Delays again for North Carolina Tax Refunds
Posted by Donna BordeauxWednesday, March 3rd, 2010
North Carolina was the first state to announce that it will delay state income tax refunds and issue them based on its available cash flow. We have originally heard that refunds may be delayed into July but the NC Department of Revenue website shows that they are currently processing refunds and managing cash flow. The state has provided a link to check the status of your NC tax refund through their website.
Due to the strain on the states budgets throughout the country, we suggest that you adjust your tax withholdings to eliminate the possibility of having substantial over payments in either federal or state payments. We have already seen several states over the past year that have issued IOU’s instead of actual refunds. The problem with an IOU is that you can’t use that to pay your mortgage or put food on the table.
Donna Bordeaux is a Certified Public Accountant and Personal Financial Specialist with Bordeaux & Bordeaux, CPAs, PA in Lake Wylie, SC (a suburb of Charlotte, NC). For further information about Donna or her firm, please visit her website at Charlotte CPA or by phone at 704.752.9845.Tags: NC tax refund delays, North Carolina income tax, North Carolina tax refund delays, refunds from NC
April 3rd, 2010 at 11:01 am
Interesting how this all works. As a taxpayer, I am diligent to be sure and file my taxes by the deadline – if I didn’t, the state would be penalizing me. However, when I am owed money, the state tells me I might get it by July. Real nice.
By the way, that link to check the status of your refund is a complete joke. Here’s the generic response that I and I’m sure every other taxpayer is getting:
“Your tax return has been received and your refund will be processed as quickly as possible. However, we cannot provide specific estimates on when individuals will receive their refunds. Everyone who is due a refund will receive a refund. We update refund information by 6 p.m. daily. Your refund information will remain the same throughout the day. Please wait at least 24 hours before inquiring again.”
Mind you, I’ve checked this several times since February. So much for the daily update.
April 25th, 2011 at 7:23 am
If you owe taxes you will pay plus intrest if you are late, regardless if you can feed your family, pay your mortgage or anything else. Why doesn’t the State of North Caroina have to follow there own rules? Do we get intrest on our refunds?