NYS Announces New Tax Amnesty (PAID)

New York State Enacts Tax Amnesty Program: 

P.A.I.D. Penalty and Interest Discount

The PAID (Penalty and Interest Discount) program gives taxpayers with older unpaid bills the chance to save up to 80% of the penalty and interest they owe.

To take advantage of the program’s savings, you must make all payments by the program’s expiration date, March 15, 2010. If you don’t pay in full by that date: your opportunity for these savings will be lost forever any unpaid tax debts will continue to accrue interest at the full statutory rate.

Video: About the PAID Program

Why PAID is good for you

• You can save:
  
  • 80% of accrued penalty and interest on unpaid bills issued on or before December 31, 2003
  • 50% of accrued penalty and interest on unpaid bills issued after December 31, 2003 and on or before December 31, 2006.
  
  
• Unpaid tax bills are bad for your credit rating and can lead to liens and other enforcement actions.
• We’re increasing our efforts to collect unpaid bills. If you act now and pay what you owe, you can take advantage of the savings and avoid collection actions.

For more information on this and other State and Local tax matters, please contact your accountant at Goldenthal & Suss CPA's & Consulants PC, at 718-227-6035 0r 212-750-7380.