B. Payment of Taxes by Electronic Funds Transfer (EFT) G.S. 105-241
- EFT Payments Required
The Department of Revenue requires taxpayers making tax payments
in excess of certain dollar amounts to make payment by Electronic
Funds Transfer (EFT). If the average amount of the taxpayer's
required payments of tax is at least $20,000 a month, the taxpayer
is required to remit the tax by EFT. The $20,000 threshold applies
separately to each taxing schedule. The applicable period for
a tax is a 12-month period, designated by the Secretary, preceding
the imposition or review of the payment requirement.
There is an additional EFT requirement for corporations subject
to State estimated payments. If the corporation is required under
the Internal Revenue Code to pay its federal estimated corporate
income tax by EFT it must also pay its State estimated tax by
- Notification & Assistance
In each situation, corporations will be notified if they are required
to make EFT payments. Once selected, corporations will make EFT
payments for a minimum of one year or until released from that
obligation by the Department. If the tax liability falls below
the threshold, the corporations will be notified that they are
no longer required to pay by EFT. If there are questions or you
need assistance, please contact the EFT Help Line of the N.C.
Department of Revenue at (919) 733-7307.
- Penalties, G.S. 105-236
- If a taxpayer is required to make payments by EFT,
but remits payment in another form, a penalty of 5% of the
amount of tax (maximum of $1,000) will be assessed.
- If a taxpayer cannot complete a transfer as a result of
insufficient funds or the nonexistence of an account, a penalty
for bad electronic funds transfer of 10% of the amount of
tax (maximum of $1,000) will be assessed.