2015 Corporation Income Tax General Instructions - Georgia Department Of Revenue Page 7
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24GENERAL INFORMATION: INCOME TAX
LATE PAYMENT PENALTY
INTRODUCTION
A taxpayer having an extension must prepay the Georgia tax
The following instructions apply to two separate taxes on
corporations. One is an income tax at a rate of 6% on taxable
using Form IT-560C. Credit for this prepayment should be
claimed on Form 600, Schedule 3, Line 2. If tax is not paid by
income. The second is a graduated tax based on corporate
the statutory due date of the return, a late payment penalty
net worth. Instructions for the net worth tax begins on Page 8.
of 1/2 of 1% per month (up to 25%) will accrue until the tax
Both taxes must be paid annually. Schedule 3 of the return
is paid. This penalty will accrue from the statutory due date
is designed to combine the liabilities, any penalty and
regardless of any extension for filing the return. See page
interest due, any business tax credits, and the credits for
6 for more information. Late payment penalty is not due if
prepayment, to result in a single balance due or overpayment.
the return is being amended due to an IRS audit; check the
“Amended due to IRS Audit” box on page 1 of Form 600.
FILING REQUIREMENTS
All corporations that own property or do business in Georgia,
CORPORATE PARTNERS OF PARTNERSHIPS
or that have income from Georgia sources are required to file
A corporation will be considered to own property in Georgia,
a Georgia income tax return. (Please round all dollar entries.)
do business in Georgia, or have income from Georgia sources
A corporation electing to file under the Internal Revenue Code
whenever the corporation is a partner, whether limited or
provisions for S corporations having one or more stockholders
general, in a partnership which owns property or does
who are nonresidents of Georgia must file consent Form 600S-
business in Georgia, or has income from Georgia sources.
CA on behalf of each nonresident. Failure to furnish a properly
executed Form 600S-CA for each nonresident stockholder
CONSOLIDATED RETURNS
negates Georgia’s recognition of the election, requiring each
Regulation 560-7-3-.13 applicable to consolidated
corporation to file Form 600 and pay the regular corporate tax.
returns became effective for tax years beginning on
Note: The requirements as to when and how often the
or after January 1, 2002. It substantially changed the
600S CA is required to be filed were changed for tax
rules for filing consolidated returns. Visit our website at
years beginning on or after January 1, 2008. See the
for more information, including
611S Booklet for more information.
instructions on proper return preparation and mailing.
Please note: The approval letter must be attached to all
WHEN AND WHERE TO FILE
consolidated returns.
The return is due on or before the 15th day of the 3rd month
Beginning with the 2005 tax year, consolidated groups that
following the close of the taxable year.This would be March
conduct 100% of their business in Georgia must request
15th if filing on a calendar-year basis. If the due date falls
permission to file a consolidated return using Form IT-CONSOL.
on a weekend or holiday, the return shall be due on the next
day that is not a weekend or a holiday. Returns should be
The request must be submitted 75 days before the
mailed to Georgia Department of Revenue, Processing
due date of the return (including extensions). Failure
Center, P.O. Box 740397, Atlanta, Georgia 30374-0397.
to request permission by such time will require the
filing of separate returns for the applicable tax year.
Form IT-CONSOL should be mailed to: Georgia Department
WHEN ELECTRONIC FILING IS REQUIRED
Taxpayers that remit payments by electronic funds trans-
of Revenue, Suite 15316, 1800 Century Blvd, NE, Atlanta,
GA 30345. Please note: Tax returns should not be sent
fer, whether on a mandatory or voluntary basis, must
file all associated returns electronically. Also, a non-in-
to this address. See “When and Where to File” for the
dividual income tax return must be electronically filed
mailing addresses.
when the federal counterpart of such return is required to
be filed electronically pursuant to the Internal Revenue
AMENDED RETURNS
Code of 1986 or Internal Revenue Service regulations.
Georgia has no separate form for filing an amended return.
To amend a return, check the amended return block on
FREQUENTLY ASKED QUESTIONS
Form 600. A copy of the Federal Form 1120X or Federal
Frequently asked questions regarding corporations,S
audit adjustments must be attached. Mail the amended
corporations, partnerships, LLCs, and nonresident withholding
return to Georgia Department of Revenue, Processing
are available on our website at .
Center, P.O. Box 740397, Atlanta, Georgia 30374-0397.
Page 5
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