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Fill a Valid Georgia 600 Template

The Georgia Form 600 is a tax return used by corporations to report their income and calculate taxes owed to the state of Georgia. This form includes sections for federal taxable income, net worth tax, and various credits and deductions. Understanding its components is essential for compliance and accurate tax reporting for businesses operating in Georgia.

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Common mistakes

Incomplete Information: Failing to fill in all required fields, such as the Federal Employer Identification Number (FEIN) or the corporate name, can lead to delays or rejections. Ensure that all sections are completed accurately.
Incorrect Tax Year: Submitting the form for the wrong tax year can cause significant issues. Always double-check that the year indicated matches the tax year for which you are filing.
Missing Attachments: Not including necessary documents, like the federal tax return or supporting schedules, can render the submission incomplete. Remember to attach all required paperwork to avoid complications.
Improper Calculations: Errors in computing taxable income or net worth can lead to incorrect tax amounts. It’s crucial to carefully review calculations and ensure they align with the provided schedules.
Neglecting to Sign: Forgetting to sign the form can delay processing. Ensure that the appropriate officer or individual preparing the return signs it before submission.
Ignoring Deadlines: Failing to submit the form by the due date can result in penalties. Be aware of all deadlines and plan to file early to avoid last-minute issues.
Incorrect Credit Claims: Claiming tax credits incorrectly or not providing the necessary details can lead to denials. Make sure to follow the instructions for claiming credits and provide accurate information.
Not Updating Address Changes: Failing to notify the Georgia Department of Revenue of any address changes can lead to missed communications. Always keep your business address current on the form.
Using Outdated Forms: Submitting an outdated version of the Georgia Form 600 can cause processing delays. Always ensure you are using the latest version of the form available on the Georgia Department of Revenue website.

Essential Points on This Form

What is the Georgia Form 600?

The Georgia Form 600 is a tax return specifically designed for corporations operating in the state of Georgia. It is used to report both income and net worth taxes. The form requires corporations to detail their federal taxable income, any additions or subtractions to that income, and calculate the taxes owed to the state. Corporations must also provide information about their business, including their federal employer identification number, date of incorporation, and business address.

Who is required to file the Georgia Form 600?

All corporations doing business in Georgia are required to file the Georgia Form 600. This includes both domestic and foreign corporations that have income sourced from Georgia. Additionally, corporations that are registered in Georgia but do not have any income may still need to file if they are subject to the net worth tax. It is essential for corporations to be aware of their filing obligations to avoid penalties and ensure compliance with state tax laws.

What information must be included with the Georgia Form 600?

When filing the Georgia Form 600, corporations must attach a copy of their federal tax return and any supporting schedules. This documentation is crucial for verifying the federal taxable income reported on the state return. Additionally, if applicable, corporations must include schedules detailing any additions or subtractions to their federal income, as well as information regarding tax credits being claimed. Failure to provide the necessary documentation may result in the return being deemed incomplete.

How is the tax calculated on the Georgia Form 600?

The tax calculation on the Georgia Form 600 involves two primary components: income tax and net worth tax. The income tax is calculated at a rate of 6% on the Georgia taxable income, which is determined after making necessary adjustments to federal taxable income. The net worth tax is based on the corporation's total capital stock issued, paid-in capital surplus, and retained earnings. The total tax due is the sum of these two components, from which any credits and payments made can be deducted.

What are the consequences of failing to file the Georgia Form 600?

Failure to file the Georgia Form 600 by the due date can lead to various penalties, including fines and interest on any taxes owed. The Georgia Department of Revenue may impose a penalty for late filing, which can accumulate over time. Additionally, corporations may lose eligibility for certain tax credits if they do not file on time. It is advisable for corporations to file their returns promptly and accurately to avoid these potential consequences.

Check out Common Templates

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Georgia 600 Sample

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

Beginning

Ending

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
Name Change			IT-552 attached
Final (attach explanation)			Extension attached
Final (attach explanation)

