Form 600-T - Exempt Organization Unrelated Business Income Tax Return (Page 2 of 2) in pdf

PERIOD TO BE COVERED

INSTRUCTIONS FOR FORM 600-T EXEMPT

The taxable period for Georgia purposes shall be the same

ORGANIZATION UNRELATED BUSINESS

as for Federal purposes.

INCOME TAX RETURN

ALLOCATION AND APPORTIONMENT OF

FILING REQUIREMENTS

INCOME AND EXPENSES

Every exempt organization, which is required to file a Form

For those organizations having unrelated business income

990-T with the Federal Government and has unrelated trade

for Georgia and in other states, the income and expenses

or business income from Georgia sources, must file a

related to its production should be allocated and apportioned

Georgia Form 600-T.

to clearly reflect the Georgia unrelated business taxable

income. Sufficient information should be attached to the

WHEN AND WHERE TO FILE

Form 600-T to support the allocation and apportionment of

The return is due on or before the due date of the Federal

income and expenses to Georgia.

Form 990-T as provided under the Internal Revenue Code.

Returns should be mailed to the Georgia Department of

PENALTIES AND INTEREST

Revenue, Processing Center, P.O. Box 740397, Atlanta, GA

Penalties provided by the Georgia Code are:

30374-0397.

For delinquent filing- 5% of tax due for each month or part

month of delinquency, with a maximum of 25%.

EXTENSION OF TIME

For delinquent payment- 1/2 of 1% due for each month or

A reasonable extension of time for filing may be granted by

part month of delinquency. An extension of time for filing

the Commissioner upon application on Form IT-303. This

does not alter delinquent payment penalty.

must be filed prior to the date the return is due and must

For negligent underpayment- 5% of amount of under-

show that the delay is due to a reasonable cause. If the

payment.

taxpayer has received from the Internal Revenue Service an

For fraudulent underpayment- 50% of amount of under-

extension of time within which to file his Federal return, the

payment.

taxpayer need not apply to the Georgia Department of

Interest accrues at the rate of 12% per year from the due

Revenue for a similar extension of time. All that is required

date for payment to the date paid. An extension of time for

is for a copy of the request for the Federal extension to be

filing does not alter the interest charge.

attached to the Georgia return. Interest accrues at the rate

of 12% per year on any tax due from the regular due date of

the return until paid. Georgia Law prohibits the granting of

Note: The combined total of the penalty for delinquent filing

and penalty for delinquent payment cannot exceed 25% of

an extension of over 6 months from the due date of the return.

the tax shown on a return.

TAX RATE

FEDERAL FORM 990-T

As provided by Georgia Code Section 48-7-25(c),

A copy of the Federal Form 990-T and supporting schedules

unrelated business income shall be taxed at the rate of 6%.

(and any extensions) must be attached to this return.

ACCOUNTING METHOD

“Georgia Public Revenue Code Section 48-2-31 stipulates

Taxable income must be computed using the method of

that taxes shall be paid in lawful money of the Untied States

accounting regularly used in keeping the organization’s books

free of any expense to the State of Georgia”.

and records. In all cases, the method adopted must clearly

reflect taxable income.

Form 600-T - Exempt Organization Unrelated Business Income Tax Return Page 2

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