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Form 8288 for Raleigh North Carolina: What You Should Know

Filing and Paying for Property Tax in North Carolina Form 8288A (Residual Interest Tax) is used by the North Carolina Department of Revenue as a method of collecting any interest due to the State. This interest is also known as the tax on the interest. This interest is collected by the IRS. The following pages are a brief introduction to this method and the procedures to ensure the tax is not evaded. Form 8288A (Residual Interest Tax) The IRS will send a tax assessment letter if you have filed Form 8288A. The IRS considers you to be in payment of tax if you have filed a refund or received a credit in the amount of such tax; or if the amount of tax paid or owed is less than the amount of tax assessed by the IRS. If the IRS issues a tax assessment letter you are responsible for paying the amount due. If you cannot pay the tax assessed then the entire amount is refundable to you. To pay the income tax assessed by the IRS you use the Form 8288 tax return (or Form 8287) at the end of the year to pay the tax. To be sure that you have the right amount paid you should use Form 8288A.  Form 8288A (Residual Interest Tax) and Form 8287 (Residual Interest Tax) Both the 740EZ (Taxpayer Affidavit), and Form 8288A (Residual Interest Tax Return) must be filed with the State Department of Revenue no later than 60 days from the end of the taxable year to avoid penalties and interest for failure to pay as required. Form 8288A is electronically filed to the IRS through the National Electronic Filing System (Nests). The Nests system allows you to electronically file the tax return with no paper work. The IRS system can use the Nests system to accept electronically filed tax returns from taxpayers throughout the U.S. Each taxpayer may request up to 600 in rebates from the IRS annually as a form of incentive for early filing. As a result, the amount you might receive from the IRS will be lower than the amount you would receive to rebate. To be sure that your Nests taxes are reflected in your pay period, you should use the Nests system. To find out if you have Nests tax issues use Nests Help.

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