Like the federal government, NC is extending the due date for state tax returns to file to July 15th. However, the interest on those tax payments will still start accruing on April 15th if you owe any tax payments. Legally, the state cannot use an executive order to change the interest accrual piece. For now, if you typically owe and expect to pay NCDOR, we advise you to proceed with filing as soon as possible and not wait until the new, delayed filing deadline to avoid any additional fees.
Current Tax Deadlines (subject to change):
- Federal 1040 tax filings have been extended until July 15th, 2020
- Federal tax payments have been extended until July 15th, 2020, no penalties and no interest charged
- NC 1040 tax filings have been extended until July 15th, 2020
- NC tax payments are due April 15th, 2020
The interest is 5% over 365 days, so interest for the 60 days between April 15th and July 15th is about 0.8%. For example, if someone owed $200 to NC and didn’t pay it until July 15th it would only be about $8 of interest.
According to Senator Jackson, there is no intent to have NC become a Shelter in Place state, however we are keeping our office closed to the public for the time being until we have a better understanding of the contagion situation. We are also setting up procedures for our firm to continue working for you, should that become the case. For filing purposes, we can complete the process electronically with your permission. If you do not have electronic files, you’re welcome to drop off documents through the front door secure drop box and we will reach out once the files have been scanned in.
Please feel free to call our main number 704-332-7800 during regular business hours or email Becky (firstname.lastname@example.org) for additional information or an update on your return.
We’ll also be updating our website regularly as we continue to monitor the situation: fisheraccountants.com. Thank you for your patience and understanding as we work through these challenges together.