At the urging of NCACPA, state lawmakers unanimously approved legislation to extend the March 1 state tax deadline for farmers and fishermen until April 15.
NCACPA’s Advocacy team had been in touch with the NCDOR and legislative leaders to ask for an extension of the deadline after the NCDOR announced the kickoff of the state tax season—previously targeted for mid-February—would be delayed until the week of February 28.
The House and Senate gutted and replaced language in HB 797, which had been stuck in a conference committee. The revised conference report moved quickly through both chambers on February 17. Governor Cooper is expected to sign the bill into law.
Taxpayers whose income is not subject to withholding must make estimated quarterly payments or be charged interest on the underpayment of tax. State law makes an exception to this requirement for farmers and fishermen who pay their total tax on or before March 1.
The late approval of last year’s state budget, which contained multiple tax law changes, caused a delay in the NCDOR’s finalization of tax forms, updates of tax systems, and approval of tax preparation software. Several CPAs with farming clients expressed concern on NCACPA Connect that these delays would make it impossible for their clients to electronically file in time for the March 1 deadline.
NCACPA extends its appreciation to the General Assembly for addressing this urgent need.
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.