Request for Waiver of an Informational Return Penalty

General Information

G.S. 105-236(a)(10) imposes penalties on certain informational returns. Specifically, a taxpayer will be assessed a penalty of $50 per day with the maximum penalty of $1000 for failure to timely file an informational return with the Secretary. In addition, a taxpayer will be assessed a penalty of $200 for failure to file an informational return in the format prescribed by the Secretary.

Purpose of the Form.

Use Form NC-5501 to request a waiver of a penalty imposed on an informational return. Do not use Form NC-5501 to request a waiver of other types of penalties imposed on you. Instead, use Form NC-5500. You may use one Form NC-5501 to request a waiver of multiple types of informational return penalties imposed on multiple types of forms. If you are requesting a penalty waiver for more than one form type, or for more than one period, be sure to provide the required information for each request. Only a fully completed Form NC-5501 will be considered for waiver by the Department. You will be notified if your request is approved or denied.