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Fill a Valid Georgia 700 Template

The Georgia Form 700 is a tax return specifically designed for partnerships operating in Georgia. This form is essential for reporting income, deductions, and credits related to partnership activities within the state. Completing the Georgia Form 700 accurately ensures compliance with state tax regulations and helps partnerships fulfill their tax obligations efficiently.

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Common mistakes

Incorrect Identification Numbers: Failing to provide accurate Federal Employer Identification Numbers (FEIN) or Georgia Withholding Tax Numbers can lead to significant delays or rejections of the form. It's crucial to double-check these numbers for accuracy.
Missing Signatures: The form must be signed by a partner. Omitting this signature can render the return invalid. Additionally, if a preparer other than a partner is involved, their signature is also necessary.
Inaccurate Income Reporting: Reporting total income inaccurately can affect the entire calculation. It's essential to ensure that all income is reported correctly, including business income and any allocated income.
Neglecting to Attach Required Schedules: The Georgia 700 form requires various supporting schedules to substantiate the information provided. Failing to attach these can lead to the form being deemed incomplete.
Incorrect Apportionment Calculations: Miscalculating the Georgia ratio or the net business income apportioned to Georgia can result in incorrect tax liabilities. Careful attention to these calculations is necessary.
Ignoring Changes from Previous Year: If there are any changes in the business name or address from the previous year, these must be updated on the form. Failing to do so can cause confusion and complications.
Omitting Email Authorization: Not providing an email address for electronic notifications can limit communication from the Georgia Department of Revenue regarding the account. Including this information is beneficial for staying updated.

Essential Points on This Form

What is the Georgia Form 700?

The Georgia Form 700 is a Partnership Tax Return used by partnerships operating in Georgia to report their income, deductions, and tax credits. It is essential for ensuring compliance with state tax laws and must be filed annually by partnerships doing business in Georgia.

Who needs to file the Georgia Form 700?

Any partnership that conducts business in Georgia and has income to report must file the Georgia Form 700. This includes partnerships with nonresident partners. If your partnership has no income or activity, you may still need to file, depending on your specific circumstances.

What information is required on the form?

The form requires basic information such as the partnership's name, federal employer identification number (FEIN), and Georgia withholding tax numbers. You will also need to provide details about your business activities, the number of partners, and income allocation. Additionally, you must attach a copy of your federal return and supporting schedules.

What are the filing deadlines for the Georgia Form 700?

The Georgia Form 700 is generally due on the 15th day of the third month following the end of the partnership's tax year. For partnerships operating on a calendar year basis, this means the form is due by March 15. Extensions may be available, but you must file for an extension before the original due date.

Can the Georgia Form 700 be amended?

Yes, the Georgia Form 700 can be amended. If you discover an error after submitting your original return, you can file an amended return to correct the mistakes. Clearly indicate that the return is amended and provide the necessary corrections.

What are Georgia tax credits, and how are they reported on the form?

Georgia tax credits are incentives provided by the state to encourage certain business activities. They can reduce your tax liability. On the Georgia Form 700, you must list any credits claimed in Schedule 2. Make sure to attach any required documentation for each credit claimed.

What happens if the Georgia Form 700 is not filed?

If the Georgia Form 700 is not filed, the partnership may face penalties and interest on any taxes owed. The Georgia Department of Revenue may also take enforcement actions, which could include audits or assessments. It is crucial to file on time to avoid these consequences.

Is electronic filing available for the Georgia Form 700?

Yes, electronic filing is available for the Georgia Form 700. Partnerships can submit their returns online through the Georgia Department of Revenue's e-filing system. Electronic filing can streamline the process and may reduce the chances of errors.

Where should the completed Georgia Form 700 be mailed?

The completed Georgia Form 700 should be mailed to the Georgia Department of Revenue, Processing Center, PO Box 740315, Atlanta, Georgia 30374-0315. Ensure that you send it to the correct address to avoid delays in processing your return.

