Tax Deadline Update: Fed & NC

March 20, 2020

JPS Tax Update Coronavirus March 20 2020

Today Treasury Secretary Mnuchin announced the tax filing deadline of April 15 will be moved to July 15, 2020. Payments due on April 15 were previously moved to July 15, so now both tax filing and payments have been extended. At present, the North Carolina Department of Revenue (NCDOR) has not extended the filing due date of April 15, meaning that a tax return or extension still needs to be filed by that date. 

Following the payment extension provided by the IRS, (Read More), on March 19, 2020 the North Carolina Department of Revenue (NCDOR) indicated that they will provide similar payment relief. The NCDOR notice indicates that the they  “will not impose a penalty upon individuals and businesses (“taxpayers”) who do not pay their outstanding State income tax liability on tax returns due on April 15, 2020, so long as the taxpayers pay the tax due by July 15, 2020.” Additional penalty relief may be available. Unlike the IRS’s provision, NCDOR does not have the authority to waive interest, so interest will accrue on any unpaid balances from April 15 until the balance is paid.

We expect that state departments of revenue will follow the Feds by extending the April 15th tax filing deadline; but, at present, the NCDOR tax filing deadline has not been extended.

JPS will continue to monitor sources and provide updates.

Stay updated with JPS regarding your tax & financial positioning. And, as always, feel free to contact your JPS team to assist you.

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About JPS:

Johnson Price Sprinkle PA is a 60+ year old accounting firm providing small to middle market businesses with tax, business consulting, audit, and technology solution services. With offices in Asheville, Boone, and Marion, NC, our CPAs and JPS team strive to provide personal service alongside technical expertise resulting in our clients’ long-term financial success. We also invest time and energy in our community, taking pride in doing what we can to make Western North Carolina a better place.  JPS Mission: To Be Greater by positively impacting our Clients, People, Community and Profession.