New York State Department of Taxation and Finance has announced on its website that taxpayers with undisclosed investments in Passive Foreign Investment Companies (“PFICs”) can come forward and make disclosures under the Department’s online Voluntary Disclosure and Compliance Program. That program offers limited look-backs, the waiver of penalties, and protection from criminal prosecution. Recently, the IRS announced an alternative resolution initiative for taxpayers with PFIC investments under its Offshore Voluntary Disclosure Program.