As of today, June 12, 2018, both chambers of the North Carolina General Assembly have voted to override Governor Cooper’s veto of the new state budget, allowing it to become law. Included in the budget was a state extension proposal NCACPA worked diligently on over the past several months. The provision requires any taxpayer granted an extension of time for filing a federal income tax return be granted an automatic extension of time to file the corresponding state income tax return and franchise tax return. This becomes effective for taxable years beginning on or after January 2019.
This success for taxpayers and practitioners could not have been achieved without the help of a number of NCACPA members who contacted their representatives to advocate for this issue. The outreach of our CPA community is critical in advancing an effort like this, and the Association looks forward to engaging even more of our members in this process to prepare for the long session in 2019.