The Colorado 112 form is the official income tax return for C Corporations operating in Colorado. It is essential for businesses to accurately complete this form to ensure compliance with state tax regulations. Timely filing is crucial, so consider filling out the form by clicking the button below.
The Colorado 112 form is a crucial document for C corporations operating within the state, serving as the primary income tax return for these entities. This form, officially known as the DR 0112, must be completed accurately to ensure compliance with state tax regulations. Corporations are required to file this return annually, typically by April 15 for those following a traditional calendar year. The form is accompanied by several related documents, including the DR 0158-C, which provides an extension for filing, and the DR 0900C, which is used for making tax payments. Additionally, corporations may need to complete the Schedule RF for receipts factor apportionment and the Schedule C for detailing Colorado affiliations. Each of these components plays a vital role in determining the corporation's tax liability and ensuring that all necessary information is reported to the Colorado Department of Revenue. Proper mailing addresses are designated for submissions with or without payment, emphasizing the importance of following the correct procedures to avoid penalties. Understanding the nuances of the Colorado 112 form and its related documents is essential for corporate tax compliance in Colorado.
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DR 0112 (11/19/21)
COLORADO DEPARTMENT OF REVENUE
Tax.Colorado.gov
Page 1 of 4
2021 Colorado C Corporation Income Tax Return
Do not submit federal return, forms or schedules when filing this return.
(0023)
Fiscal Year Beginning (MM/DD/21)
Year Ending (MM/DD/YY)
Name of Corporation
Colorado Account Number
Address
Federal Employer ID Number
City
State ZIP
Mark for Final Return
If you are submitting a statement disclosing a listed or reported
transaction, mark this box
A. Apportionment of Income. This return is being filed for:
(42)A corporation not apportioning income;
A corporation engaged in interstate business
(43)apportioning income using receipts-factor apportionment (DR 0112RF required);
(44)apportioning income using special regulation (DR 0112RF required);
(45)
A corporation electing to pay a tax on its gross
Colorado sales;
A corporation claiming an exemption under
(46)
P.L. 86-272;
Other apportionment method, see instructions
concerning the requirement for approval by the
(47)
Department (fill in below);
B. Separate/Consolidated/Combined Filing. This return is being filed for:
A single corporation filing a separate return;
An affiliated group of corporations electing to file a consolidated
report. Warning: such election is binding for four years. If your election was made in a prior year, enter the year of election in line below. (Schedule C required);
Enter the year of election (YYYY)
An affiliated group of corporations required to file a
combined return (Schedule C required);
An affiliated group of corporations required to file a combined return that includes another affiliated,
consolidated group (Schedule C required);
Federal Taxable Income
Round to nearest dollar
1.
Federal taxable income from Federal form 1120 or 990-T
1
00
2.
Federal taxable income of companies not included in this return
2
3.
Net federal taxable income, subtract line 2 from line 1
3
Additions
4.
Federal net operating loss deduction
4
5.
Colorado income tax deduction
5
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Form 112
Name
Account Number
6. Other additions, submit explanation
6
7. Sum of lines 3 through 6
Subtractions
7
8.
Exempt federal interest
8
9.
Excludable foreign source income
9
10.
Colorado capital gain subtraction
10
11.
Colorado Marijuana Business Deduction
11
12.
Other subtractions, explanation required below
12
Explain:
13.
Subtractions allowed under HB21-1002 (see instructions)
13
14.
Sum of lines 8 through 13
14
Taxable Income
15.
Modified federal taxable income, subtract line 14 from line 7
15
16.
Colorado taxable income before net operating loss deduction
16
17.Colorado net operating loss deduction: (see instructions)
(a)Colorado net operating losses carried forward
from tax years beginning before January 1, 2018
17(a)
(b) Subtract line 17(a) from line 16, if zero skip to 17(d)
17(b)
(c) Colorado net operating losses carried forward from
tax years beginning on or after January 1, 2018
17(c)
(d) Colorado net operating loss deduction, sum of (a) and (c)
17(d)
18.
Colorado taxable income, subtract line 17(d) from line 16
18
19.
Tax, 4.5% of the amount on line 18
19
Credits
20.Sum of nonrefundable credits from line 27, form DR 0112CR (the sum of lines 20, 21,
and 22 cannot exceed tax on line 19.) You must submit the DR 0112CR with your return. 20
21.Non-refundable Enterprise Zone credits used – as calculated, or from the
DR 1366 line 84 (the sum of lines 20, 21, and 22 cannot exceed tax on line 19).
You must submit the DR 1366 with your return.
21
22.Strategic capital tax credit from DR 1330 line 7b, the sum of lines 20, 21, and 22
cannot exceed line 19, you must submit the DR 1330 with your return.
