Article Structure
Common mistakes
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Incorrect Federal Employer ID Number: Providing the wrong Federal Employer ID Number can lead to significant delays and complications. Ensure that this number matches the IRS records exactly.
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Omitting Shareholder Information: Failing to include all shareholders or providing inaccurate details can result in penalties. Make sure to list every shareholder and their respective shares.
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Misreporting Income: It's crucial to accurately report all sources of income. Underreporting can trigger audits, while overreporting may lead to unnecessary tax liabilities.
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Ignoring Deadlines: Submitting the form late can incur penalties. Be aware of filing deadlines and plan accordingly to avoid last-minute issues.
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Inaccurate Tax Calculations: Errors in calculating the tax owed can lead to overpayment or underpayment. Double-check all calculations, especially the tax rate applied to income.
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Neglecting Required Attachments: Failing to attach necessary schedules or documentation can cause the return to be rejected. Review the requirements carefully to ensure all necessary documents are included.
Essential Points on This Form
What is the purpose of the Georgia Form 600S?
The Georgia Form 600S is used by S Corporations to report income, deductions, and tax liability to the Georgia Department of Revenue. This form is essential for ensuring compliance with state tax laws and for calculating the appropriate tax owed by the corporation.
Who needs to file the Georgia Form 600S?
Any S Corporation that conducts business in Georgia or has shareholders who are residents of Georgia must file this form. This includes corporations that have elected S Corporation status for federal tax purposes and meet the state's requirements.
What information is required to complete the form?
The form requires basic information such as the corporation's name, address, federal employer ID number, and Georgia withholding tax account number. Additionally, it asks for details about income, shareholders, and any tax credits being claimed.
How is the Georgia taxable income calculated?
Georgia taxable income is calculated by starting with the total income for federal purposes and making necessary adjustments for state-specific additions and subtractions. This includes accounting for income allocated to Georgia and any business income subject to apportionment.
What is the tax rate applied to Georgia taxable income?
The tax rate for Georgia taxable income is 5.75%. This rate is applied to the amount reported on Line 1 of Schedule 1 of the form.
What is the net worth tax and who is subject to it?
The net worth tax applies to foreign corporations doing business in Georgia. The tax is based on the corporation's total capital stock, surplus, and retained earnings, and it is calculated using a specific formula outlined in the form.
What are the filing deadlines for the Georgia Form 600S?
The Georgia Form 600S is due on the 15th day of the third month following the end of the corporation's tax year. If the corporation has a federal extension, it may also extend the Georgia filing deadline by submitting a copy of the federal extension request.
Can I claim tax credits on the Georgia Form 600S?
Yes, tax credits can be claimed on the form. However, to claim these credits, they must be filed electronically. The form includes a section for detailing any credits used and their allocation to the shareholders.
What happens if the form is filed late?
If the Georgia Form 600S is filed late, the corporation may incur penalties and interest on any unpaid taxes. It is essential to file on time to avoid these additional costs.
Where should the completed form be mailed?
The completed Georgia Form 600S should be mailed to the Georgia Department of Revenue, Processing Center, PO Box 740391, Atlanta, Georgia 30374-0391. Ensure that the form is sent to the correct address to avoid processing delays.
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600S Georgia Sample
Georgia Form 600S (Rev. 08/02/21) |
PAGE 1 |
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Corporation Tax Return |
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Georgia Department of Revenue (Approved web2 version) |
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2021 Income Tax Return |
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Beginning |
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Amount of nonresident withholding tax paid by the S Corporation: |
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Ending |
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Original Return |
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UET Annualization Exception attached |
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2022 Net Worth Tax Return |
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Amended Return |
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Initial Net Worth |
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C Corp Last Year |
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Amended due to IRS Audit |
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Address Change |
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Name Change |
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Final Return (Attach explanation) |
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Beginning |
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PL |
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QSSS Exempt |
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Ending
Extension
Composite
Return Filed
A. Federal Employer ID Number |
B. Name (Corporate title) Please give former name if applicable. |
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C. GA Withholding Tax Acct. Number |
D. Business Street Address |
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Payroll WH Number |
Nonresident WH Number |
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E. GA Sales Tax Reg. Number |
F. City or Town |
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G. State |
H. ZIP Code |
I. Foreign Country Name |
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J. NAICS Code |
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K. Date of Incorporation |
L . Incorporated under laws of what state |
M. Date admitted into GA |
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N. Location of Records for Audit (City & State) |
O. Corporation’s Telephone Number |
P. Type of Business |
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Q. Total Shareholders |
R. Total Nonresident |
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S. Federal Ordinary Income |
T. Latest taxable year |
U. And when reported |
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Shareholders |
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adjusted by IRS |
to Georgia |
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V. S Corporation Representative |
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W. S Corporation Representative’s |
X. S Corporation Representative’s |
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Telephone Number |
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Email Address |
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COMPUTATION OF GEORGIA TAXABLE INCOME AND TAX |
(ROUND TO NEAREST DOLLAR) |
SCHEDULE 1 |
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By checking the box, the S Corporation elects to pay the tax on behalf of its shareholders due to a Georgia audit.
