R. Extension of Time for Filing Return (G.S. 105-263)
- Application For Extension (Section .2004)
An extension of time to file the franchise and income tax return
may be granted for seven (7) months providing an extension application
is timely filed and the corporation's records reflect no delinquent
returns or outstanding tax liability.
- Form to be Used
Form CD-419 is the application for extension form that must be filed before
an extension of time to file the return can be granted. The application should
be completed in duplicate. The original should be filed with the corporate
income and franchise tax division on or before the fifteenth day of the third
month following the close of the income year and the duplicate copy attached
to the return when filed. An approved copy of the application will not be
returned to the taxpayer.
- Payment Due
Payment of franchise and income tax due is not required with the extension.
An extension of time may be granted even if the request for extension is not
accompanied by a payment of the taxes due. However, the extension of time
for filing a franchise tax return or an income tax return does not extend
the time for paying the tax due. The penalty of ten percent (10%) for failure
to pay the tax under G.S. 105-236 will be applied to payments received after
the original due date. In addition, interest at the statutory rate established
under G.S. 105-241.1(i) is accrued from the original due date to the date
the tax is paid.