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When to File

Franchise and income tax returns are due on the 15th day of the fourth month following the close of the income year. An income year ending on any day other than the last day of the month is deemed to end on the last day of the calendar month ending nearest to the last day of the actual income year. Income tax returns for cooperative or mutual associations are due on or before the 15th day of the ninth month following the close of the income year; however, these corporations, if subject to franchise tax, must file a franchise tax return by the 15th day of the fourth month following the close of the income year.

Non U.S./Foreign

Certain foreign corporations, other than those having an office or place of business in the United States or a FSC or former FSC, are required to file their federal income tax returns by the 15th day of the seventh month instead of by the 15th day of the fourth month. North Carolina law permits these corporations to file Form CD-405 on the 15th day of the seventh month instead of by the 15th day of the fourth month.

Tax Exempt

Certain corporations organized under Chapter 55A are exempt from franchise tax and income tax under G.S. 105-125 and 105-130.11, respectively. However, these corporations are not exempt on "unrelated business income" earned in excess of $1000 annually. The term "unrelated business income" is the same as defined under the Internal Revenue Code. Income tax returns for nonprofit entities that are tax exempt are due on or before the 15th day of the fifth month following the close of the tax year.

North Carolina Political Organizations

In general, a NC political organization must file Form CD-405 by the 15th day of the fourth month following the close of the income year. The due date may be extended for six months if the extension, Form CD-419, is received timely. Interest and applicable penalties may be imposed if the organization is required to file Form CD-405 and fails to file the form by the due date.