Do you know that the phrase “never say never” first appeared in the Charles Dickens’ novel The Pickwick Papers? On Saturday, the NC General Assembly proved it true once again by passing unanimously Senate Bill 704: COVID-19 Recover Act.
One of the bill’s primary sections was to direct the NC Department of Revenue to waive the accrual of interest on any individual income, corporate or franchise tax returns for the period of April 15, 2020 through July 15, 2020.
Other sections Include:
- Extend the dates for filing certain refund claims from April 15, 2020 to July 15, 2020
- Extend the deadlines for taking certain actions in connection with tax appeal proceedings. Any filings required to be made after April 1, 2020 and before July 15, 2020 would be considered timely if filed by July 15, 2020.
The legislature is expected to return several weeks from now to address additional relief legislation.
LCPA would like to personally thank our state legislature in addressing this issue and recognizing the urgency required to pass this bill.
We will continue to follow this and make you aware of important legislation being considered.
Please contact us if we can help with anything.