NY has changed form IT-204 for the 2007 tax year. We have always allocated income using the books and records method on page two of the old form. The new form has no place to input the information. Section 10 asks if you maintain separate books and records. If yes you do not complete part 2.
Does anyone have any idea how to report the information? NY's phones are of course busy.
Thanks.
Looks to me as though you do exactly the same thing you did last year
-- don't do the apportionment formula if you have checked the box and use the books & records method. Evidently they have eliminated Part 3 of the old Schedule B, so there is no place on the IT-204 itself to put the NY source parts of the items of income, expense, etc. -- whether you use separate accounting or formula apportionment. However, there is still a column for the NY items on the NY K-1 equivalent, so do it there.
It certainly is confusing!
Katie in San Diego
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