Have you failed to file a tax return or underpaid your taxes to New York State?
New York’s Voluntary Disclosure Program can help you. The Program is designed to entice taxpayers back into the system by allowing non-filers and under-filers to come forward and avoid criminal prosecution and steep late filing and late payment penalties.
Who is eligible?
The program is open to any eligible taxpayer, including individuals and businesses, for all types of tax administered by the New York State Department of Taxation and Finance (NYSDTF). The main catch is that you must beat the state to the punch and come forward before the State comes after you. If you are already under audit or investigation, you cannot participate. That includes if you are a party to a criminal investigation (even if you have not yet been notified); if NYSDTF has already identified the disclosed deficiency; or if you participated in a tax avoidance transaction that is a Federal or New York State reportable or “listed” transaction.
In addition, the following are not eligible for the Voluntary Disclosure Program: [Read more…]