North Carolina Notice: Refunds Under Kaestner Case

The North Carolina Department of Revenue has issued a notice setting forth procedures and timing for refunds under the Kaestner case.

Relevant portions of the Notice are as follows:

(T)axpayers who believe that the Kaestner decision applies to their particular facts and circumstances and who filed a Notice of Contingent Event that met the requirements of N.C. Gen. Stat. § 105-241.6(b)(5) must file an amended return with the Department on or before December 21, 2019.

Taxpayers who believe that they are entitled to a refund under the Kaestner decision but who have not filed a Notice of Contingent Event may request a refund of an overpayment from the Department by taking one of the following actions within the statute of limitations for obtaining a refund:

(1) filing an amended return reflecting an overpayment due the taxpayer, or

(2) filing a claim for refund.

See N.C. Gen. Stat. § 105-241.6(a).

To amend a North Carolina estates and trusts income tax return, Form D-407, enter the corrected information for the specific tax year and fill in the circle to indicate that the return is an amended return. To facilitate the review of the amended return, the Department requests that the amended return be mailed to the following address:

N.C. Department of Revenue

ATTENTION: Partnership, Gift, Estate, and Fiduciary Unit P.O. Box 871

Raleigh, North Carolina 27602-0871

See the full notice by clicking North Carolina Notice: Refunds Under Kaestner Case.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

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