To all of our Clients & Friends of the Firm: With all of the chaos in the world right now, we feel it important to provide you with accurate and verifiable information as we receive it.
NC Joins the IRS in Extending Tax Filing Deadline
On March 21, 2020, the North Carolina Department of Revenue (NCDOR) announced that they will follow the US Treasury and extend the April 15th tax filing deadline to July 15th. (see full press release). For North Carolina, this applies to individual, corporate and franchise tax returns.
This comes after their announcement on March 19th to not impose late payment penalties for income taxes due on April 15th as long as taxes are paid by July 15th – (see full press release)
IMPORTANT NOTE: While the IRS & US states (most have already announced) have agreed not to assess penalties to those paying after April 15th and before July 15th, neither can waive interest on unpaid taxes. This requirement is statutory and can only be changed if the law is changed.
We will be monitoring this throughout the following days/weeks and when we receive verifiable guidance, we will update you accordingly. Should you have questions, please contact us. If we don’t know the answer, we will find it!