Georgia Corporation Application For Tentative Carry Back Adjustment
Extracted from PDF file 2020-georgia-form-it-552.pdf, last modified March 2013
Corporation Application For Tentative Carry Back AdjustmentPrint Clear MAIL TO: GEORGIA DEPARTMENT OF REVENUE PROCESSING CENTER PO BOX 740397 ATLANTA, GEORGIA 30374-0397 IT 552 (Rev. 03/13/19) ATTACH THIS FORM TO FACE OF LOSS YEAR RETURN, WHEN PRACTICABLE CORPORATION APPLICATION FOR TENTATIVE CARRY-BACK ADJUSTMENT UNDER SECTION 48-7-21 OF THE GEORGIA PUBLIC REVENUE CODE FEDERAL EMPLOYER IDENTIFICATION NO. FOR DEPARTMENT USE ONLY NAME NUMBER AND STREET TELEPHONE NO. CITY STATE ZIP CODE DATE RECEIVED TYPE OF LOSS: PORTION FARM LOSS (5) YEAR (see page 2) FARM LOSS (2) YEAR NORMAL (2) YEAR OTHER EXPLAIN IN ATTACHMENT INSURANCE LOSS (2 2) YEAR $ ________________________ $ ________________________ $ _________________________ $ _________________________ $ ________________________ A. Enter the taxable year of Net Operating Loss and/or Net Capital Loss, Year Ended __________________ Net Operating Loss $ Net Capital Loss $ B. Was a GA consolidated return filed for the year specified in item A? [ ]Yes [ ]No (attach Schedule D) C. Explain all changes of corporate title, if any, made during the three years immediately preceding loss year. D. UNPAID TAXES: Show amounts unpaid, including taxes, and additional tax due because of notice from this department, for all taxable years. TAXABLE YEAR AMOUNT ASSESSED AMOUNT PAID UNPAID TAX E. If there has been a change in your accounting period, give the date permission to change was given F. If this is an application of a dissolved corporation, give date of dissolution G. If you have filed an amended return or had an audit please attach a copy. H. Are you a financial institution required to file Form 900 with Georgia? THIRD PRECEDING TAXABLE SECOND PRECEDING TAXABLE YEAR ENDED YEAR ENDED COMPUTATION OF UNPAID INTEREST FIRST PRECEDING TAXABLE YEAR ENDED (b) Liability after (c) Return as filed, or (d) Liability after (e) Return as filed, or (f) Liability after (a) Return as filed or liability as last determined application of carry-back liability as last determined application of carry-back liability as last determined application of carry-back DECREASE IN TAX 1. Taxable income before deducting line 2 2. (a) NOL Deduction and/or (b) Net Cap. Loss Deduction resulting from carry-back See instructions for 80% rule 3. Line 1 less line 2 4. Tax on line 3 5. Less Georgia Credits 6. Balance (line 5 from line 4) 7. Less line 6 (b) (d) (f) 8. Decrease in tax (line 7 from line 6) -ATTACH THIS FORM TO FACE OF LOSS YEAR RETURN, WHEN PRACTICABLE- I, the undersigned, president or other principal officer of the corporation for which this application is made declare under the penalties of perjury that this application (including any accompanying schedules and statements) has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete application, made in good faith, pursuant to the Georgia Public Revenue Code and the regulations issued thereunder. It is understood that this is a tentative carry-back adjustment subject to later detailed audit and does not constitute a claim for credit or refund. President, or Other Principal Officer (Title) (Date) Print Clear IT 552 (Rev. 03/13/19) Page 2 For taxable years ending on or before December 31, 2017 farmers can carryback losses 5 years. COMPUTATION OF DECREASE IN TAX 1. Taxable income before deducting line 2 2. (a) NOL Deduction and/or (b) Net Cap. Loss Deduction resulting from carry-back See instructions for 80% rule 3. Line 1 less line 2 4. Tax on line 3 5. Less Georgia Credits 6. Balance (line 5 from line 4) 7. Less line 6 (h) (j) 8. Decrease in tax (line 7 from line 6) FIFTH PRECEDING TAXABLE YEAR ENDED FOURTH PRECEDING TAXABLE YEAR ENDED (h) Liability after (i) Return as filed, or (j) Liability after (g) Return as filed or liability as last determined application of carry-back liability as last determined application of carry-back Who May File an Application. - An application for a tentative carry-back adjustment may be filed on this form by any corporation which desires a quick refund of t a es afforded by carry-back of a net operating loss or a net capital loss. Place for Filing. - This form must be filed with Georgia Department of Revenue Processing Center P O Box 740397 Atlanta, Georgia 30374-0397 1-877-423-6711 USE OF THIS FORM WILL FACILITATE THE PROCESSING OF YOUR REFUND. FORM ATTACHED TO FACE OF LOSS YEAR RETURN FURTHER REDUCES PROCESSING TIME ON REFUNDS. C . Recomputation of Tax Liability. - To arrive at the decrease in t ax previously determined , recompute such tax after taking the carryinto account. For carry-back deduction, see item D. Generally, a net operating loss (NOL) must be carried back (if applicable) and forward in the procedural sequence of taxable periods provided by Section 172 of the Internal Revenue Code of 1986, as defined in Code Section 48-1-2. For taxable years ending on or before December 31, 2017, generally, the carry-back period is 2 years (with special rules for farmers, etc.) For losses incurred in taxable