Special to Iredell Free News
RALEIGH — The N.C. Department of Revenue (NCDOR) announced Monday expanded tax relief for individuals and businesses as part of the state’s response to the COVID-19 pandemic.
Under the new law signed by Governor Roy Cooper, the NCDOR will not charge interest from April 15, 2020, through July 15, 2020, on underpayments of individual income, corporate income, and franchise tax on tax returns due to be filed between April 15, 2020, through July 15, 2020. The relief also applies to estimated income tax payments due between the same dates.
In March, the NCDOR extended the deadline for filing North Carolina individual income, corporate income, and franchise taxes due on April 15, 2020, to July 15, 2020. In addition, the agency announced it would not charge penalties for those filing and paying their taxes due on April 15, 2020, as long as they file and pay their tax before July 15, 2020, to mirror the federal Internal Revenue Service changes. At that time, interest could not be waived without a change in law.
While the NCDOR has offered additional penalty relief for many other tax types, including sales and use and withholding taxes, the interest waiver only applies to individual income, corporate income, and franchise taxes under the new law.
NCDOR will issue a notice providing additional details regarding the relief provided under this new law.
Taxpayers are encouraged to file their taxes online. Most taxpayers can file online for free at www.NCDOR.gov/NCfreefile