We just received the following updates from the Department of Revenue, which we have been given permission to share with our members ahead of the forthcoming Notice that will be published:
- Once the Internal Revenue Service posts their official notice, the North Carolina Secretary of Revenue will automatically extend the time for filing North Carolina individual income, corporate, and franchise taxes to July 15, 2020 as well.
- The North Carolina Department of Revenue will not charge penalties for those filing and paying their taxes after April 15, 2020, as long as they file and pay their tax before July 15, 2020.
- The NCDOR and the Secretary of Revenue will mirror the IRS changes as much as possible under current law. However, unless state law is changed, tax payments received after April 15 will be charged interest, accruing from April 15 until the date of payment.
- This extension only applies to individual, corporate, and franchise returns and payments due April 15, 2020. It does not apply to trust taxes such as sales and use or withholding taxes.
Our conversations continue with the state legislature to seek relief on issues tied to state law, including interest on late payments.