W. Va. Code R. § 110-13B-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-13B-4 - Accounting Periods And Methods Of Accounting

4.1. Taxable year. For purposes of the telecommunications tax, a taxpayer's taxable year shall be the same as the taxpayer's taxable year for federal income tax purposes.

4.2. Change of taxable year. If a taxpayer's taxable year is changed for federal income tax purposes, the taxpayer's taxable year for purposes of the telecommunications tax shall be changed to correspond with the taxpayer's taxable year for federal income tax purposes. The taxpayer shall file a copy of the authorization of such change from the Internal Revenue Service with its annual return for the taxable year filed under Article 13B.

4.3. Methods of accounting.

4.3.1. Same as federal. A taxpayer's method of accounting for the telecommunications tax shall be the same as the taxpayer's method of accounting for federal income tax purposes. In the absence of any method of accounting for federal income tax purposes, the accrual method of accounting shall be used unless the Tax Commissioner, in writing, consents to use of another method.

4.3.2. Change of accounting methods. If a taxpayer's method of accounting is changed for federal income tax purposes, his method of accounting for purposes of the telecommunications tax shall be also changed to be identical to that used by the taxpayer for federal income tax purposes. The taxpayer shall provide a copy of the authorization for such change from the Internal Revenue Service, with its annual return for the taxable year filed under this Article.

W. Va. Code R. § 110-13B-4