Jul 30th 2009
North Carolina has secretly or informally (whatever you want to call it), established a Resolution Initiative. North Carolina has not publicly released any information on the Initiative; however, the "election to participate" form should be made available. Several of the larger accounting firms have released publications discussing the Initiative. I have provided links to a couple of them: http://apps.pwcmindlink.pwc.com/ssoapp/mywto/intopublic.nsf/pstomain?ope... http://www.grantthornton.com/staticfiles/GTCom/Tax/Files/SALT%20Alerts/G... Since you can click on the above links to get all of the details, I will only provide a high-level summary:
- The Resolution Initiative applies to corporate income and franchise tax.
- The NC DOR is contacting taxpayers under audit to participate.
- Taxpayers not currently under audit may also participate.
- Taxpayers desiring to participate must sign a participation agreement by September 15, 2009.