2015 Corporation Income Tax General Instructions - Georgia Department Of Revenue Page 11
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24GENERAL INFORMATION: NET WORTH TAX (continued)
FEDERAL SCHEDULE L REQUIREMENT
For net worth tax purposes, a domestic corporation is a
Schedule L must be completed on the Georgia copy of the
corporation or association created or organized under the
statutory laws of Georgia. A domesticated foreign corporation
Federal return even if it is not required for Federal purposes.
is a foreign corporation which has agreed under the provisions
of Georgia law to be treated as a domestic corporation and
TREATMENT OF SHORT PERIOD
to be taxed based upon total net worth.
NET WORTH TAX RETURN
A dormant corporation must file a net worth tax return and pay
All corporations filing a short period income and/or net worth
Georgia tax return for any reason other than filing an initial
the tax to retain its charter. A foreign corporation admitted into
Georgia must file a net worth tax return until it has withdrawn
or final return shall compute the net worth in accordance with
from Georgia. A corporation with a deficit net worth pays
the following instructions:
the minimum tax of $10.00. A corporation which has been
The net worth tax shall be computed based upon the net worth
liquidated and is filing its final income tax return is not required
per the ending balance sheet of the short period return. The
to file a net worth tax return, nor is it entitled to a refund of
tax is then prorated based on the number of months included
previously paid net worth tax.
in the short period return.
When two or more corporations file a consolidated return
Note: Any short periods ending on the 1st through the 15th day
for income tax purposes, a separate net worth tax return
of the month are backed up to the last day of the preceding
must be filed by each subsidiary. Visit our website at http://
month. Periods ending on the 16th day or later are moved
dor.georgia.gov for more information, including instructions
forward to the last day of that month.
concerning proper return preparation and mailing.
EXAMPLE: Corporation A files a three-month short period
return ending March 31, 2009. The Georgia taxable net
NET TAX DUE OR OVERPAYMENT
worth per the March 31, 2009, balance sheet is $90,000. The
Schedule 3 provides for the computation of net tax due or the
Georgia net worth tax is computed as follows: Tax per scale
net overpayment of the two taxes. Compute any penalty and
$100.00 x 3/12 = $25.00 net worth tax due.
interest due for the respective taxes and enter the amounts
on the applicable lines.
DIRECT DEPOSIT OPTION
Reasons your direct deposit may be rejected – If any of the
DIRECT DEPOSIT- Fast Refunds! Choose Direct Deposit.
following apply, your direct deposit request will be rejected
A fast, simple, safe, secure way to have your refund deposited
and a check will be sent:
automatically to your checking or savings account. Check the
•
appropriate box for the type of account. Do not check more
Any numbers or letters are crossed out or whited out.
•
than one box. You must check the correct box to ensure your
Your financial institution will not allow a joint refund to be
direct deposit is accepted.
deposited to an individual account. The State of Georgia is
not responsible if a financial institution rejects a direct deposit.
The routing number must be nine digits. The first two digits
•
You request a deposit of your refund to an account that is
must be 01 through 12 or 21 through 32. Ask your financial
not in your name (such as your tax preparer’s own account).
institution for the correct routing number to enter if:
•
The routing number on a deposit slip is different from the
routing number on your checks.
•
The deposit is to a savings account that does not allow you
to write checks or
•
Your checks state they are payable through a financial insti-
tution different from the one at which you have your checking
account. The account number can be up to 17 characters
(both numbers and letters). Include hyphens, but omit spaces
and special symbols. Enter the number from left to right and
leave any unused boxes blank.
Page 9
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