Georgia Corporation Extensions - O.C.G.A. § 48-7-57 provides that a taxpayer need not apply for a Georgia extension if he applies for and receives an automatic six (6) month extension to file his Federal income tax return.
The taxpayer must attach a copy of the extension granted by
the Internal Revenue Service to his Georgia return. If the return
is received within the time extended by the Internal Revenue
Service and Form 7004 is attached to the return, no late filing
penalties will be incurred.
Georgia Corporation Extensions - Failure
Failure to attach a copy of the Federal extension will result in
the assessment of late filing penalties! If you do not need a
Federal extension, use Form IT 303 to request a Georgia
extionsion if necessary.
If an extension was granted but the tax was not paid by the
statutory due date, late payment penalties of up to 25% of the
tax due will be assessed until the tax is paid (income tax at 1/
2 of 1% per month; net worth tax at 10%). Also, interest will be
assessed at the rate of 12% per annum from the statutory due
date until the tax is paid in full. Late payment penalties and
interest accrue from the statutory due date regardless of an
extension. Georgia law prohibits granting an extension for more
than six months from the due date of the return.
A taxpayer having a Federal extension must also prepay the
Georgia tax, accompanying such remittance with Form IT 560C.
Credit for the prepayment should be claimed on Form 600S,
Schedule 4, Line 2. An extension of time does not alter the
interest or penalty charge for late payment of tax.
NOTE: Check the “Extension” box on Form 600S if a Federal
or Georgia extension was granted. Failure to check the
extension box will result in assessment of a late filing penalty.