The Georgia Form 600 is a crucial document used by corporations to report their income and net worth taxes to the Georgia Department of Revenue. This form not only helps in calculating the taxes owed but also ensures compliance with state regulations. If you're ready to tackle your corporation's tax obligations, click the button below to get started on filling out the Georgia Form 600.
The Georgia Form 600 is a crucial document for corporations operating within the state, serving as the official Corporation Tax Return. This form encompasses various key components, including the computation of Georgia taxable income and net worth tax. Corporations must provide their Federal Employer Identification Number (FEIN), business address, and details regarding their incorporation, such as the date of incorporation and the state under which they were incorporated. The form requires a thorough calculation of federal taxable income, adjustments for additions and subtractions, and the determination of net worth. Additionally, corporations need to detail any claimed tax credits and handle net operating loss deductions appropriately. The form also includes sections for reporting income tax, net worth tax, and any potential overpayments. Furthermore, it mandates the attachment of a copy of the federal return and supporting schedules to ensure completeness. The Georgia Department of Revenue emphasizes accuracy, as errors or omissions may result in penalties. Thus, understanding the intricacies of Form 600 is essential for compliance and effective tax management in Georgia.
Georgia Form 600 (Rev. 11/10)
Corporation Tax Return
Georgia Department of Revenue (Approved booklet version)
2010 Income Tax Return
Beginning
Ending
2011 Net Worth Tax Return
Original Return
Initial Net Worth
Amended Return
Consolidated GA Parent Return
(attach approval)
GA Consolidated Subsidiary Consolidated Parent FEIN
UET Annualization
Address Change
Exception attached
Name Change
IT-552 attached
Final (attach explanation)
Extension attached
A. Federal Employer I.D. Number
Name (Corporate title) Please include former name if applicable.
E. Date of Incorporation
B. GA. Withholding Tax Account Number
Business Address (Number and Street)
F. Incorporated under laws
of what state
C. GA. Sales Tax Registration Number
City or Town
State
Zip Code
G. Date admitted into GA
D. NAICS Code
Location of Books for Audit (city) &(sta te )
Telephone Number
H. Kind of Business
Indicate latest taxable year adjusted by IRS
And when reported to Georgia
COMPUTATION OF GEORGIA TAXABLE INCOME AND TAX
(ROUND TO NEAREST DOLLAR)
SCHEDULE 1
1.
Federal Taxable Income (Copy of Federal return and supporting schedules must be attached) ....
2.
Additions to Federal Income (from Schedule 4)
3.
Total (add Lines 1 and 2 )
4.
Subtractions from Federal Income (from Schedule 5)
5.
Balance (Line 3 less Line 4)
6.
Georgia Net Operating loss deduction (from Schedule 11)
7.
Georgia Taxable Income (Line 5 less Line 6 or Schedule 7, Line 9)
8.
Income Tax - (6% x Line 7)
COMPUTATION OF NET WORTH TAX
SCHEDULE 2
Total Capital stock issued
Paid in or Capital surplus
Total Retained earnings
Net Worth (Total of Lines 1, 2, and 3)
Ratio (GA. and Dom. For. Corp.-100%) (Foreign Corp. - Line 4, Sch. 8) ...
Net Worth Taxable by Georgia (Line 4 x Line 5 )
Net Worth Tax (from table in instructions)
COMPUTATION OF TAX DUE OR OVERPAYMENT
SCHEDULE 3
A. Income Tax
B. Net Worth Tax
C. Total
Total Tax (Schedule 1, Line 8, and Schedule 2, Line 7)
Less Credits and payments of estimated tax
Less Credits from Schedule 9, Line 6*
Withholding Credits (G2-A, G-2LP and/or G-2RP) ....
Balance of tax due (Line 1, less Lines 2, 3, and 4) ..
Amount of overpayment (Lines 2, 3, and 4 less Line1)
Interest due (See Instructions)
Penalty due (See Instructions)
9. Balance of Tax, Interest and Penalty due with return
9.
10.
Amount of Line 6 to be credited to 2011 estimated tax
Refunded
*NOTE: Any tax credits from Schedule 9 may be applied against income tax liability only, not net worth tax liability.
