West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-13A - Severance Tax
Section 110-13A-7 - Accounting

Universal Citation: 110 WV Code of State Rules 110-13A-7

Current through Register Vol. XLI, No. 38, September 20, 2024

7.1. Accounting Periods. -- For purposes of the severance tax imposed by W. Va. Code '11-13A-1 et seq., a taxpayer's taxable year shall be the same as for federal income tax purposes. If a taxpayer's taxable year is changed for federal income tax purposes, it shall be similarly changed for purposes of the severance tax. The taxpayer shall provide a copy of the authorization for such change from the Internal Revenue Service, with the taxpayer's annual return.

7.2. Method of Accounting. -- A taxpayer's method of accounting under the severance tax shall be the same as 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. If a taxpayer's method of accounting for purposes of the federal income tax are changed, the severance tax shall similarly be changed. The taxpayer shall provide a copy of the authorization for such change from the Internal Revenue Service, with its annual severance tax return for the taxable year.

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