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Georgia 700 Sample

Georgia Form 700 (Rev. 10/14)

Partnership Tax Return

2014 Income Tax Return

BeginningEnding

Original Return

Amended Return

Final Return

Name Change

Address Change

Page 1

Composite Return Filed

A. Federal Employer Id. No.

Name

Location of Books for Audit (City) & (State)

B. GA. Withholding Tax Numbers

Number and Street

Country

Telephone Number

Payroll WH Number

Nonresident WH Number

C. GA. Sales Tax Reg. No.

City or Town

State

Zip Code

D. Name (if different from last year’s return)

Number and Street (if different from last year’s return)

City

State

Zip Code

If no return was filed last year, state the reason why

E. NAICS Code

F. Kind of Business

G. Date began doing

H. Basis of this return

business in GA

( ) CASH ( ) ACCRUAL ( ) OTHER

I. Indicate latest taxable year

J. Number of Partners

K. Do you have Nonresident

L. Number of Nonresident

M. Amount of Nonresident

adjusted by the IRS

Partners?

Partners

Withholding paid for tax year

( ) Yes or ( ) No

COMPUTATION OF GEORGIA NET INCOME

(ROUND TO NEAREST DOLLAR)

SCHEDULE 1

Total Income for Georgia purposes (Line 12, Schedule 7)

Income allocated everywhere (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 Georgia net income (Add Line 5 and Line 6)

Copy of the Federal Return and supporting Schedules must beattached. Otherwise this return shall be deemed incomplete.

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, this declaration is based on all information of which the preparer has any knowledge.

MAIL TO: Georgia Department of Revenue, Processing Center, PO Box 740315, Atlanta, Georgia 30374-0315

Signature of Partner (Must be signed by partner)

Signature of Preparer other than partner or member

I authorize the Georgia Department of Revenue to electronically notify me at the below e-mail address regarding any updates to my account(s).

Email Address	Preparer’s Firm Name

Date	Preparer’s SSN or PTIN	Date

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Georgia Form 700/2014

Page 2

(Partnership) Name		FEIN
(Partnership) Name		FEIN
GEORGIA TAX CREDITS	(ROUND TO NEAREST DOLLAR)		SCHEDULE 2

These are for information purposes only and do not affect Schedules 1 or 3-7. See Pages 9 through 14 of the instructions for a list of available credits and their applicable codes. You must list the appropriate credit type code in the area provided. If you claim more than ten credits, enclose a schedule. Enter the schedule total on Line 11. List the percentage of credit claimed in the percent (%) column.

Credit Type Code		Company Name	FEIN	%		Amount of Credit

1.					1.

2.					2.

3.					3.

4.					4.

5.					5.

6.					6.

7.					7.

8.					8.

9.					9.

10.					10.

11.	Enter the total from attached schedule(s)				11.
12. TOTALALLOWABLE GEORGIATAXCREDITS FOR THEYEAR			.........................................		12.

Attach the appropriate form or a detailed schedule for each credit claimed (See pages 9-14 of the instructions for additional information)

	INCOME TO PARTNERS				(ROUND TO NEAREST DOLLAR)		SCHEDULE 3
		(1.) Name		(3.) City, State and Zip
		(2.) Street and Number		(4.) I.D. Number	Profit Sharing %		Georgia Source Income

			1.		5.		6.
	A		2.
	A		3.
			3.
			4.
			1.		5.		6.
	B		2.
	B		3.
			3.
			4.
			1.		5.		6.
	C		2.
	C		3.
			3.
			4.
			1.		5.		6.
	D		2.
	D		3.
			3.
			4.
			1.		5.		6.
	E		2.
	E		3.
			3.
			4.
	TOTAL

	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.	Expenses attributable to tax exempt income					3.
	Schedule 4 continued on Page 3

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Georgia Form 700/2014

Page 3

(Partnership) Name				FEIN
(Partnership) Name				FEIN

	ADDITIONS TO FEDERAL TAXABLE INCOME		(ROUND TO NEAREST DOLLAR)			SCHEDULE 4 (continued)

4.		Federal deduction for income attributable to domestic production activities (IRC section 199)			4.

5.		Intangible expenses and related interest costs			5.

6.		Captive REIT expenses and costs			6.

7.		Other additions (Attach schedule)			7.

8.			..........................................................		8.
9. Total (Add Lines 1 through 8) Enter here and on Line 9, Schedule 7					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 expenses)