Georgia Form 600/2010 (Corporation) Name_______________________________________FEIN____________________
ADDITIONS TO FEDERAL TAXABLE INCOME
SCHEDULE 4
State and municipal bond interest (other than Georgia or political subdivision thereof)
.....................
Net income or net profits taxes imposed by taxing jurisdictions other than Georgia
Expense attributable to tax exempt income
Net operating loss deducted on Federal return
Federal deduction for income attributable to domestic production activities (IRC Section 199)
Intangible expenses and related interest cost
Captive REIT expenses and costs
Other Additions (Attach Schedule)
TOTAL - Enter also on LINE 2, SCHEDULE 1
SUBTRACTIONS FROM FEDERAL TAXABLE INCOME
SCHEDULE 5
Interest on obligations of United States (must be reduced by direct and indirect interest expense) .
Exception to intangible expenses and related interest cost (Attach IT-Addback)
Exception to captive REIT expenses and costs (Attach IT-REIT)
Other Subtractions (Must Attach Schedule)
TOTAL - Enter also on LINE 4, SCHEDULE 1
APPORTIONMENT OF INCOME
SCHEDULE 6
A. WITHIN GEORGIA
B. EVERYWHERE
C. DO NOT ROUND
COL (A)/ COL (B)
COMPUTE TO SIX DECIMALS
1. Gross receipts from business
Georgia Ratio (Divide Column A by Column B)
COMPUTATION OF GEORGIA NET INCOME
SCHEDULE 7
Net business income (Schedule 1, Line 5)
Income allocated everywhere (Must Attach Schedule)
Business income subject to apportionment (Line 1 less Line 2)
Georgia Ratio (Schedule 6, Column C)
Net business income apportioned to Georgia (Line 3 x Line 4)
Net income allocated to Georgia (Attach Schedule)
Total of Lines 5 and 6
Less: net operating loss apportioned to GA. (from Schedule 11)
Georgia taxable income (Enter also on Schedule 1, Line 7 )
...............................................................
COMPUTATION OF GEORGIA NET WORTH RATIO
(TO BE USED BY FOREIGN CORPS ONLY)
SCHEDULE 8
1.Total value of property owned (Total assets from Federal balance sheet)
2.Gross receipts from business ............................................................
3.Totals (Line 1 plus Line 2) .................................................................
4.Georgia Ratio (Divide Line 3A by 3B) .................................................
A. Within Georgia
B.TotalEverywhere
C. GA. ratio (A/B)
A copy of the Federal Return and supporting Schedules must be attached, otherwise this return shall be deemed incomplete. No extension of time for filing will be allowed unless a copy of the request for a Federal extension or Form IT-303 is attached to this return.
Make check payable to: Georgia Department of Revenue
Mail to: Georgia Department of Revenue, Processing Center, P.O. Box 740397, Atlanta, Georgia 30374-0397
Georgia Public Revenue Code Section 48-2-31 stipulates that taxes shall be paid in lawful money of the United States, free of any expense to the State of Georgia. Declaration: I/We declare under the penalties of perjury that I/we have examined this return (including accompanying schedules and statements) and to the best of
my/our knowledge and belief it is true, correct, and complete. If prepared by a person other than taxpayer, their declaration is based on all information of which they
have any knowledge.
Checktheboxto
Email Address:
authorize the
Georgia
Department of
Revenue to discuss
SIGNATURE OF OFFICER
DATE
SIGNATURE OF INDIVIDUAL OR FIRM PREPARING THE RETURN the contents of this
tax return with the named preparer.
TITLE
IDENTIFICATION OR SOCIAL SECURITY NUMBER
CLAIMED TAX CREDITS
SCHEDULE 9
See pages 14 through 19 for a list of available credits and their applicable codes. You must list the appropriate credit type code in the space provided. If you claim more than four credits, attach a schedule. Enter the total of the additional schedule on Line 5. If the tax credit is flowing or being assigned into this corporation from another corporation, please enter the name and FEIN of the corporation where the tax credit originated. If the credit originated with the corporation filing this return, enter “Same” in the spaces for corporation and FEIN.
