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Taxpayers and material advisors who are required to
report their tax shelter activity to the IRS must also
report that activity to New York State. New York State’s
reporting requirements for transactions that present the
potential for tax avoidance (tax shelters) are similar to
federal tax shelter disclosure requirements. In addition,
New York State requires the disclosure of New York
reportable transactions, as designated by published guidance
(such as TSB-Ms and N-Notices).
Penalties apply for nondisclosure and underpayment of taxes
related to participation in these transactions. The statute
of limitations is extended for assessments relating to these
transactions.
For more information, see our
regulations,
TSB-Ms, and
FAQs.
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Voluntary compliance
initiative (Nov. 2008 – Jan. 2009)
New York State also has a voluntary compliance initiative
for tax shelter activity. If you participate, the Tax
Department may waive certain penalties and will not seek
civil, administrative, or criminal action.
To be eligible you must, between November 1, 2008, and
January 31, 2009, report and pay any underreported tax
liability, interest, and applicable penalties related to tax
shelter activities. You can choose to participate either
with, or without, appeal rights.
For more information, see
Pub-672,
New York State Tax Shelter Voluntary Compliance
Initiative. |
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Forms |
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DTF-672, Election to Participate in the Tax Shelter Voluntary
Compliance Initiative |
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DTF-672-I, Instructions for Form 672 |
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DTF-686, Tax
Shelter Reportable Transactions - Attachment to New York State Return
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DTF-686-I,
Instructions for Form DTF-686 |
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DTF-686-ATT,
New York Reportable Transaction Disclosure Statement and Request
for Determination |
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DTF-686-ATT-I,
Instructions for Form DTF-686-ATT-I
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DTF-664, Tax Shelter Disclosure
for Material Advisors |
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Technical bulletins |
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TSB-M-08(9)C, 4(I) Extension of Tax Shelter Provisions |
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TSB-M-08(3)I Summary of Budget Bill Personal Income Tax Changes
Enacted in 2008 |
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TSB-M-07(05)C, 5(I) Notification of New York Listed Transaction -
Certain Charitable Contribution Deductions |
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TSB-M-07(04)C, 4(I) Amendments to the Procedural Regulations
Relating to New York Reportable Transactions |
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TSB-M-07(01)C, Additional Supplement to the Disclosure of Certain
Transactions and Related Information Regarding Tax Shelters |
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TSB-M-05(2.2)C, (4.2)I Additional Supplement to the Disclosure of
Certain Transactions and Related Information Regarding Tax Shelters |
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TSB-M-05(2)C,4(I) Disclosure of Certain Transactions and Related
Information Regarding Tax Shelters |
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IRS information |
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Regulations on Abusive Tax Shelters and Transactions
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Abusive Tax Shelters and Transactions |
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Contact information |
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Individuals |
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Businesses |
