New York offers new tax amnesty
Friday, September 19th 2008, 4:00 AM
ALBANY - Facing multibillion-dollar budget deficits, the state hopes to raise money with a different type of amnesty program for tax cheats.
Unlike most programs that target known tax delinquents, the one announced Thursday offers incentives to those who disclose and pay tax liabilities not known to the state.
Participants also will have to sign an agreement in which they promise to comply with tax laws in the future.
Those who participate in the Voluntary Disclosure Program will avoid tax penalties and criminal prosecution.
"It is the unfortunate reality that every year the state and counties lose billions in taxes that are owed but not collected, and that thousands of New Yorkers fail to file their tax returns or under report their tax obligations," state Tax Commissioner Robert Megna said.
"Given current economic realities, New York cannot afford this tax gap."
Megna said those who don't come forward risk being caught as a result of more aggressive tax enforcement.
Taxpayers can apply online at the state tax department's Web site.
courtesy of the NYDAILY NEWS
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