WHY NOT TO FILE YOUR NORTH CAROLINA INDIVIDUAL RETURN UNTIL………………………..
North Carolina Association of Certified Public Accountants has provided our firm with the following information:
Why not to file your 2014 NC D400 Individual Tax Return Until……
On December 19, 2014, President Obama signed the Tax Increase Prevention Act of 2014 (TIPA). This Act extended more than 50 provisions that expired on December 31, 2013, making them effective for January 1 through December 31, 2014. Since the North Carolina General Assembly was adjourned before TIPA was enacted, NC lawmakers have not yet addressed any of these Federal law changes. The General Assembly is set to convene on January 28. This is important tax filing alert!
Historically, North Carolina has not adopted or has modified several of these Federal tax breaks. Therefore, until NC updates the reference to the Code to a date on or after the enactment of TIPA, tax payers and their advisers are uncertain what positions to take on 2014 tax returns. There is concern that the General Assembly might be faced with many other decisions and that this particular matter may not get the early attention we feel it deserves. This could result in enactment of legislation well into February, which greatly affects many tax payers and tax preparers.
Questions about this Tax filing Alert? Call 828-322-5813 for further information