2. Exception to intangible expenses and related interest cost (Attach IT-Addback)........

3. Exception to captive REIT expenses and costs (Attach IT-REIT)....................................

4. Other subtractions (Attach Schedule) ..............................................................................

7. Total (Add Lines 1 through 6) enter here and on Line 11, Schedule 7..........................

APPORTIONMENT OF INCOME	(ROUND TO NEAREST DOLLAR)	SCHEDULE 6
	A. WITHIN GEORGIA B. EVERYWHERE	C. DO NOT ROUND COL (A)/ COL (B)
		COMPUTE TO SIX DECIMALS
1. Gross receipts from business
2. Georgia Ratio (Divide Column A by Column B)


	COMPUTATION OF TOTAL INCOME FOR GEORGIA PURPOSES (ROUND TO NEAREST DOLLAR)			SCHEDULE 7
1.	Ordinary income (loss)			1.
2.	Net income (loss) from rental real estate activities		.......................................	2.
3.	a. Gross income from other rental activities		3a.
	b. Less expenses (attach schedule)		3b.
	c. Net income (loss) from other rental activities (Line 3a less Line 3b)			3c.
4.	Portfolio income (loss):	a. Interest Income		4a.
		b. Dividend Income		4b.
		c. Royalty Income		4c.
		d. Net short-term capital gain (loss)		4d.
		e. Net long-term capital gain (loss)		4e.
		f. Other portfolio income (loss)		4f.
5.	Guaranteed payments to partners			5.
6.	Net gain (loss) under Section 1231			6.
7.	Other Income (loss)			7.
8.	Total Federal income (add Lines 1 through 7)			8.
9.	Additions to Federal income (Schedule 4, Line 9)			9.
10.	Total (add Lines 8 and 9)	............................................................................................		10.
11.	Subtractions from Federal income (Schedule 5, Line 7)			11.
12.	Total income for Georgia purposes (Line 10 less Line 11)			12.

Other Required Federal Information

1.Salaries and wages (Form 1065) ...............................................................................

2.Taxes and licenses (Form 1065) ................................................................................

3.Section 179 deduction (Form 1065) ...........................................................................

4.Contributions (Form 1065) .......................................................................................

5.Investment interest expense (Form 1065) .................................................................

6.Section 59(e)(2) expenditures (Form 1065) ...............................................................

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Key takeaways

Filling out the Georgia Form 700 is a crucial step for partnerships operating in the state. Here are ten key takeaways to keep in mind:

Understand the Purpose: The Georgia Form 700 is used to report partnership income and calculate the state tax owed.
Identify Your Status: Clearly indicate whether you are filing an original return, an amended return, or a final return.
Provide Accurate Information: Ensure that all fields are filled out accurately, including your Federal Employer Identification Number (FEIN) and Georgia withholding tax numbers.
Determine Your Basis: Choose the appropriate basis for your return: cash, accrual, or other.
Report Nonresident Partners: If applicable, indicate the number of nonresident partners and the amount of withholding paid for them.
Attach Required Documents: A copy of the federal return and supporting schedules must accompany the Georgia Form 700.
Calculate Georgia Net Income: Follow the computation steps carefully, ensuring all income is rounded to the nearest dollar.
Document Tax Credits: List any Georgia tax credits you are claiming, and attach the necessary schedules for each credit.
Sign and Date: The return must be signed by a partner, and if prepared by someone else, their information must also be included.
Mail Correctly: Send the completed form to the Georgia Department of Revenue at the specified address to avoid processing delays.

Document Characteristics

Fact Name	Details
Form Purpose	The Georgia Form 700 is used for filing the Partnership Tax Return.
Revision Date	This form was last revised in October 2014.
Governing Law	The form is governed by the Georgia Income Tax Act.
Filing Requirements	Partnerships must file this form if they conduct business in Georgia.
Income Reporting	Partnerships must report total income for Georgia purposes on this form.
Signature Requirement	The form must be signed by a partner or a preparer other than a partner.
Submission Address	Mail the completed form to the Georgia Department of Revenue, Processing Center, PO Box 740315, Atlanta, Georgia 30374-0315.