Originally shared as an email to members, News to Know provides a summary of recent updates affecting the profession and NCACPA. As the Coronavirus (COVID-19) pandemic intensifies, and we receive and provide more legislative updates, we want to ensure our members have this information available to them.
Please look for the most recent date in the title of these recurring publications so you can stay up to date on ongoing changes. Visit www.ncacpa.org/coronavirus-covid-19/ for additional resources.
Note from CEO Sharon Bryson
In these unprecedented times, we are receiving constant updates from governing officials, healthcare organizations, schools, and more. News about the coronavirus crisis is coming at us at dizzying speeds and decisions on how to best conduct business seems to change hourly, which causes understandable confusion. Rest assured that NCACPA is here to help you find answers. We are working to either mitigate or eliminate the burdens to you and your practice/industry called for by our government that can be either relieved or delayed.
This issue of News to Know is focused on two important topics. You can also stay current by accessing our special Coronavirus information page and reading the Connect Open Forum, where we are posting real-time developments on advocacy efforts, events, and other member resources.
We are pleased with many recent actions of both the US Treasury and NC Department of Revenue. The filing and payment date for state and federal taxes is now July 15 for individual income, corporate, and franchise taxes. No penalties will be assessed by the IRS or DoR if payments are received by July 15.
This extension does not apply to trust taxes such as sales and use, as well as income withholding taxes.
Please note: (1) the extension does not currently apply to income tax returns for other entities such as trusts; and (2) in order for DoR to waive interest on payments made after April 15, the state law must be changed.
The most recent Notice released by the DoR in regard to these updates is available here.
The DoR has issued FAQs explaining its recent announcement extending the filing and payment date for income tax returns to July 15, 2020, a decision sought by NCACPA.
The FAQs indicate that the extension does apply to individual, corporate, estates and trusts income tax returns. This clarification and other information in the FAQs is most welcome.
We are continuing to ask Governor Cooper and members of the General Assembly to quickly address these two much-needed changes. The General Assembly is not currently scheduled to reconvene until April 28; however, we are exploring any possible means to achieve relief on these issues. The Governor stated during his March 23 press conference that another federal package is anticipated, and he has been in contact with legislative leadership on next steps.
In addition, we are exploring the options available to provide relief from the requirement to file business personal property tax filings due on April 15 under extension. This is a work in progress.
We need your help! Please keep an eye out for a forthcoming grassroots campaign we are setting up using our One Click Politics platform. This technology enables NCACPA to draft an advocacy message you can forward to your representatives in a matter of minutes. We are keenly aware you have no time to spare, which is why the speed of using this platform is so extremely beneficial. This is a critical opportunity to use your considerable influence to request additional relief for your clients and customers.
Essential Business Services
As states move to issue general closure orders for all nonessential businesses, we want you to know about our efforts to ensure your clients will have access to accounting services. On Saturday evening, NCACPA sent a letter to Governor Cooper requesting accounting services be designated as an essential business service should the Governor, at some future date, choose to issue an order closing all nonessential business services. We are not aware that such an order is planned, but want to be proactive and ensure our Governor has information concerning the essential nature of the services you provide.