State tax relief is available to victims of Hurricane Ian in North Carolina. Details of the tax relief are available in a notice on the agency website.
The N.C. Department of Revenue (NCDOR) mailed checks to more than 3,900 North Carolina businesses awarded under Phase 2 of the Business Recovery Grant Program (BRG) on Thursday, Sept. 29. Businesses will begin to receive payments in the coming days.
Taxpayers who received a valid extension to file 2021 individual income tax returns that were originally due on April 15, 2022, must file those returns by Oct. 15. Since Oct. 15 falls on a Saturday, taxpayers have until Monday, Oct. 17 (i.e., the next succeeding day which is not a Saturday, Sunday, or legal holiday), to file their returns and not be subject to the late filing penalty.
Student loan forgiveness excluded pursuant to IRC 108(f)(5) is currently considered taxable income in North Carolina. The Department of Revenue is monitoring any further enactments by the General Assembly that could change the taxability of student loan forgiveness in North Carolina.
The NCDOR has posted an updated notice about the tax deduction for certain military retirement pay and Survivor Benefit Plan payments.
Wake County businessman Joseph Patrick O’Keefe, 56, pleaded guilty in Wake County Superior Court on Aug. 2, 2022, to five counts of Embezzlement of State Property.
The NCDOR clarifies its philosophy and practices on sharing tax information in response to an article in Law360.
The North Carolina Department of Revenue (NCDOR) has completed initial review of the more than 23,000 applications received for Phase 2 of the Business Recovery Grant (BRG) program that closed on June 1. The agency is currently validating the applications.
The NCDOR has published a notice about recent changes to how the penalty for failure to pay a tax when due is calculated.
The N.C. Department of Revenue received more than 23,000 applications for Phase 2 of the Business Recovery Grant (BRG) program that closed on June 1, 2022. Given the large number of applications to be reviewed and the administrative complexities involved in verifying and calculating award amounts, the Department is unable to give an exact timeline of when grant applicants can expect to be formally notified and checks are mailed to recipient businesses.