DTF-664: Tax Shelter Disclosure for Material Advisors (2024)
New York · NY DTF · Used for tax years 2024
Form DTF-664 is New York’s tax shelter disclosure form for material advisors. It reports the advisor’s identifying information, aggregate fees, and the tax shelter’s business structure and activity code, and accompanies a copy of the federal disclosure and related documentation s
Who files this form
A material advisor required to file a statement or return under Internal Revenue Code (IRC) section 6111 before July 1, 2029, must file a duplicate with New York if any of these conditions apply:
- The advisor is organized in New York.
- The advisor does business in New York.
- The advisor earns income in New York.
- Both parts of condition D apply: the advisor’s required IRC section 6112 list identifies, or must identify, a taxpayer subject to Tax Law Article 9, 9-A, 22, or 33; and the advisor provides material aid, assistance, or advice in organizing, managing, promoting, selling, implementing, or carrying out a reportable transaction.
The duplicate filing includes the federal statement or return, currently Form 8918, and all related documentation submitted to the IRS. An abbreviated disclosure may be allowed under the collective disclosure exception.
When it's due
For the 2024 version of Form DTF-664, file the form and accompanying duplicate statement or return by the later of:
- 60 days after the required IRS filing date for the statement or return.
- 60 days after any of conditions A, B, C, or D under “Who must file” first applies.
An advisor required to maintain a duplicate IRC section 6112 list must provide a copy within 20 days after a written request from the Commissioner of Taxation and Finance.
What you'll need
For the duplicate disclosure filing, gather:
- A copy of the statement or return filed with the IRS under IRC section 6111, currently federal Form 8918, Material Advisor Disclosure Statement.
- All documentation submitted to the IRS with that statement or return.
- The material advisor’s name, mailing address, telephone number, email address, and EIN or Social Security number.
- Information about aggregate material advisor fees.
- The tax shelter’s business organization type and six-digit NAICS business code from its federal return.
If you attach more than one federal Form 8918, include a list showing the business organization type and NAICS code for each tax shelter disclosed. If you use a paid preparer, the preparer must complete the paid preparer section.
How to file
- Enter the material advisor’s identifying and contact information and aggregate fees.
- Complete the tax shelter information. If you select “Other” for the organization type, describe the organization or structure.
- Sign and date the certification and enter your official title. A paid preparer must also sign and complete the paid preparer section.
- Attach the federal statement or return and all related documentation submitted to the IRS.
Mail to:
NYS TAX DEPARTMENT
TAX SHELTER DISCLOSURE
W A HARRIMAN CAMPUS
ALBANY NY 12227-4299
For a private delivery service, send to:
NYS Tax Department
Tax Shelter Disclosure
90 Cohoes Ave
Green Island NY 12183-1515
The form refers to Publication 55, Designated Private Delivery Services, for more information about private delivery.
Common mistakes
- Leaving the paid preparer section incomplete. The form warns that paid preparers may face civil and/or criminal sanctions for failing to complete this section in full.
- Omitting preparer identification numbers. A paid preparer must enter a NYTPRIN or an applicable two-digit exclusion code, plus a federal PTIN if they have one, or their Social Security number if they do not.
- Having an unpaid preparer fill in the paid preparer section. The instructions say someone who does not charge to prepare the form should not complete that area.
- Failing to disclose required transactions. The form warns that the Tax Law imposes penalties for nondisclosure and for tax underpayments due to participation in these transactions.
Questions people ask
Can I file an abbreviated disclosure?
Yes, if you have designated one person as the designated material advisor for federal income tax purposes under a designation agreement, and that advisor elects collective disclosure by supplying the names, addresses, and tax identification numbers of every material advisor included in the agreement. The form refers to TSB-M-05(2.1)C or TSB-M-05(4.1)I for more information.
What belongs in aggregate material advisor fees?
Include fees that may be received by the tax shelter’s organizers and related persons under IRC sections 267 and 707. Fees from all substantially similar transactions must be combined. Fees include all consideration, including contingent fees, equity interests, and fees for other transactions received for promoting the tax shelter.
Must I keep a duplicate list of persons?
If you must maintain a list under IRC section 6112 and any filing condition A, B, C, or D applies, you must maintain a duplicate list. Under the stated collective disclosure exception, the designated material advisor must maintain the duplicate list and provide it within 20 days after a written request.
How long must I keep related records?
Anyone required by Tax Law section 25 to disclose a transaction, file a duplicate return, or maintain a list must keep all relevant records for six years. These include correspondence, notes, valuation studies, meeting minutes, spreadsheets, models, opinions, and other related documents. The records must be available for inspection during an examination.