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| August 1, 2005 | The
Newspaper of the NYSSCPA |
Vol.
8, No.14 |
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.