Credit Type Code
Corporation Name
FEIN
Amount of Credit
Enter the total from attached schedule(s)
...............................Enter the total of Lines 1 through 5 here and on Schedule 3, Line 3, Page 1
ASSIGNED TAX CREDITS
SCHEDULE 10
Georgia Code Section 48-7-42 provides that in lieu of claiming any Georgia income tax credit for which a taxpayer otherwise is eligible for the taxable year, the taxpayer may elect to assign credits in whole or in part to one or more “affiliated entities”. The term “affiliated entities” is defined as:
1)A corporation that is a member of the taxpayer’s affiliated group within the meaning of Section 1504(a) of the Internal Revenue Code; or
2)An entity affiliated with a corporation, business, partnership, or limited liability company taxpayer, which entity:
(a)Owns or leases the land on which a project is constructed;
(b)Provides capital for construction of the project; and
(c)Is the grantor or owner under a management agreement with a managing company for the project.
No carryover attributable to the unused portion of any previously claimed or assigned credit may be assigned or reassigned, except if the assignor and the recipient of an assigned tax credit cease to be affiliated entities, then any carryover attributable to the unused portion of the credit is transferred back to the assignor of the credit. The assignor is permitted to use any such carryover and also shall be permitted to assign the carryover to one or more affiliated entities, as if such carryover were an income tax credit for which the assignor became eligible in the taxable year in which the carryover was transferred back to the assignor. In the case of any credit that must be claimed in installments in more than one taxable year, the election under this subsection may be made on an annual basis with respect to each such installment. For additional information, please refer to Georgia Code Section 48-7-42.
If the corporation filing this return is assigning tax credits to other affiliates, please provide detail below specifying where the tax credits are being assigned.
All assignments of credits must be made before the statutory due date (including extensions) per O.C.G.A. § 48-7-42 (b).
If this corporation and its affiliates to whom credits are being assigned are filing as part of a Georgia consolidated return, you must provide the name and FEIN of the corporation under which the consolidated Georgia return is being filed to ensure that the tax credits are properly applied.
Corporation: ____________________________________________ FEIN __________________
GA NOL Carry Forward Worksheet
SCHEDULE 11
For calendar year or fiscal year beginning
and ending
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
A
B
C
D
E
F
Loss Year
Loss Amount
Income Year
NOL Utilized
Balance
Remaining NOL
1.NOL Carry Forward Available to Current Year (Enter on Schedule 1, Line 6 or Schedule 7, Line 8)
2.Current Year Income / (Loss)
3.NOL Carry Forward Available to Next Year (Subtract Line 2 from Line 1)
INSTRUCTIONS
Column A:List the loss year(s).
Column B:List the loss amount for the tax year listed in Column A.
Columns C& D:List the years in which the losses were utilized and the amount utilized each year.
Column E:List the balance of the NOL after each year has been applied.
Column F: List the remaining NOL applicable to each loss year.
Total the remaining NOL (Col. F) and enter in the space at the bottom of the worksheet for “NOL Carry Forward Available to Current Year”. Then insert “Current Year Income / (Loss)” in the space provided and compute the “NOL Carry Forward Available to Next Year” in the last space. DO NOT check the box for IT 552 on the return if Schedule 11 is used.
Create photocopies as needed. See example worksheet on page 9.
GEORGIA NOL CARRY FORWARD WORKSHEET EXAMPLE
1994
$
225,351
1996
49,052
176,299
1997
39,252
137,047
1998
26,880
110,167
2000
59,504
50,663
1999
86,280
2001
116,287
2002
18,765
2003
52,711
2004
35,972
1. NOL Carry forward Available to Current Year (Enter on Schedule 1, Line 6 or Schedule 7, Line 8)
360,678
2. Current Year Income / (Loss)
100,000
3. NOL Carry forward Available to Next Year (Subtract line 2 from line 1)
260,678
Column A: List the loss year(s).
Column B List the loss amount for the tax year listed in Column A.
Column E: List the balance of the NOL after each year has been applied.
