LATE TAX PAYMENT PENALTY CUT IN HALF

In 2021, NCACPA secured passage of a law to replace the state’s flat 10% late tax payment penalty with a 2% per month graduated penalty beginning on July 1, 2022. Because of problems with its antiquated computer system, NCDOR was unable to implement the graduated penalty by the deadline. NCACPA convinced lawmakers to reduce the 10% penalty to 5% and push the implementation date for the graduated penalty until July 2024. 

June 2022