22
23. Net tax, sum of lines 20, 21, and 22. Subtract that sum from line 19.
23
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24.
Recapture of prior year credits
24
25.
Sum of lines 23 and 24
25
26.
Estimated tax, extension payments, and credits
26
27.W-2G Withholding from lottery winnings, you must submit the W-2G(s)
with your return.
27
28.Gross Conservation Easement Credit from the DR 1305G line 33, you must
submit the DR 1305G with your return.
28
29. Innovative Motor Vehicle and Innovative Truck Credit from form DR 0617, you must
submit the DR 0617(s) with your return.
29
30.Business Personal Property Credit: Use the worksheet in the 112 book instructions
to calculate, you must submit copy of assessor’s statement with your return.
30
31.Renewable Energy Tax Credit from form DR 1366 line 85, you must submit the
DR 1366 with your return.
31
32.
Sum of lines 26 through 31
32
33.
Net tax due. Subtract line 32 from line 25
33
34.
Penalty
34
35.
Interest
35
36.
Estimated tax penalty due
36
37.
Total due. Enter the sum of lines 33 through 36
37
38.
Overpayment, subtract line 25 from line 32
38
39.
Amount from line 38 to carry forward to the next year’s estimated tax
39
40.
Amount from line 38 to be refunded
40
Type:
Direct
Routing Number
Checking
Savings
Deposit Account Number
The State may convert your check to a one-time electronic banking transaction. Your bank account may be debited as early as the same day received by the State. If converted, your check
will not be returned. If your check is rejected due to insufficient or uncollected funds, the Department of Revenue may collect the payment directly from your bank account electronically.
File and pay at: Colorado.gov/RevenueOnline or
Mail and Make Checks Payable to: Colorado Department of Revenue
Denver, CO 80261-0006
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C. The corporation’s books are in care of:
Last Name
First Name
Middle Initial Phone Number
D. Business code number per federal return (NAICS)
E. Year corporation began doing business in Colorado
F. Do you want to allow the paid preparer shown below to discuss this return and any related
Yes
No
information with the Colorado Department of Revenue? See the instructions.
G. Kind of business in detail
H. Has the Internal Revenue Service made any adjustments in the corporation’s income or tax
or have you filed amended federal income tax returns at any time during the last four years?
If yes, for which year(s)? (YYYY)
Did you file amended Colorado returns to reflect such changes or submit copies of the Federal Agent’s reports?
Last Name of person or firm preparing return
Middle Initial
Address of person or firm preparing return
Phone Number
Under penalties of perjury in the second degree, I declare that I have examined this return and to the best of my knowledge is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Signature or Title of Officer
Date (MM/DD/YY)
Do Not Submit Federal Return, Forms or Schedules when Filing this Return
If you are filing this return with a check or payment,
If you are filing this return without a check or payment,
please mail the return to:
Denver, CO 80261-0005
These addresses and ZIP codes are exclusive to the Colorado Department of Revenue, so a street address is not required.
Completing the Colorado 112 form is a crucial step for C Corporations in fulfilling their tax obligations. Following the correct procedure ensures that your tax return is filed accurately and on time. Below are the steps to guide you through the process of filling out the form.
After submitting the Colorado 112 form, it’s essential to keep a copy for your records. Be aware of the payment deadlines and any potential penalties for late submissions. Staying informed about your tax obligations can save you time and stress in the long run.
The Colorado 112 form, also known as the Colorado C Corporation Income Tax Return, is a document that C corporations must file to report their income, deductions, and tax liability to the state of Colorado. This form is essential for corporations operating in Colorado to ensure compliance with state tax laws.
The Colorado 112 form is typically due on the fifteenth day of the fourth month following the end of the corporation's tax year. For corporations that follow a traditional calendar year, the due date is April 15. If you need more time to file, you can request an extension, which allows an additional six months, making the new deadline October 15.
You can file the Colorado 112 form either by mail or electronically. To file by mail, complete the form and send it to the appropriate address based on whether you are including a payment or not. If you file electronically, consider using the Colorado Revenue Online system, which simplifies the process and allows for instant confirmation of your submission.
If you are unable to pay your taxes by the due date, you should still file the Colorado 112 form to avoid penalties for late filing. However, be aware that an extension to file does not extend the payment due date. Penalties and interest may apply if payment is not made on time. You can make payments online or by mail, but it's crucial to meet the payment deadlines to minimize additional charges.
Several forms are related to the Colorado 112 form, including:
Each of these forms serves a specific purpose in the tax filing process and may be necessary depending on your corporation's situation.