Total the remaining NOL (Col. F) and enter in the space at the bottom of the worksheet for “NOL Carry forward Available to Current Year”. Then insert “Current Year Income / (Loss)” in the space provided and compute the “NOL Carry forward Available to Next Year” in the last space. Do not check the box for IT 552 on the return if schedule 11 is used. Create photocopies as needed.
Page 9
Filling out the Georgia Form 600 is an important task for corporations operating in Georgia. This form is used to report income and net worth taxes. Before getting started, ensure you have all necessary documents, including your federal tax return and any supporting schedules. It's essential to provide accurate information to avoid potential issues down the line.
Once the form is filled out and submitted, it will be processed by the Georgia Department of Revenue. Keep a copy of the completed form and any supporting documents for your records. This will help in case of any inquiries or issues that may arise later.
The Georgia Form 600 is a Corporation Tax Return used by businesses operating in Georgia. This form is essential for reporting corporate income and calculating the associated tax obligations. It includes sections for both income tax and net worth tax, requiring detailed financial information about the corporation's operations and assets.
Any corporation doing business in Georgia must file Form 600. This includes both domestic corporations and foreign corporations that are registered to operate in the state. If a corporation meets the income threshold set by the Georgia Department of Revenue, it is obligated to file this return annually.
Form 600 requires a variety of information, including:
Additionally, a copy of the federal return and supporting schedules must be attached to ensure completeness.
To calculate Georgia taxable income, follow these steps:
The net worth tax is a tax imposed on corporations based on their net worth as of January 1 of the tax year. To calculate this tax:
Filing Form 600 late can result in penalties and interest on any taxes owed. The Georgia Department of Revenue imposes a penalty of 5% of the tax due for each month the return is late, up to a maximum of 25%. Additionally, interest accrues on unpaid taxes at the statutory rate. It is crucial to file on time or request an extension to avoid these penalties.
Yes, if you discover an error after filing Form 600, you can submit an amended return. This is done by filing the same form with the corrected information and marking it as an amended return. It is important to include any necessary documentation to support the changes made. Be aware that amending may also affect any tax credits or deductions previously claimed.
Failing to include the Federal Employer Identification Number (FEIN). This number is essential for identifying the corporation.
Not attaching the required copy of the Federal return and supporting schedules. Without these documents, the return may be deemed incomplete.
Leaving out the business address or providing incorrect information. Accurate address details are crucial for correspondence and processing.
Forgetting to report any name changes if applicable. This could lead to confusion or delays in processing the return.
Neglecting to complete the apportionment of income section. This step is vital for determining the correct tax liability for corporations operating in multiple states.
Incorrectly calculating the Georgia taxable income. Errors in this computation can lead to significant tax discrepancies.
Not checking the appropriate boxes for extensions or amendments. This oversight can result in penalties or interest on unpaid taxes.
Failing to report net worth accurately. This can affect the net worth tax calculation and lead to potential issues with the Georgia Department of Revenue.
Omitting the signature of the officer or preparer. A missing signature can render the return invalid.
The Georgia Form 600 is a critical document for corporations filing their tax returns in the state. Along with this form, several other documents may be required to ensure compliance and accuracy in reporting. Below is a list of forms and documents that are commonly used alongside the Georgia Form 600, each serving a specific purpose in the tax filing process.
Each of these documents plays an important role in the tax filing process for corporations in Georgia. Properly completing and submitting them ensures compliance with state regulations and can help minimize tax liabilities. It is advisable to review each form carefully and consult with a tax professional if there are any uncertainties.
The Georgia Form 600 is similar to the IRS Form 1120, which is the U.S. Corporation Income Tax Return. Both forms serve the primary purpose of reporting income, gains, losses, and deductions for corporations. While the IRS Form 1120 is used for federal tax purposes, the Georgia Form 600 focuses on state-specific tax obligations. Both forms require detailed financial information, including taxable income and tax calculations, but the Georgia Form 600 incorporates state-specific adjustments and credits that are not present on the federal form.
