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Tax shelter reporting and disclosure requirements

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.


  • DTF-686Tax Shelter Reportable Transactions - Attachment to New York State Return
  • DTF-686-IInstructions for Form DTF-686
  • DTF-686-ATTNew York Reportable Transaction Disclosure Statement and Request for a Determination
  • DTF-686-ATT-IInstructions for Form DTF-686-ATT-I
  • DTF-664Tax Shelter Disclosure for Material Advisors

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