years ending after December 31, 2017 there is no carry-back (with a 2 year carry-back for farmers) and unlimited carryover. Also, Georgia does not follow the following federal provisions: • Special carry-back rules enacted in 2009. • Special rules relating to Gulf Opportunity Zone public utility casualty losses, I.R.C. Section 1400N(j). • 5 year carry-back of NOLs attributable to Gulf Opportunity Zone losses, I.R.C. Section 1400N(k). • 5 year carry-back of NOLs incurred in the Kansas disaster area after May 3, 2007, I.R.C. Section 1400N(k). • 5 year carry-back of certain disaster losses, I.R.C. Sections 172(b)(1)(J) and 172(j). • The election to deduct public utility property losses attributable to May 4, 2007 Kansas storms and tornadoes in the For losses incurred in taxable years beginning on or after January 1, 2018, the net operating loss cannot offset more than 80% of Georgia taxable net income. Certain insurance companies are not subject to the 80% rule and carry-back losses 2 years and forward 20 years. For tax years beginning before January 1, 2005, Georgia did not adopt the five year carry-back and continued to use the two year carry-back (with special rules for farmers and casualty losses) as provided under the old Federal law. An election made with the Internal Revenue Service to relinquish the entire carryback period and forward only is a binding election with Georgia. The quick refund is limited to the tax decrease which results from the net loss carry-back deductions. Items must be into account only to the extent that they were reported in the return or were reflected in amounts assessed (or collected without assessment) as deficiencies or in amount which were abated, credited, refunded, or otherwise repaid, prior to the date of filing this application. I n general, the tax previously determined will be the tax shown on the return as filed with the possible exceptions D (1). Computation of Net Operating Loss Carry-Back Deduction. - The net operating loss to be carried back is the Georgia taxable income (loss) modified by any adjustments requi red by t he Internal Revenue Code of 1986. If adjustments to the Georgia taxable income (loss) are required by Section 172, a separate schedule of explanation must be attached. Provision for net operating loss carry-back is made in Regulation 560-7-3-.06. The provisions of IRC Sections 108, 381, 382 and 384 generally also apply for Georgia purposes, see Regulation 560-7-3-.06 for exceptions and more information. D (2). Capital Loss Carry-Back Deduction. - A net capital loss carry-back is available under the general rules and regulations of Section 1212 of the Internal Revenue Code of 1986 in the event the carry-back deduction adjusts the Georgia taxable income (carried -back to 100% of net capital gain). E. Allowance of Adjustment. days from the last day of the month i n which a n application for tentative carry-back adjustment is filed, the ComRevenue make limited examination application and disallow without further action any applicatio n containing error s of computation no t correctable within such 90 perio or having material omissions. A decrease of tax determined for a prior year tax will first be credited against any unpaid tax and any remainin balance will be refunded t o taxpayer without interest within the aforesaid 90 day period. This application for tentative carry-back adjustment does not constitute a claim for credit or refund. If the application is disallowed in whole or in part, no suit based there on may be maintained i n court f or the recovery of the tax. The corporation may, however, file a regular claim for refund on an amended Form 600 at any time before the expiration of th e applicable period of limitation. F. Assessment of Erroneous Allowance. - I f t he Commissioner should determine that the amount credited refunded by an application is in excess of the amount properly attributable to the carry-back with respect to which wa s credited o r refunded, the Commissioner assess the amount of the excess as a deficiency as if it were due to a mathematical error appearing on the face of the return.
More about the Georgia Form IT-552 Corporate Income Tax TY 2020
We last updated the Corporation Application For Tentative Carry Back Adjustment in April 2021, so this is the latest version of Form IT-552, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IT-552 directly from TaxFormFinder. You can print other Georgia tax forms here.
Other Georgia Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 600S||Corporate Tax Return|
|Form 600||Corporate Tax Return|
|Form 501||Fiduciary Income Tax Return|
|Form IT-560C||Corporate Extension Payment Voucher|
|Form 700||Partnership Tax Return|
Georgia usually releases forms for the current tax year between January and April. We last updated Georgia Form IT-552 from the Department of Revenue in April 2021.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Georgia Form IT-552
We have a total of ten past-year versions of Form IT-552 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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