you know what the statute of limitations is for assessing taxes for corporations on Corp tax, use tax and fuel tax in New York State? Or what the open years are for the state?
 


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loku

Guest
Limitations on assessment of NY taxes

The limitation on assessment for NY corporate income tax are as follows:

Assessments may be filed up to three years after the return was filed (Sec. 1083(a), Tax Law; ).

In addition, a tax may be assessed at any time if: (i) no report is filed; (ii) a false or fraudulent report is filed with the intent to evade tax; or (iii) the taxpayer fails to file a report or an amended report (Reg. Sec. 8-1.2).

When a taxpayer omits income amounting to more than 25% of the gross income stated in the return, the limitation period is six years after the return was filed (Sec. 1083(d), Tax Law; ). Similarly, a tax may be assessed at any time within six years after the return was filed if a taxpayer omits from the sum of its items of tax preference and adjustments required in the computation of minimum taxable income an amount in excess of 25% of the sum stated in the return.


The rules are similar for the sales and use tax except for the 6-year limitation for omissions of more than 25%. See (Tax Law Sec. 1147(b)).


As for motor fuels tax, a determination of tax may be made by the Commissioner of Taxation and Finance within three years after an incorrect or insufficient return has been filed by a distributor (Sec. 288, Tax Law; ). An assessment may be made at any time, however, for a distributor who has not registered, has failed to file a return, or has filed a willfully false or fraudulent return with an intent to evade the tax.
 

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