The mailing address for the Colorado 112 form varies based on whether you are sending it with a payment or without. If you are including a payment, mail it to:
COLORADO DEPARTMENT OF REVENUE Denver, CO 80261-0006
If you are sending the form without a payment, use this address:
COLORADO DEPARTMENT OF REVENUE Denver, CO 80261-0005
These addresses are exclusive to the Colorado Department of Revenue, so no street address is needed.
Missing Information: One of the most common mistakes is not filling out all required fields. Ensure that your Colorado Account Number and Federal Employer Identification Number (FEIN) are included. Incomplete forms can lead to delays or rejections.
Incorrect Payment Amount: Double-check the amount owed. It’s crucial that the payment amount on your check matches what you report on the form. Discrepancies can cause issues with your tax account.
Filing Without Payment: If you owe taxes, remember that you must include payment with your submission. If no payment is due, do not file the form at all. This can save you unnecessary hassle.
Not Using the Correct Mailing Address: Make sure to send your form to the right address. If you’re including payment, use the address for payments. Incorrect addresses can delay processing.
Ignoring Deadlines: Keep an eye on filing deadlines. If you miss the due date, penalties and interest can accrue. Remember, while you can file for an extension, it doesn't extend the payment deadline.
When filing a Colorado C Corporation Income Tax Return using Form 112, several additional forms may be necessary to ensure compliance with state tax regulations. Understanding these forms can help streamline the filing process and avoid potential penalties. Below is a list of commonly used documents associated with Form 112.
Each of these forms plays a specific role in the overall tax filing process for Colorado C Corporations. By ensuring that all necessary documents are completed and submitted, corporations can maintain compliance and potentially minimize their tax liabilities.
The DR 0112 form is similar to the DR 0158-C, which is the Extension of Time for Filing a Colorado C Corporation Income Tax Return. Both forms are used by C corporations in Colorado to manage their tax obligations. The DR 0158-C allows corporations to request an extension for filing their tax return, providing an additional six months to submit necessary documentation. However, it is important to note that this extension does not apply to the payment due date. Corporations must still pay any owed taxes by the original deadline to avoid penalties and interest.
Another related document is the DR 0900C, which is the C Corporation Income Tax Payment Form. This form accompanies payments made by corporations that have filed their tax returns electronically. It ensures that the payment is properly credited to the corporation's tax account. Like the DR 0112, the DR 0900C emphasizes the importance of accurate record-keeping, requiring corporations to include their account number and other identifying information on the payment method.
The DR 0112RF is the Receipts Factor Apportionment Schedule, which is also similar to the DR 0112 form. This schedule is used to determine how a corporation's income is apportioned to Colorado based on its receipts. It is crucial for accurately reporting income and ensuring compliance with state tax regulations. Corporations must complete this schedule if they have income from multiple states, as it helps clarify how much income is taxable in Colorado.
The DR 0112 Schedule C, or the Colorado Affiliations Schedule, is another document that relates to the DR 0112. This schedule is used to report information about affiliated corporations. It helps the Colorado Department of Revenue understand the relationships between corporations and ensures that all income is reported correctly. Like the other forms, it plays a vital role in the overall tax filing process for corporations in Colorado.
The DR 0112CR, known as the Credit Schedule for Corporations, is also similar. This form allows corporations to claim various tax credits available in Colorado. It must be filed alongside the DR 0112 to ensure that any eligible credits are applied to the corporation's tax liability. This helps reduce the overall tax burden for qualifying corporations, making it an important component of the tax filing process.
The DR 0112 Book Instructions provide guidance on how to complete the various forms, including the DR 0112. These instructions are essential for ensuring that corporations fill out their tax documents correctly. They outline the necessary steps and provide helpful tips, which can prevent errors that might lead to penalties or delays in processing.
The DR 0112 Related Forms section lists other forms that may be needed when filing the DR 0112. This section is useful for corporations that may have additional reporting requirements or specific circumstances that necessitate the use of other forms. By providing this information, it helps corporations ensure they meet all their tax obligations.
Finally, the Colorado C Corporation Income Tax Filing Guide serves as a comprehensive resource for understanding the filing process. It includes important deadlines, payment methods, and other essential information. This guide is beneficial for corporations to navigate the complexities of Colorado's tax laws and ensure compliance with all requirements.
When filling out the Colorado 112 form, it's essential to follow guidelines to ensure accuracy and compliance. Here are ten important dos and don’ts:
Understanding the Colorado 112 form is essential for C corporations operating in the state. However, several misconceptions can lead to confusion. Here are seven common misunderstandings:
By clarifying these misconceptions, C corporations can better navigate their tax obligations and avoid unnecessary complications.
When filling out and using the Colorado 112 form, keep these key points in mind: