Code of Massachusetts Regulations
830 CMR - DEPARTMENT OF REVENUE
Title 830 CMR 62C.00 - State Tax Administration
Section 62C.4.1 - Use of Whole Dollar Method

Universal Citation: 830 CMR 62C.00 MA Code of Regs 62C.4.1

Current through Register 1531, September 27, 2024

(1) Statement of Purpose; Application and Effective Date.

(a) Purpose. The purpose of 830 CMR 62C.4.1 is to provide for the use of whole dollar amounts for any return, statement or other document, whether required by the Commissioner or elected by the taxpayer. See M.G.L. c. 62C, § 4.

(b) Application and Effective Date. 830 CMR 62C.4.1 applies to the administration of taxes under M.G.L. c. 62C. 830 CMR 62C.4.1 takes effect on November 3, 2006.

(2) Definition. For the purposes of 830 CMR 62C.4.1, the following term shall have the following meaning:

Whole Dollar Method, a method of reporting dollar amounts in which the fractional part of a dollar is disregarded, unless it amounts to one half dollar or more, in which case the amount is rounded up to the next full dollar.

(3) Commissioner's Requirement of Whole Dollar Method. The Commissioner may require, with respect to any amount that must be shown on a form prescribed by the Commissioner for any return, statement, or other document, that the whole dollar method be used. The Commissioner may effectuate this requirement by publishing or authorizing forms or schedules that do not permit the entry of fractional dollar amounts, or by a statement in the instructions requiring the whole dollar method, or both.

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