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Form DTF 664 Tax Shelter Disclosure for Material Advisors Tax Year

Form DTF 664 Tax Shelter Disclosure for Material Advisors Tax Year

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What is the Form DTF 664 Tax Shelter Disclosure For Material Advisors Tax Year

The Form DTF 664 is a tax disclosure document required by the New York State Department of Taxation and Finance. It is specifically designed for material advisors who provide advice regarding tax shelters. This form is essential for reporting information about tax shelter transactions and ensuring compliance with state tax laws. By submitting this form, material advisors disclose their involvement in tax shelters, which helps the state monitor and regulate these financial arrangements.

How to use the Form DTF 664 Tax Shelter Disclosure For Material Advisors Tax Year

The Form DTF 664 is used by material advisors to report their participation in tax shelter transactions. To effectively use this form, advisors must accurately fill out all required sections, providing detailed information about the tax shelters involved. This includes identifying the type of shelter, the parties involved, and the specific tax benefits anticipated. Once completed, the form must be submitted to the appropriate state tax authority by the designated deadline to ensure compliance.

Steps to complete the Form DTF 664 Tax Shelter Disclosure For Material Advisors Tax Year

Completing the Form DTF 664 involves several key steps:

  • Gather necessary information about the tax shelter and participants.
  • Fill out the form, ensuring all sections are completed accurately.
  • Review the form for any errors or omissions.
  • Submit the form to the New York State Department of Taxation and Finance by the deadline.

Each step is crucial for ensuring that the disclosure is valid and meets legal requirements.

Key elements of the Form DTF 664 Tax Shelter Disclosure For Material Advisors Tax Year

Key elements of the Form DTF 664 include:

  • Identification of the material advisor: Name, address, and contact information.
  • Description of the tax shelter: Details about the structure and purpose of the shelter.
  • Disclosure of participants: Information about all parties involved in the tax shelter.
  • Tax benefits: Explanation of the expected tax advantages associated with the shelter.

These elements ensure transparency and provide the state with necessary information for regulatory purposes.

Filing Deadlines / Important Dates

Filing deadlines for the Form DTF 664 are critical for compliance. Material advisors must submit the form by the specified due date, which is typically aligned with the tax year in which the tax shelter transaction occurred. It is important to stay updated on any changes to deadlines, as failure to file on time can result in penalties or additional scrutiny from tax authorities.

Penalties for Non-Compliance

Non-compliance with the requirements of the Form DTF 664 can lead to significant penalties. These may include fines, interest on unpaid taxes, and potential legal repercussions. It is essential for material advisors to understand these risks and ensure timely and accurate filing to avoid any negative consequences.

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