1. Georgia Taxable Income (see instructions) ..........................................................................................
2. Tax 5.75% x Line 1 ..................................................................................................................
1.
2.
COMPUTATION OF NET WORTH RATIO(to be used by Foreign Corporations only) |
(ROUND TO NEAREST DOLLAR) |
SCHEDULE 2 |
1.Total value of property owned (Total assets from Federal balance sheet)
2.Gross receipts from business ....................................................................
3.Totals (Line 1 + 2)........................................................................................
4.Georgia ratio (Divide Line 3A by 3B)........................................................
C. GA (A/B) DO NOT
ROUND COMPUTE TO
A. WITHIN GEORGIA B. TOTAL EVERYWHERE SIX DECIMALS
1.
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COMPUTATION OF NET WORTH TAX |
(ROUND TO NEAREST DOLLAR) |
SCHEDULE 3 |
1.Total Capital stock issued ......................................................................................................
2.Paid in or Capital surplus .......................................................................................................
3.Total Retained earnings..........................................................................................................
4.Net Worth (Total of Lines 1, 2, and 3) ....................................................................................
5. Ratio (GA and Dom. For. |
5. |
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6.Net Worth Taxable by Georgia (Line 4 x Line 5)
7.Net Worth Tax (from table in instructions)....................................................................................................................................................
1.
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7.
Georgia Form 600S/2021
PAGE 2
(Corporation) Name |
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FEIN |
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COMPUTATION OF TAX DUE OR OVERPAYMENT |
(ROUND TO NEAREST DOLLAR) |
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SCHEDULE 4 |
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1.Total Tax (Schedule 1, Line 2 and Schedule 3, Line 7) ........
2.Credits and payments of estimated tax .................................
3.Credits used from Schedule 10* (must be filed electronically)
4.Withholding Credits
5.Balance of tax due (Line 1, less Lines 2, 3 and 4 ) ................
6.Amount of overpayment (Lines 2, 3 and 4 less Line 1) ........
7.Interest due (See Instructions) .................................................
8.Form 600 UET (Estimated tax penalty) ...................................
9.Other penalty due (See Instructions) .......................................
10.Balance of tax, interest and penalty due with return ................
11.Amount to be credited to 2022 estimated tax (Line 6 less Lines
A. Income Tax |
B. Net Worth Tax |
C. Total |
1.
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8. 9. 
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Refunded 11.
*NOTE: Any tax credits from Schedule 10 may be applied against income tax liability only, not net worth tax liability.
SEE PAGE 3 SIGNATURE SECTION FOR DIRECT DEPOSIT OPTIONS
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COMPUTATION OF GEORGIA NET INCOME |
(ROUND TO NEAREST DOLLAR) |
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SCHEDULE 5 |
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1. |
Total Income for Georgia purposes (Line 11, Schedule 6) |
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1. |
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2. |
Income allocated everywhere (Must Attach Schedule) |
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2. |
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3. Business Income subject to apportionment (Line 1 less Line 2) |
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3. |
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4. |
..........................................................Georgia Ratio (Schedule 9, Column C) |
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5. Net business income apportioned to Georgia (Line 3 x Line 4) |
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6. Net income allocated to Georgia (Attach Schedule) |
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6. |
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7. Total Georgia net income (Add Line 5 and Line 6) |
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7. |
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COMPUTATION OF TOTAL INCOME FOR GEORGIA PURPOSES |
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(ROUND TO NEAREST DOLLAR) |
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SCHEDULE 6 |
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1. |
Ordinary income (loss) per Federal return |
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2. Net income (loss) from rental real estate activities |
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2. |
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3. |
a. Gross income from other rental activities |
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3a. |
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b. Less: expenses |
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3b. |
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..........................................c. Net business income from other rental activities (Line 3a less Line 3b) |
3c. |
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4. |
Portfolio income (loss): |
a. Interest Income |
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4a. |
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b. Dividend Income |
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4b. |
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c. Royalty Income |
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4c. |
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d. Net |
4d. |
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e. Net |
4e. |
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f. Other portfolio income (loss) |
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5. |
Net gain (loss) under section 1231 |
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6. |
Other Income (loss) |
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6. |
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7. |
Total Federal Income (Add Lines 1 through 6) |
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8. |
Additions to Federal Income (Schedule 7) |
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9. |
Total (Add Lines 7 & 8) |
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10. |
Subtractions from Federal Income (Schedule 8) |
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11. |
Total Income for Georgia purposes (Subtract Line 10 from Line 9) |
11. |
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Georgia Form 600S/2021
PAGE 3
(Corporation) Name |
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FEIN |
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ADDITIONS TO FEDERAL TAXABLE INCOME |
(ROUND TO NEAREST DOLLAR) |
SCHEDULE 7 |
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1.State and municipal bond interest (other than Georgia or political subdivision thereof)
2.Net income or net profits taxes imposed by taxing jurisdictions other than Georgia ................
3.Expense attributable to tax exempt income .................................................................................
4.Reserved......................................................................................................................................
5.Intangible expenses and related interest costs ...........................................................................
6.Captive REIT expenses and costs ...............................................................................................
