The Georgia Form 600 serves as the Corporation Tax Return for entities operating within the state, a document overseen by the Georgia Department of Revenue. This comprehensive form, pivotal for the fiscal responsibilities of corporations, encapsulates various facets of taxation—from detailing income tax obligations to outlining the calculation of net worth tax. It also stands as a vessel for amendments, consolidated returns among parent and subsidiary entities, and addresses changes in corporate information, making it indispensable for businesses navigating Georgia's tax landscape.
In the landscape of corporate taxation within Georgia, the Georgia Form 600 emerges as a comprehensive document required by the Georgia Department of Revenue. This form, pertinent for the year 2010 as indicated in its revision status (Rev. 11/10), serves multiple functions encompassing the corporation tax return, net worth tax return, and allows for amendments, consolidations, and various declarations including changes in address, name, or accounting periods. Complex in its scope, the form meticulously outlines the calculation of Georgia taxable income and tax, delineating operations ranging from federal taxable income adjustments, additions, subtractions, to the detailed net worth tax calculation. Furthermore, it facilitates claiming tax credits and, if necessary, assigns them within affiliated groups, adhering to specific Georgia codes and regulations. Accompanied by mandatory attachments such as a copy of the federal return, it underscores the interconnection between federal and state taxation frameworks. This essential document not only reflects a corporation’s fiscal health and obligations but also encapsulates the fiscal interaction between corporate entities and the state, underpinning Georgia’s approach to corporate taxation and financial accountability.
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 for corporate tax returns involves a detailed process that requires the submission of various forms of financial information. Through this process, corporations report their income and net worth for state tax purposes. This document serves multiple purposes including an income tax return, an initial net worth assessment, and possibly an amended return, depending on the specifics of the corporation's situation. It's essential to adhere closely to the instructions and ensure that all required information is accurately reflected to comply with Georgia's Department of Revenue requirements.
After successfully submitting the form, it's important for corporations to maintain records of their submission and any correspondence with the Georgia Department of Revenue. Stay informed about any upcoming deadlines or additional documentation that may be requested to ensure compliance with state tax obligations.
What is the Georgia Form 600?
The Georgia Form 600, also known as the Corporation Tax Return, is a document that must be filed by corporations operating in Georgia. It is used to report income taxes and calculate net worth tax for the respective fiscal year. This form is vital for corporations to comply with Georgia state tax obligations.
Who needs to file the Georgia Form 600?
Any corporation that is registered, operates, or does business in Georgia and is subject to state income tax must file the Georgia Form 600. This includes C-corporations and other entities that are treated as corporations for tax purposes.
When is the Georgia Form 600 due?
The due date for filing the Georgia Form 600 is typically on or before the 15th day of the fourth month following the end of the corporation's fiscal year. For corporations operating on a calendar year basis, the due date is April 15th of the following year. If the due date falls on a weekend or holiday, the next business day becomes the due date.
Can I file an amended Georgia Form 600?
Yes, corporations can file an amended Georgia Form 600 if they need to correct any information or make updates to their previously filed tax return. To do so, they must check the "Amended Return" box on the form and provide the necessary documentation and explanations for the amendments.
What is the net worth tax reported on Georgia Form 600?
The net worth tax is a tax assessed on the net worth of a corporation as of the beginning of the tax year. It is calculated based on the corporation's total capital stock, paid-in or capital surplus, and total retained earnings. The tax rate and amount depend on the corporation's net worth, with specific rates provided in the instructions for the Georgia Form 600.
How do I report changes in corporate information on the Georgia Form 600?
If there have been changes to the corporate information, such as a name change, address change, or change in federal employer identification number (FEIN), these can be reported directly on the Georgia Form 600 by filling out the appropriate sections and checking the relevant boxes. Additional documentation may be required for certain changes.
What attachments are required with the Georgia Form 600?
When filing the Georgia Form 600, corporations must attach a copy of their federal tax return along with any supporting schedules. This includes Schedule 1 for computing Georgia taxable income, Schedule 2 for computing the net worth tax, and any other schedules relevant to computing credits, deductions, and additions to income.
How can a corporation request an extension for filing the Georgia Form 600?
To request an extension for filing the Georgia Form 600, corporations must file Form IT-303, which is the Application for Extension of Time for Filing State Income Tax Returns. The extension grants additional time to file the tax return but not to pay any due taxes, which must be paid by the original due date to avoid penalties and interest.
Where do I mail the Georgia Form 600 once completed?
The completed Georgia Form 600, along with any payment and required attachments, should be mailed to the Georgia Department of Revenue, Processing Center, P.O. Box 740397, Atlanta, Georgia 30374-0397. Ensure that all information is accurate and complete before mailing the form.
Not attaching a copy of the federal return and supporting schedules, which leads to the Georgia Form 600 being considered incomplete. The instructions clearly state that these documents must be attached.
Failing to round off financial amounts to the nearest dollar on the tax return. The form requires that all monetary amounts be rounded, to simplify the processing and reviewing of returns.
Inaccurately reporting federal taxable income. Line 1 of Schedule 1 must mirror the federal taxable income exactly as it appears on the federal return, yet mistakes here are common.
Incorrectly calculating additions and subtractions to federal taxable income. Schedules 4 and 5 detail specific adjustments to be made to federal income, and overlooking any of these adjustments can lead to errors.
Not fully understanding or improperly applying Georgia’s Net Operating Loss deduction rules, as outlined on Schedule 11, can lead to miscalculations impacting Georgia taxable income.
Overlooking or incorrectly calculating net worth tax. Schedule 2 outlines the computation of net worth tax, which is a common area of misunderstanding or error.
Misinterpreting the apportionment of income instructions on Schedule 6, particularly the computation to six decimals for the Georgia ratio, which is critical for businesses with operations in and out of Georgia.
Forgetting to attach Schedule 9 for claimed tax credits or not properly listing the types of credits and their amounts can lead to missed tax benefits.
Improperly documenting or forgetting to document a name or address change. If there’s a change, the corresponding boxes on the form need to be checked, and associated documentation (IT-552 for name change) attached.
Not including the required payment with the return. Taxes are payable in U.S. currency, free of expense to the State of Georgia, and must accompany the return when mailed.
When corporations embark on the journey of filing their Georgia Form 600, it's akin to assembling a puzzle. Each piece plays a critical role in painting a complete picture of the corporation's financial health and obligations. Beyond the pivotal Georgia Form 600, there are several additional forms and documents that frequently join the ensemble, each contributing its distinct data to the narrative of the corporation's tax story.
While the Form 600 serves as the cornerstone of corporate tax filing in Georgia, the surrounding documents and forms are indispensable in furnishing a full and accurate account of a corporation's fiscal conduct. Together, they enable corporations to navigate the complexities of tax compliance, ensuring that every transaction, deduction, and credit is meticulously reported and documented.
The Georgia 600 form is similar to the IRS Form 1120, which is used for U.S. Corporation Income Tax Returns. Both forms require detailed financial information from the reporting entity, including income, deductions, and tax payable. Specifically, the Georgia 600 and IRS Form 1120 share sections on computing taxable income, deductions, and tax owed or overpayment. They both start by asking for federal taxable income and adjustments to that income. Each form then leads the filer through a series of calculations to determine the entity's tax liability or refund due, including schedules for tax credits and payments. However, the Georgia 600 form is specific to entities operating within Georgia, capturing state-specific tax obligations and credits, while Form 1120 captures federal tax responsibilities.
Another document similar to the Georgia 600 form is the Form IT-303, the Application for Extension of Time for Filing State Income Tax Returns. Both the Georgia 600 and Form IT-303 require the filer to provide basic identification information about the corporation, including the Federal Employer Identification Number (FEIN) and corporate name. While the Georgia 600 form is for reporting and calculating the corporation’s annual tax, Form IT-303 is used to request additional time to file this information. The connection lies in the requirement for an extension request (Form IT-303) to be attached to the Georgia 600 if the report cannot be filed by the due date. This indicates how the processes of filing for an extension and completing the annual tax return are interlinked in Georgia’s tax administration framework.
Filling out Georgia's Form 600, the Corporation Tax Return, can feel daunting. To navigate this process smoothly, understanding what to do and what to avoid is crucial. Here’s a distilled guide to help you along:
Things You Should Do
Things You Shouldn’t Do
By carefully following these dos and don'ts, you'll be in a better position to complete Georgia Form 600 correctly and efficiently, leading to a smoother tax filing process for your corporation.
Understanding tax forms can be challenging, and many businesses might find Georgia Form 600 particularly daunting. This form is crucial for corporations operating within the state, as it addresses both income and net worth tax returns. Here, we clarify some common misconceptions surrounding this form to help ensure accurate and efficient filing.
Contrary to this belief, Form 600 is utilized not only for filing corporate income taxes but also for reporting the net worth tax. The form is comprehensive, encapsulating the various facets of a corporation’s financial obligations to the State of Georgia, including income tax (Schedule 1), net worth tax (Schedule 2), and detailed computations of tax due or overpayment (Schedule 3).
While it might seem that the net worth tax is flat across all Georgia corporations, it actually varies depending on the corporation's net worth, as reflected on Schedule 2 of Form 600. The net worth tax is calculated by applying a ratio (for GA and domestic foreign (Dom. For.) corps.-100%; for foreign corps.- as per Schedule 8), which is then used to determine the net worth taxable by Georgia. The applicable rates are detailed in the instructions for the form, underscoring the need for careful calculation.
Although the form focuses on the current fiscal year, it requires a range of historical and comparative data to accurately compute taxes. For instance, the GA NOL (Net Operating Loss) Carry Forward Worksheet (Schedule 11) considers losses from prior years to determine the allowable NOL deduction for the current year. This shows that both current and past financial information play a critical role in completing Form 600.
Completing and submitting Form 600 is a significant milestone in fulfilling a corporation’s tax obligations. However, corporations may also need to attach a variety of schedules and documents, such as a copy of the Federal return, supporting schedules, and other specific forms like IT-552 for name changes or IT-303 for filing extensions. Moreover, corporations must ensure that they comply with ongoing requirements, like estimated tax payments and potential amendments for previous returns, emphasizing that tax compliance is an ongoing process.
In summary, while Georgia Form 600 is a key element in complying with state tax obligations for corporations, understanding its complexities and the broader tax context is essential for accurate and complete filing. Businesses should be mindful of the nuances of this form to ensure they meet their fiscal responsibilities thoroughly and efficiently.
When filling out the Georgia 600 form for corporate tax returns, understanding the key components and requirements is crucial for compliance and accuracy. Here are nine key takeaways:
Properly navigating the requirements of Georgia Form 600 is essential for corporate entities to ensure compliance with state tax laws and avoid penalties for inaccuracies or omissions.
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