X

State Tax Department’s year-round amnesty program reaches $500M in collections from St. Lawrence County, elsewhere

Posted 12/30/14

An amnesty program by state tax authorities has helped nearly 9,000 taxpayers this year get out from under the burden of old tax liabilities while avoiding penalties and criminal prosecution The New …

This item is available in full to subscribers.

Please log in to continue

Log in

State Tax Department’s year-round amnesty program reaches $500M in collections from St. Lawrence County, elsewhere

Posted

An amnesty program by state tax authorities has helped nearly 9,000 taxpayers this year 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 the program, aimed at helping delinquent taxpayers put their liabilities behind them, has collected $530 million for the state 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 taxes and withholding

“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 program:

• tell the department what taxes you owe

• pay those taxes, and,

• enter into an agreement to pay all future taxes.

Taxpayers can apply online at https://www8.tax.ny.gov/VOLD/voldStart for the program, which is not limited to a specific time period or a particular year.