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Federal / International Tax

New York Releases Information on New Tax Shelter Legislation

Here's a link to a NYS Tax Department Memorandum on New York's new tax shelter legislation. Key components include:

• disclosure of federal and New York "reportable transactions";
• reporting requirements for material advisors;
• record retention requirements;
• extended statutes of limitation;
• increased penalties; and
• a voluntary compliance initiative.

 http://www.tax.state.ny.us/pdf/memos/multitax/m05_2c_4i.pdf