By Will Edmondson, NCACPA Advocacy & Outreach Intern
On April 26, NCACPA presented NC Senate and House leaders with policy options that would waive interest accrued on any underpayment of state tax before the postponed federal tax deadline of September 25.
While the NC Department of Revenue announced it would provide state relief from any late action penalties, it is unable to waive accrued interest unless authorized by the General Assembly. NCACPA commends the NCDOR for its agility and effectiveness in providing penalty relief and encourages the legislature to provide corresponding interest relief for North Carolina taxpayers.
Based on the feedback from our members and taxpayers, we recommended consideration of the following policy options:
- Postpone until September 25, 2025, the state filing and payment deadline for all North Carolina taxpayers, in conformity with the IRS postponement.
- Postpone until September 25, 2025, the state filing and payment deadline for taxpayers that reside or whose principal place of business is in one of the 39 counties declared a major disaster as a result of Hurricane Helene.
- Authorize the Secretary of Revenue to waive interest accrued on an underpayment of tax for all North Carolina taxpayers through September 25, 2025.
The impacts of Hurricane Helene continue to create dilemmas for both our members and all North Carolinians, and NCACPA remains steadfast in its commitment to promote the best interests of our statewide community.
There have been no commitments by lawmakers to conform to the federal treatment of interest relief. Although action appears unlikely at this time, our Advocacy team continues to have conversations with legislators. Stay tuned for updates on this policy proposal.
If you have questions about this issue or other policy matters, please contact Vice President of Advocacy & Outreach Robert Broome, CAE.