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.
- DTF-686, Tax Shelter Reportable Transactions - Attachment to New York State Return
- DTF-686-I, Instructions for Form DTF-686
- DTF-686-ATT, New York Reportable Transaction Disclosure Statement and Request for a Determination
- DTF-686-ATT-I, Instructions for Form DTF-686-ATT-I
- DTF-664, Tax Shelter Disclosure for Material Advisors
- TSB-M-07(05)C, 5(I) Notification of New York Listed Transaction - Certain Charitable Contribution Deductions
- TSB-M-07(04)C, 4(I) Amendments to the Procedural Regulations Relating to New York Reportable Transactions
- TSB-M-07(01)C, Additional Supplement to the Disclosure of Certain Transactions and Related Information Regarding Tax Shelters
- TSB-M-05(2.2)C, (4.2)I Additional Supplement to the Disclosure of Certain Transactions and Related Information Regarding Tax Shelters
- TSB-M-05(2)C,4(I) Disclosure of Certain Transactions and Related Information Regarding Tax Shelters