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GENERAL INFORMATION:

INCOME TAX

(continued)

AMENDED RETURNS

(2) Gain from the sale of tangible or intangible property not

Georgia has no separate form for filing an amended return. To

held, owned, or used in connection with the trade or business

amend a return, check the amended return block on Form

of the corporation nor for sale in the regular course of business,

600S. A copy of the Federal Form 1120S or federal audit

shall be allocated to the State if the property held is real or

adjustments must be attached. The amended return should

tangible personal property situated in the State, or intangible

be mailed to Georgia Department of Revenue, Processing

property having an actual situs or a business situs within the

Center, P. O. Box 740391, Atlanta, Georgia 30374-0391.

State. Otherwise, such gain shall be allocated without the State.

CLAIMS FOR REFUNDS

(3) Net income of the above classes have been separately

For tax years beginning on or after January 1, 2003, a

allocated and deducted, the remainder of the net business

claim for refund of tax paid must be made within three years

income shall be apportioned by application of the following:

from the later date of either: payment of the tax, or the due

date of the income tax return (including extensions which have

been granted). For example, if payments were made with

ONE FACTOR FORMULA

(a) Gross Receipts Factor. The gross receipts factor is the

respect to the 2011 tax year on or before September 17, 2012

ratio of gross receipts from business done within this State

(extended due date for the 2011 tax year), the taxpayer must

file any claim for refund by September 15, 2015.

to total gross receipts from business done everywhere.

When receipts are derived from the sale of tangible personal

LATE PAYMENT PENALTY

property, receipts shall be deemed to have been derived from

A taxpayer having a Federal extension must prepay the Georgia

business done in this State if they were received from products

tax due using Form IT 560C. Credit for this prepayment should

shipped or delivered to customers within this State.

be claimed on Form 600S, Schedule 4, Line 2. If tax is not paid

When receipts are derived from business other than the sale

by the statutory due date of the return, a late payment penalty

of tangible personal property, receipts shall be deemed to have

of 1/2 of 1% per month (up to 25%) will accrue until the tax is

been derived from business done in this State if they were

paid. This penalty will accrue from the statutory due date

received from customers within this State, or if they are

regardless of any extension for filing the return. Late payment

otherwise attributable to this State’s marketplace.

penalty is not due if the return is being amended due to an IRS

audit; check the “Amended due to IRS Audit” box on page 1 of

For tax years beginning on or after January 1, 2008, the



Form 600S.

Georgia apportionment ratio shall be computed by applying

only the 100% gross receipts factor.

See Georgia

PENALTIES AND INTEREST

Comp.Rules and Regulations 560-7-7-.03 for specific details.

The Georgia Code imposes certain penalties as follows:

For tax years beginning on or after January 1, 2006, a



company whose net income is derived from the manufacture,

Delinquent filing of a return–5% of the tax not paid by the



production, or sale of tangible personal property and from

original due date for each month or fractional part thereof up to

business other than the manufacture, production, or sale of

25%.

tangible personal property must include gross receipts from

Failure to pay tax shown on a return by the due date–1/2 of 1%



both activities in its receipts factor.

of the tax due for each month or fractional part thereof up to 25%.

For tax years beginning on or after January 1, 2006, a



Assessment of other penalties are as follows:



company whose net income is derived from business other

Negligent underpayment of tax–5% thereof.

than the manufacture, production, or sale of tangible personal



property only includes in its receipts factor gross receipts from

Fraudulent underpayment–50% thereof.



activities which constitute the company’s regular trade or

Underpayment of estimated tax- see Form 611 for more



business.

information.

(b) Apportionment of Income: Business Joint Ventures and

Note: The combined total of the penalty for delinquent filing of

Business Partnerships. A Corporation or partnership that

a return and failure to pay tax shown on a return cannot exceed

is involved in a business joint venture, or is a partner in a

25% of the tax not paid by the original due date.

business partnership, must include its pro rata share of the joint

Interest accrues at the rate of 12% per year on all unpaid tax

venture or partnership gross receipts values in its own

from the original due date until the date the liability is paid in

apportionment formula.

full. An extension of time for filing does not affect any interest

or penalty charged for late payment of tax.

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Form It 611s Instructions - S Corporation Income Tax - Georgia Department Of Revenue - 2014 Page 8

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