Georgia Corporation Extensions

Georgia Corporation Extensions

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.


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