Form Dtf-664 - Tax Shelter Disclosure For Material Advisors

Instructions

DTF-664 (2011) (back)

General information

maintain the duplicate list. The designated material advisor must furnish

a copy of the list to the Commissioner of Taxation and Finance within

The Tax Law provides for reporting requirements with respect to the

20 days after written request for the list is made.

disclosure of information relating to transactions that present the

potential for tax avoidance (a tax shelter). These requirements are

Additional tax shelter recordkeeping requirements

similar to the tax shelter disclosure requirements for federal income tax

Every person required by Tax Law section 25 to disclose any

purposes. The Tax Law also imposes penalties for nondisclosure and

transaction, file any duplicate return, or maintain any list, must retain

the underpayment of taxes due to participation in these transactions

all relevant correspondence, memoranda, notes, valuation studies,

and extends the statute of limitations for assessments relating to these

meeting minutes, spreadsheets, models, opinions, records required

transactions. For more information, see TSB-M-05(2)C or TSB-M-05(4)I,

to be retained pursuant to IRC section 6011, and all other records

Disclosure of Certain Transactions and Related Information Regarding

or documents related to the disclosure, filing, and list maintenance

Tax Shelters, and TSB-M-05(2.1)C or TSB-M-05(4.1)I, Supplement to

requirements of Tax Law section 25 for six years. The information must

the Disclosure of Certain Transactions and Related Tax Shelters.

be made available for inspection in connection with any examination.

Who must file

Specific instructions

Every person (material advisor) required to make and file a statement

Enter the material advisor’s name, address, telephone number, and

or return pursuant to Internal Revenue Code (IRC) section 6111 on or

employer identification number or social security number.

after April 12, 2005, and prior to July 1, 2015, must file a duplicate of

that statement or return (currently federal Form 8918, Material Advisor

Aggregate material advisor’s fees — Enter the aggregate amount

Disclosure Statement), including all documentation submitted to the

of fees that may be received by organizers of the tax shelter and any

IRS in connection with the statement or return, with the Commissioner

person related to such person under IRC sections 267 and 707. For

of Taxation and Finance if any of the following conditions apply:

this purpose, the fees from all substantially similar transactions are

considered part of the same tax shelter and must be aggregated. The

A the person is organized in this state;

fees include all consideration such persons may receive, including

B the person is doing business in this state;

contingent fees, equity interests, and fees for other transactions

C the person is deriving income in this state; or

received as consideration for promoting the tax shelter.

D (i) the list, required to be maintained by this person pursuant to

IRC section 6112, identifies or is required to identify a taxpayer

Tax shelter information

subject to tax under Tax Law Articles 9, 9-A, 22, 32, or 33,

Type of business organization — Mark an X in the box that describes

and (ii) this person is a material advisor, as defined in IRC

the tax shelter organization or structure. If you mark an X in the Other

section 6111, who provides any material aid, assistance, or

box, specify the type of organization or structure in the space provided.

advice with respect to organizing, managing, promoting, selling,

implementing, or carrying out any reportable transaction.

NAICS business code number — Enter the six-digit code for the

principal business activity of the tax shelter as reported on the federal

Exception: A material advisor who is required to file a duplicate of the

return filed by the tax shelter.

statement or return submitted to the IRS pursuant to IRC section 6111

may file an abbreviated disclosure statement if:

If more than one federal Form 8918 is attached, include a listing

showing type of business organization and NAICS business code

• the material advisor has designated one person as the designated

number for each tax shelter that is being disclosed.

material advisor for federal income tax purposes (a designation

agreement); and

Paid preparer use only — New York State Tax Law requires certain paid

• the designated material advisor elects collective disclosure by

tax return preparers and facilitators of refund anticipation loans (RALs)

supplying a list of names, addresses, and tax identification numbers

and refund anticipation checks (RACs) to register electronically

for each of the material advisors included in the IRS designation

with the Tax Department. When completing this section, you must enter

agreement.

your New York tax preparer registration identification number (NYTPRIN)

if you are required to have one. (Information on the New York State Tax

For more information concerning collective disclosure elections

Preparer Registration Program is available on our Web site (see Need

and abbreviated disclosure statements, refer to TSB-M-05(2.1)C

help?).) In addition, you must enter your federal preparer tax

or TSB-M-05(4.1)I.

identification number (PTIN) if you have one; if not, you must enter your

social security number (SSN). (PTIN information is available at

When to file

)

Form DTF-664 and the accompanying duplicate statement or return

Privacy notification — The Commissioner of Taxation and Finance

must be filed with the Commissioner of Taxation and Finance by

may collect and maintain personal information pursuant to the New

whichever of the following dates occurs last:

York State Tax Law, including but not limited to, sections 5-a, 171,

• 60 days from the date required for filing the statement or return with

171-a, 287, 308, 429, 475, 505, 697, 1096, 1142, and 1415 of that Law;

the IRS,

and may require disclosure of social security numbers pursuant to

42 USC 405(c)(2)(C)(i).

• 60 days from the date that any of the conditions (A, B, C, or D)

described above first applies; or

This information will be used to determine and administer tax liabilities

• September 9, 2005.

and, when authorized by law, for certain tax offset and exchange of tax

information programs as well as for any other lawful purpose.

Additional reporting requirements for material advisors

Information concerning quarterly wages paid to employees is provided

Every person (material advisor) who is required to maintain a list of

to certain state agencies for purposes of fraud prevention, support

persons pursuant to IRC section 6112, must maintain a duplicate of

enforcement, evaluation of the effectiveness of certain employment and

this list if any of the conditions (A, B, C, or D) described above under

training programs and other purposes authorized by law.

Who must file applies to this person. The material advisor must furnish

Failure to provide the required information may subject you to civil or

a copy of the list to the Commissioner of Taxation and Finance within

criminal penalties, or both, under the Tax Law.

20 days after written request is made for the list.

Exception: If a material advisor required to maintain a duplicate of the

This information is maintained by the Manager of Document

list of persons maintained pursuant to IRC section 6112 has designated

Management, NYS Tax Department, W A Harriman Campus,

one person as the designated material advisor for federal income tax

Albany NY 12227; telephone (518) 457-5181.

purposes (a designation agreement) to maintain the list, or a portion

of the list, and the designated material advisor has elected collective

disclosure of Form DTF-664, the designated material advisor must

6642110094

66402110094

Form Dtf-664 - Tax Shelter Disclosure For Material Advisors - 2011 Page 2

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