New York’s “PAID” Saves Taxpayers Up to 80% in Penalties & Interest

New York State, in an effort to recoup state back taxes and increase revenues in this tough economy has implemented a program called “PAID” which stands for the “Penalty and Interest Discount” Program. Basically, NY taxpayers have until 3/15/10 to make tax payments on NY back taxes owed in order to reduce penalties and interest that have accrued. Here are some of the details in terms of savings: