Form It-6211s - S Corporation Income Tax Forms And General Instructions

GENERAL INFORMATION:

INCOME TAX

(continued)

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

AMENDED RETURNS

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

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

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

amend a return, check the amended return block on Form

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

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

tangible personal property situated in the State, or intangible

adjustments must be attached. The amended return should

property having an actual situs or a business situs within the

be mailed to Georgia Department of Revenue, Processing

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

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

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

CLAIMS FOR REFUNDS

allocated and deducted, the remainder of the net business

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

income shall be apportioned by application of the following:

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

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

date of the income tax return (including extensions which have

ONE FACTOR FORMULA

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

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

respect to the 2007 tax year on or before September 15, 2008

ratio of gross receipts from business done within this State

(extended due date for the 2007 tax year), the taxpayer must

to total gross receipts from business done everywhere.

file any claim for refund by September 15, 2011.

The purpose of the gross receipts factor is to measure the

marketplace for the taxpayer’s goods and services. When

LATE PAYMENT PENALTY

receipts are derived from the sale of tangible personal property,

A taxpayer having a Federal extension must prepay the Georgia

receipts shall be deemed to have been derived from business

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

done in this State if they were received from products shipped

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

or delivered to customers within this State.

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

When receipts are derived from business other than the sale

of 1/2 of 1% per month will accrue until the tax is paid. This

of tangible personal property, receipts shall be deemed to have

penalty will accrue from the statutory due date regardless of

been derived from business done in this State if they were

any extension for filing the return. Late payment penalty is not

received from customers within this State, or if they are

due if the return is being amended due to an IRS audit.

otherwise attributable to this State’s marketplace.

PENALTIES AND INTEREST

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

The Georgia Code imposes certain penalties as follows:

Georgia apportionent ratio shall be computed by applying only

the 100% gross receipts factor. See Georgia Comp.Rules

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

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

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

25%.

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

company whose net income is derived from the manufacture,

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

production, or sale of tangible personal property and from

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

business other than the manufacture, production, or sale of

Assessment of other penalties are as follows:

tangible personal property must include gross receipts from

Negligent underpayment of tax–5% thereof.

both activities in its receipts factor.

Fraudulent underpayment–50% thereof.

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

company whose net income is derived from business other

Underpayment of estimated tax- see Form 611 for more

than the manufacture, production, or sale of tangible personal

information.

property only includes in its receipts factor gross receipts from

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

activities which constitute the company’s regular trade or

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

business.

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

(b) Apportionment of Income: Business Joint Ventures and

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

Business Partnerships. A Corporation that is involved in a

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

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

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

must include its pro rata share of the joint venture or partnership

or penalty charged for late payment of tax.

gross receipts values in its own apportionment formula.

Page 5

Form It-6211s - S Corporation Income Tax Forms And General Instructions - 2011 Page 6

Related Articles

Related forms

Related Categories