7.Other Additions (Attach Schedule) .............................................................................................
8.TOTAL - Enter here and on Line 8, Schedule 6 ......................................................................................
1.
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5.
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7.
8.
SUBTRACTIONS FROM FEDERAL TAXABLE INCOME |
(ROUND TO NEAREST DOLLAR) |
SCHEDULE 8 |
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1. Interest on obligations of United States (must be reduced by direct and indirect interest expense) ..
2. Exception to intangible expenses and related interest costs (Attach
3. Exception to captive REIT expenses and costs (Attach
4. Other Subtractions (Must Attach Schedule) .......................................................................................
5. TOTAL- Enter here and on Line 10, Schedule 6 ...............................................................................
1.
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4.
5.
APPORTIONMENT OF INCOME |
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SCHEDULE 9 |
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A. WITHIN GEORGIA |
B. EVERYWHERE |
C. DO NOT ROUND COL (A)/ COL (B) |
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COMPUTE TO SIX DECIMALS |
1. Gross receipts from business |
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2. Georgia Ratio (Divide Column A by Column B) |
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A copy of the Federal Return and supporting schedules must be attached if filing by paper. No extension of time for filing will be allowed unless a copy of the request for a Federal extension or Form
Make check payable to: Georgia Department of Revenue
Mail to: Georgia Department of Revenue, Processing Center, PO Box 740391, Atlanta, Georgia
DIRECT DEPOSIT OPTIONS
A. Direct Deposit (ForU.S.AccountsOnly) See booklet for further instructions. If Direct Deposit is not. selected, a paper check will be issued.
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Routing |
Type: Checking |
Savings |
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Account |
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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 the taxpayer, this declaration is based on all information of which the preparer has knowledge.
By providing my
Check the box to authorize the Georgia Department of Revenue to discuss the contents of this tax return with the named preparer.
SIGNATURE OF OFFICER |
SIGNATURE OF INDIVIDUAL OR FIRM PREPARING THE RETURN |
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TITLE |
FIRM PREPARING THE RETURN |
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IDENTIFICATION OR SOCIAL SECURITY NUMBER |
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Georgia Form 600S/2021
PAGE 4
(Corporation) Name |
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FEIN |
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CREDIT USAGE AND CARRYOVER |
(ROUND TO NEAREST DOLLAR) |
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SCHEDULE 10 |
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TO
CLAIM
TAX
CREDITS YOU
MUST FILE
ELECTRONICALLY
Georgia Form 600S/2021
PAGE 5
(Corporation) Name |
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FEIN |
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CREDIT ALLOCATION TO OWNERS |
(ROUND TO NEAREST DOLLAR) |
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SCHEDULE 11 |
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TO
CLAIM
TAX
CREDITS YOU
MUST FILE
ELECTRONICALLY
Georgia Form 600S/2021
PAGE 6
(Corporation) Name |
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FEIN |
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ASSIGNED TAX CREDITS |
(ROUND TO NEAREST DOLLAR) |
SCHEDULE 12 |
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TO
CLAIM
TAX
CREDITS YOU
MUST FILE
ELECTRONICALLY
Key takeaways
Filling out and using the Georgia Form 600S is crucial for S Corporations operating in Georgia. Here are ten key takeaways to ensure compliance and accuracy.
- Understand the Purpose: The Georgia Form 600S is used to report income, deductions, and taxes for S Corporations in the state.
- Gather Required Information: Before starting, collect essential details such as your Federal Employer ID Number, business address, and NAICS code.
- Check for Required Attachments: If filing by paper, remember to attach a copy of your Federal Return and any supporting schedules.
- Be Mindful of Deadlines: Timely filing is essential. No extensions will be granted unless a Federal extension request is attached.
- Calculate Georgia Taxable Income: Use Schedule 1 to determine your Georgia Taxable Income, applying the correct tax rate of 5.75%.
- Complete Net Worth Tax Calculation: Foreign corporations must fill out Schedule 3 to compute the net worth tax based on total capital stock and retained earnings.
- Utilize Schedules for Clarity: Utilize Schedules 5, 6, 7, and 8 to compute Georgia net income and identify any additions or subtractions from federal taxable income.
- Consider Tax Credits: Schedule 10 allows for the claiming of tax credits, but remember that these must be filed electronically.
- Direct Deposit Options: Opt for direct deposit to expedite any potential refunds. This option is available for U.S. accounts only.
- Review Before Submission: Always double-check your entries for accuracy. A minor error can lead to delays or penalties.
By following these takeaways, S Corporations can navigate the complexities of the Georgia Form 600S more effectively, ensuring compliance with state tax regulations.
Document Characteristics
| Fact Name | Fact Description |
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| Form Purpose | The Georgia Form 600S is used by S Corporations to report income and calculate taxes owed to the state of Georgia. |
| Tax Rate | The tax rate for Georgia taxable income is set at 5.75% as per the state regulations. |
| Filing Requirements | Corporations must attach a copy of their Federal return and supporting schedules when filing the Georgia Form 600S. |
| Governing Law | This form is governed by the Georgia Public Revenue Code Section 48-2-31, which outlines tax payment requirements. |