Tax Department’s Year-Round “Amnesty Program” Reaches Half Billion Dollars in Collections Voluntary Disclosure Program helps nearly 9,000 taxpayers get out from under the burden of old tax liabilities – while avoiding penalties and criminal prosecution The New York State Department of Taxation and Finance said today that a unique program aimed at helping delinquent taxpayers put their liabilities behind them has collected for the State $530 million on behalf of New Yorkers. Known as the Voluntary Disclosure and Compliance Program, the initiative gives individuals and businesses the opportunity to disclose a tax liability – not currently known to the Tax Department – and by doing so, avoid criminal tax prosecution and civil penalties. Any tax currently or previously administered by the Department is eligible, including income, sales, corporate, withholding or New York City taxes. “Rather than intermittent amnesty programs, this program helps New Yorkers 365 days a year to self-correct and comply with the tax laws,” said Commissioner Thomas H. Mattox. “The program has brought in more than $100 million each year in proceeds since it was launched in 2008, proving its value to New York and its appeal to taxpayers.” More than 8,700 taxpayers have signed disclosure agreements to pay their taxes, resulting in additional collections for the state’s operating budget of $530 million as of November, 2014. There are three basic requirements to participate in the Voluntary Disclosure and Compliance Program: • tell the Department what taxes you owe • pay those taxes, and, • enter into an agreement to pay all future taxes. Apply online Taxpayers can apply online for the program, which is not limited to a specific time period or a particular year.
Posted on: Wed, 19 Nov 2014 17:59:56 +0000
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