Q&As
from the NYSSCPA Technical Hotline
By
Keith Lazarus, CPA Journal Editorial Assistant
This
is the first in a series of periodic columns that will highlight
certain questions that come through the NYSSCPA technical hotline.
The hotline, reached by calling 212-719-8309, offers Society
members the opportunity to receive guidance on a variety of
questions regarding taxes, accounting, auditing, industry and
consulting issues. Volunteers from many of the Society’s
committees receive the member inquiries after they have been
screened by Society staff.
The following
are some questions of interest that have been received in the
past few months.
Q.
Can separate state returns be filed if one spouse lives in New
York and the other lives in New Jersey?
A: “In general, spouses would
be residents of the same state and file the same state return.
In unusual circumstances, like this one, separate returns would
be appropriate,” stated Alan Preis, a
member of the New York, Multistate and Local Taxation Committee.
Barry Horowitz, who serves on the same committee,
suggested checking the instructions for Form IT-203, New York
state nonresident return. He noted guidance on page 9 of the
form, which states: “If you filed a joint federal return
and one spouse is a New York state resident and the other is
a nonresident or part-year resident, you must file separate
New York state returns using filing status 3. The New York state
resident must use either Form IT-200 or Form IT-201; the nonresident
or the part-year resident, if required to file a New York return,
must use Form IT-203.” However, if both choose to file
as New York state residents, they may elect to file a joint
New York state resident return.
Q:
What are the requirements for financial statements
for condominium conversions in New York?
A: Fred Goldstein, a
member of the Auditing Standards and Procedures and the Financial
Accounting Standards committees, suggested referring to the
American Institute of CPAs’ Accounting and Auditing Guide
for common-interest realty associations. The publication provides
guidance on how a financial statement should look and what information
should be disclosed for cooperative and condominium associations.
Q:
Where can I get information on e-filing in New York
state, and what does it entail?
A: The New York State Department of Taxation
and Finance has a dedicated Web site, www.tax.state.ny.us/elf/,
for e-filing. There are specific sections directed toward individual
taxpayers, tax professionals and software developers. It also
has an e-file mandate section for tax professionals that provides
information for return preparers that must e-file beginning
on Jan. 1, 2006. There also are sections that discuss free e-file
opportunities, forms and instructions, publications, technical
bulletins and tax news. In addition, there is a “Find
Answers” section with several questions relating to individual
and business tax questions.
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