By: Dain Mickalites
On October 5, 2022, the IRS granted individuals and businesses in the state of North Carolina an extension of time to file certain taxes. The extension applies to certain deadlines falling after September 28, 2022, and before February 15, 2023. Individuals who did not file their individual tax returns on the due date of October 17 have until February 15 to file those returns. The extension does not apply to the payment of tax due with 2021 individual returns since those payments were due by April 15. Fourth-quarter payments normally due January 17, 2023, can now be deferred until February 15, 2023, with no penalty. North Carolina has announced that it will follow the federal guidelines and allow for the same extensions.
Business returns due after September 28 are also eligible for the extension. Calendar-year C corporation returns due October 15 can now be filed as late as February 15, 2023, with no penalties as long as the tax has been paid. The extension also covers quarterly payroll and excise tax returns, normally due October 31, 2022, and January 31, 2023.
The extension applies to individuals and those whose principal places of business are located in the covered disaster area. For this purpose, the disaster area is considered the entire state of North Carolina. The IRS will automatically identify taxpayers in the covered area, but if a taxpayer receives a penalty from a tax filing or payment made in the covered period, they should call the number on the IRS notice to inquire about the relief. Taxpayers who do not reside in the covered area, but whose records are necessary to meet a deadline are located in the covered area, qualify for relief as well.