OUR THOUGHTS ON:

New York Tax - Penalty and Interest Program (PAID)

State and Local Tax

By Matthew Dodge

The State of New York has initiated a Penalty and Interest Discount Program (PAID) beginning January 15, 2010. The program allows participants to pay off old tax liabilities with a reduction up to 80% of the accrued penalty and interest. To qualify for the program, the tax liability must be final on or before December 31, 2006.

The New York State Department of Taxation and Finance (“Department”) is identifying taxpayers with outstanding liabilities and computing total tax, interest and penalty due under the program guidelines. This is not an amnesty program and only applies to tax liabilities identified by the Department. The Tax Department will send a notice to taxpayers with outstanding tax liabilities at the beginning of January and invite them to participate in the program. To receive the benefits of participation, the taxpayer must pay the total outstanding liability by the end of the program on March 15, 2010.

The program will be administered through New York’s Department of Taxation and Finance website, www.nystax.gov. Taxpayers will be able to search the Department’s website for any outstanding tax bills that are eligible for the program.

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