17 NCAC 01C .0509. EFT PAYMENT PROCEDURES

(a)  Initiating Transfer. -- Taxpayers who are required to remit tax payments through EFT must initiate the transfer so that the amount due settles into the Department's bank account on or before the due date under the appropriate General Statute.  If a tax due date falls on a Saturday, a Sunday, or a legal holiday, the deposit by electronic funds transfer is required on or before the first banking day thereafter.  If the date on which the taxpayer is required to initiate either an ACH Debit or an ACH Credit transfer (call‑in day) falls on a Saturday, Sunday, or a holiday, the taxpayer must initiate the transaction on the preceding business day.

(b)  ACH Credit. -- If a taxpayer is approved for the ACH Credit payment method, the taxpayer is responsible for ensuring the bank originating the transaction has the information necessary for timely completion of the transaction.  Further the taxpayer is responsible for the correct completion of the transaction.  The taxpayer must provide the information necessary for the bank to complete the NACHA CCD+ entry with the TXP Banking Convention addenda record.

(c)  Effect on Filing Requirements. -- The EFT method of payment does not change the filing requirements for tax reports and returns.  It is a substitute, however, for filing a tax payment coupon, such as an NC-5 for withholding tax payments or a CD-429 for corporate estimated income tax payments.  It is also a substitute for a payment requirement for which no payment coupon is used, such as the payment requirement imposed on companies by G.S. 105-116 and G.S. 105-120 for the first two months of each calendar quarter.  Late EFT payments are subject to the penalty in G.S. 105-236 for failure to pay a tax when due and are subject to any other applicable penalties.

 

History Note:        Authority G.S. 105‑236; 105‑241; 105‑262;

Eff. October 1, 1993;

Amended Eff. July 1, 2000; November 1, 1994.