Another document that resembles the Georgia Form 600 is the IRS Form 1120-S, used by S corporations to report income, deductions, and credits. Similar to the Georgia Form 600, Form 1120-S requires the reporting of taxable income but is specifically designed for S corporations that pass income directly to shareholders. Both forms include schedules for detailing various types of income and deductions, but the Georgia Form 600 is tailored to meet the requirements of Georgia tax law, including specific state credits and deductions.
The Georgia Form 600 also shares similarities with the Georgia Form 700, which is the Corporation Net Worth Tax Return. Both forms require corporations to report financial information, but while Form 600 focuses on income tax, Form 700 is specifically for net worth tax purposes. The calculations and schedules in Form 700 are designed to determine the taxable net worth of a corporation based on its assets, while Form 600 calculates income tax based on net income. Corporations may need to file both forms to meet their tax obligations in Georgia.
Another related document is the IRS Form 1065, which is used by partnerships to report income, deductions, and credits. Like the Georgia Form 600, Form 1065 requires detailed financial reporting, but it is specifically designed for partnerships rather than corporations. Both forms necessitate the reporting of income and expenses, yet the Georgia Form 600 incorporates state-specific tax considerations that are not relevant to partnerships filing federal tax returns.
The Georgia Form 600 is also akin to the IRS Form 990, which is used by tax-exempt organizations to report their financial information. Both forms require detailed disclosures about income and expenses, but Form 990 is specifically for non-profit organizations. While the Georgia Form 600 focuses on corporate income tax obligations, both forms emphasize transparency and accountability in financial reporting, albeit for different types of entities.
Additionally, the Georgia Form 600 is similar to the IRS Form 941, which is the Employer's Quarterly Federal Tax Return. Both forms require employers to report various tax obligations, but while Form 941 focuses on payroll taxes, the Georgia Form 600 is concerned with corporate income tax. Both forms include calculations and schedules that help businesses determine their tax liabilities, but they cater to different aspects of tax reporting.
The Georgia Form 600 also bears resemblance to the Georgia Form IT-303, which is the Application for Extension of Time to File Georgia Income Tax Returns. Both documents are related to tax filings, but Form IT-303 specifically allows taxpayers to request additional time to submit their returns. While the Georgia Form 600 must be filed to report taxes owed, Form IT-303 is a proactive measure to ensure compliance with filing deadlines.
Another document that is similar is the Georgia Form IT-552, which is used to claim a tax credit for qualified investments. Both the Georgia Form 600 and Form IT-552 involve calculations that affect a corporation's tax liability. However, Form IT-552 is specifically focused on tax credits, while Form 600 encompasses a broader range of income and deductions for corporate tax purposes.
Lastly, the Georgia Form 500 is comparable to the Georgia Form 600, as it is used for individual income tax returns. Both forms require detailed financial reporting and calculations of tax owed, but they cater to different taxpayer categories—corporations versus individuals. Each form includes specific schedules for income and deductions, but the Georgia Form 600 is tailored to corporate tax obligations, while Form 500 addresses individual tax responsibilities.
When filling out the Georgia Form 600, it is important to ensure accuracy and completeness. Here are five essential actions to take and avoid during the process:
Understanding the Georgia Form 600 can be challenging, especially with the various requirements and procedures involved. Here are five common misconceptions about this form, along with clarifications to help ensure accurate filing.
This is not true. While the form is primarily for Georgia-based corporations, it also applies to foreign corporations doing business in Georgia. Any corporation that meets the state's tax obligations must file this form.
In fact, any significant errors or omissions should be corrected by filing an amended return. This helps avoid potential penalties or interest charges and ensures compliance with state tax laws.
This is misleading. Tax credits often require specific documentation to be attached to the return. It's crucial to refer to the instructions for the form to understand what is needed to support any claimed credits.
This is incorrect. The due date for the Georgia Form 600 may differ from the federal return due date. Corporations should verify the specific filing deadlines to avoid late penalties.
This is a misconception. Even if a corporation has no taxable income, it is still required to file the form. Failing to do so can result in penalties and may affect the corporation's standing with the state.
By addressing these misconceptions, corporations can better navigate the complexities of the Georgia Form 600 and ensure compliance with state tax requirements.
When filling out and using the Georgia Form 600, keep these key points in mind: