i think I figured, the [Report Year] was needed as Integer in part of formula and String in some part.
Below formula worked
Type String : [Reporting Year]
Type Number : [Report Year]
=If(ToNumber([Reporting Year])<>Year(CurrentDate());DaysBetween(ToDate("01/01/"+[Reporting Year];"MM/dd/yyyy");ToDate("01/01/"+(FormatNumber(([Report Year]+1);"0"));"MM/dd/yyyy"))
;DaysBetween(ToDate("01/01/"+[Reporting Year];"MM/dd/yyyy");CurrentDate()))