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TAX NEWS - DECEMber 2009

New York Tax Amnesty: New law authorizes an accounts receivable discount program with partial interest & penalty waiver; program begins January 15, 2010 and ends March 15, 2010

A40021, signed by gov.12/4/09. Effective immediately, new law authorizes the Department of Taxation and Finance to administer an accounts receivable discount program with respect to certain overdue tax liabilities that will be known as the "Accounts Receivable Discount Program." This program will waive certain interest and penalties on existing "final determinations." Specifically, final determinations issued on or after January 1, 2004 but on or before December 31, 2006, will be eligible for a 50% reduction in accrued interest and penalties. Final determinations issued before January 1, 2004 will be eligible for an 80% reduction in accrued interest and penalties. The law states that the program will be effective for a period to be prescribed by the Department for all eligible taxpayers owing any tax, fee, or surcharge imposed or formerly imposed by, or authorized under, state tax law, and administered by the Department.
URL: http://assembly.state.ny.us/leg/?by=n&qs=A40021

In subsequently issued related guidance [TSB-M-09(13)C, (14)I, (12)M, (10)R, (20)S], the department has since stated that this "Penalty and Interest Discount Program" (PAID) will begin on January 15, 2010, and end on March 15, 2010.
URL: http://www.tax.state.ny.us/pdf/memos/multitax/m09_13c_14i_12m_10r_20s.pdf



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