Get Bank Privilege Tax Return - Nc Department Of Revenue

Filling out the Bank Privilege Tax Return for the North Carolina Department of Revenue is an essential task for maintaining compliance. This guide will provide you with clear, step-by-step instructions to help you complete the form electronically with ease.

Follow the steps to accurately complete your tax return.

1. Click ‘Get Form’ button to obtain the form and open it in your editing tool.
2. Enter the legal name of the bank in the designated field, ensuring to use capital letters. This should be the first 35 characters of the bank's official name.
3. Provide the Federal Employer ID Number, which is essential for identification purposes.
4. Input the trade name, if applicable, in the provided space.
5. Fill in the NCDOR ID/Account Number to link your submission to the appropriate account.
6. Complete the mailing address section by entering your street address, city, state, and zip code.
7. Indicate how long the bank has been in operation by selecting either 'Full calendar year' or 'Less than a calendar year.'
8. Provide the name of the contact person along with their phone number for any follow-up questions.
9. If applicable, include the fax number and check the box if this is an amended return.
10. Proceed to the computation of tax section. For each quarter (March 31, June 30, September 30, December 31), enter total assets from your Quarterly Call Report of Condition.
11. Input whether you have any international banking facility assets and out-of-state assets for each quarter.
12. Calculate net assets as the total assets minus international banking facility and out-of-state assets.
13. Sum the net assets from all quarters to get the total net assets and input this figure.
14. If the bank has been operating for a full calendar year, calculate the average net assets by dividing the total net assets by 4 and rounding to the nearest million. If operating for less than a year, skip this step.
15. For less than a full-year operation, divide total net assets by the number of quarters reported to get the average net assets.
16. Multiply the average net assets by the number of days in operation and then divide the result by 365 and round to the nearest million.
17. Calculate the tax due by multiplying the appropriate average net asset figure by the tax rate ($30 per $1,000,000).
18. If applicable, calculate any penalty for late payment or late filing based on the specified rates.
19. Determine any interest owed using the applicable rate for late payments as indicated on the Department's website.
20. Add together the calculated tax due, penalty, and interest to find the total payment due.
21. Sign the return, providing your title and the date of submission.
22. Ensure that the completed return is submitted by the due date of July 1st annually, and keep a copy for your records.

Begin filling out your Bank Privilege Tax Return online today for a smoother filing experience.