United States

North Carolina: Market-Based Sourcing Information Reports due April 15, 2016

Feb 08, 2016
From KPMG TaxWatch

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Under legislation signed into law last year, North Carolina corporate taxpayers with apportionable income greater than $10 million and an apportionment percentage less than 100 percent are required to recompute and report their 2014 apportionment for both corporate income and capital stock tax purposes using market-based sourcing rules. The North Carolina Department of Revenue recently issued expansive market-based sourcing guidelines, which can be accessed on the Department’s website. The Department also recently issued the Form CD-400MS that is to be used for the market-based sourcing information reports. All information reports are due by April 15, 2016, even those for fiscal-year filers, and no extension of time to file is allowed. A penalty of $5,000 may be imposed for failing to file a timely report. Please contact Nikki Emanuel at 704-335-5344 with questions.

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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.