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) ....				1.
2.	Additions to Federal Income (from Schedule 4)				2.
3.	Total (add Lines 1 and 2 )				3.
4.	Subtractions from Federal Income (from Schedule 5)				4.
5.	Balance (Line 3 less Line 4)				5.
6.	Georgia Net Operating loss deduction (from Schedule 11)				6.
7.	Georgia Taxable Income (Line 5 less Line 6 or Schedule 7, Line 9)				7.
8.	Income Tax - (6% x Line 7)				8.
	COMPUTATION OF NET WORTH TAX	(ROUND TO NEAREST DOLLAR)			SCHEDULE 2
1.	Total Capital stock issued				1.
2.	Paid in or Capital surplus				2.
3.	Total Retained earnings				3.
4.	Net Worth (Total of Lines 1, 2, and 3)				4.
5.	Ratio (GA. and Dom. For. Corp.-100%) (Foreign Corp. - Line 4, Sch. 8) ...		5.
6.	Net Worth Taxable by Georgia (Line 4 x Line 5 )				6.
7.	Net Worth Tax (from table in instructions)				7.
	COMPUTATION OF TAX DUE OR OVERPAYMENT	(ROUND TO NEAREST DOLLAR)			SCHEDULE 3
		A. Income Tax		B. Net Worth Tax	C. Total
1.	Total Tax (Schedule 1, Line 8, and Schedule 2, Line 7)				1.
2.	Less Credits and payments of estimated tax				2.
3.	Less Credits from Schedule 9, Line 6*				3.
4.	Withholding Credits (G2-A, G-2LP and/or G-2RP) ....				4.
5.	Balance of tax due (Line 1, less Lines 2, 3, and 4) ..				5.
6.	Amount of overpayment (Lines 2, 3, and 4 less Line1)				6.
7.	Interest due (See Instructions)				7.
8.	Penalty due (See Instructions)				8.
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	(ROUND TO NEAREST DOLLAR)			SCHEDULE 4
1.	State and municipal bond interest (other than Georgia or political subdivision thereof)		.....................	1.
2.	Net income or net profits taxes imposed by taxing jurisdictions other than Georgia			2.
3.	Expense attributable to tax exempt income			3.
4.	Net operating loss deducted on Federal return			4.
5.	Federal deduction for income attributable to domestic production activities (IRC Section 199)			5.
6.	Intangible expenses and related interest cost			6.
7.	Captive REIT expenses and costs			7.
8.	Other Additions (Attach Schedule)			8.
9.	TOTAL - Enter also on LINE 2, SCHEDULE 1			9.
	SUBTRACTIONS FROM FEDERAL TAXABLE INCOME	(ROUND TO NEAREST DOLLAR)			SCHEDULE 5
1.	Interest on obligations of United States (must be reduced by direct and indirect interest expense) .			1.
1.				2.
2.	Exception to intangible expenses and related interest cost (Attach IT-Addback)			2.
2.
3.	Exception to captive REIT expenses and costs (Attach IT-REIT)			3.
3.
4.	Other Subtractions (Must Attach Schedule)			4.
4.	Other Subtractions (Must Attach Schedule)
5.	TOTAL - Enter also on LINE 4, SCHEDULE 1			5.
5.	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		1.
1. Gross receipts from business
2.	Georgia Ratio (Divide Column A by Column B)	2.
	COMPUTATION OF GEORGIA NET INCOME	(ROUND TO NEAREST DOLLAR)			SCHEDULE 7
1.	Net business income (Schedule 1, Line 5)			1.
2.	Income allocated everywhere (Must Attach Schedule)			2.
3.	Business income subject to apportionment (Line 1 less Line 2)			3.
4.	Georgia Ratio (Schedule 6, Column C)	4.
5.	Net business income apportioned to Georgia (Line 3 x Line 4)			5.
6.	Net income allocated to Georgia (Attach Schedule)			6.
7.	Total of Lines 5 and 6			7.
8.	Less: net operating loss apportioned to GA. (from Schedule 11)			8.
9.	Georgia taxable income (Enter also on Schedule 1, Line 7 )	...............................................................		9.
	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)
1.
2.
3.
4.

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
			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

Georgia Form 600/2010 (Corporation) Name_______________________________________FEIN____________________

CLAIMED TAX CREDITS

(ROUND TO NEAREST DOLLAR)

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

1.					1.
2.					2.
3.					3.
4.					4.
5.	Enter the total from attached schedule(s)				5.
6.	...............................Enter the total of Lines 1 through 5 here and on Schedule 3, Line 3, Page 1				6.

	ASSIGNED TAX CREDITS		(ROUND TO NEAREST DOLLAR)			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).

	Credit Type Code	Corporation Name	FEIN		Amount of Credit
1.				1.
2.				2.
3.				3.
4.				4.

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 __________________

Georgia Form 600/2010 (Corporation) Name_______________________________________FEIN____________________


GA NOL Carry Forward Worksheet	(ROUND TO NEAREST DOLLAR)		SCHEDULE 11

For calendar year or fiscal year beginning		and ending

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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

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A		B	C		D		E		F
Loss Year	Loss Amount		Income Year		NOL Utilized		Balance	Remaining NOL
1994	$	225,351	1996	$	49,052	$	176,299
1994			1997	$	39,252	$	137,047
1994			1998	$	26,880	$	110,167
1994			2000	$	59,504	$	50,663	$	50,663
1999	$	86,280						$	86,280
2001	$	116,287						$	116,287
2002	$	18,765						$	18,765
2003	$	52,711						$	52,711
2004	$	35,972						$	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

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.

Page 9

Key takeaways

The Georgia Form 600 is essential for corporations operating in Georgia to report their income and net worth taxes. Make sure to complete it accurately to avoid penalties.
Attach a copy of your federal tax return and any supporting schedules. Without these documents, your return may be considered incomplete.
Be aware of the different schedules included in Form 600. Each schedule serves a specific purpose, such as calculating taxable income or net worth.
When calculating Georgia taxable income, remember to include additions and subtractions to federal income as specified in Schedules 4 and 5.
Net worth tax is calculated based on your total capital stock, paid-in surplus, and retained earnings. Ensure these figures are accurate to determine your tax liability correctly.
Keep in mind that any tax credits claimed must be listed on Schedule 9. If you have more than four credits, you will need to attach a separate schedule.
Filing an extension is possible, but you must attach a copy of your federal extension request. This ensures you have additional time to submit your return without incurring penalties.

Document Characteristics

Fact Name	Description
Form Purpose	The Georgia Form 600 is used for filing corporate income and net worth taxes.
Governing Law	This form is governed by Georgia Public Revenue Code Section 48-7-20 and Section 48-2-31.
Tax Types	Corporations must report both income tax and net worth tax on this form.
Filing Frequency	The form is typically filed annually by corporations operating in Georgia.
Required Attachments	Corporations must attach a copy of their federal tax return and supporting schedules.
Due Date	The return is due on the 15th day of the fourth month after the end of the corporation's fiscal year.
Extension Policy	Extensions are allowed if a federal extension request is attached to the return.
Tax Credits	Corporations can claim various tax credits, which must be reported on Schedule 9 of the form.
Net Operating Loss	Corporations can report net operating losses using Schedule 11 to carry forward losses.
Contact Information	Corporations must provide contact details, including a phone number and business address.