When it comes to filing an extension for your business income tax returns, many business owners think that this process ends with IRS. However, depending on the state where your business is located, there may be separate requirements to complete.
While there are a few states that require businesses to file a separate form with their agency to file an extension for state business tax returns, there are several states that will acknowledge a Form 7004 that was filed with and accepted by the IRS for the current tax year.
Georgia is one of these states. The state of Georgia will provide an extension for state business tax returns if the business has an approved federal extension Form 7004.
Businesses that don’t have an approved federal extension will need to file a separate tax extension Form IT-303 with the State of Georgia.
Georgia Filing Requirements – Partnerships
Partnerships are required to file Form 700 within 3 months and 15 days following the end of its tax year. For partnerships that operate on a calendar year schedule, this deadline is March 15, 2023.
Partnerships in the State of Georgia can request additional time to file their state business tax return. These businesses can use their approved federal Form 7004 as long as it is for the current tax year. If they don’t have an approved federal extension, they can file Form IT-303 with their state to get an automatic 6-month extension.
Just like Form 7004, this extension form must be filed on or before the original deadline to file Form Form 700. It is also important that businesses pay their balance due, if any, by their original deadline.
Georgia Filing Requirements – Corporations
C-corporations in the State of Georgia must file Form 600 in addition to filing Form 1120 with the IRS each year.
The deadline for corporations to file Form 600 is four months and 15 days following the end of their tax year. For corporations operating on a calendar year, this deadline is April 18, 2023.
Corporations that are operating in the State of Georgia can use the approved Form 7004 federal extension to extend their state business tax deadline, however, if they have not been granted a federal extension, they must file Form Form IT-303.
Form IT-303 must be filed on or before the corporation’s original Form 600 filing deadline to get an automatic 6-month extension.
Georgia Filing Requirements- S-Corporations
C-corporations in the state of Georgia must file Form 600S with the state in addition to filing Form 1120-S with the IRS each year.
If an S-corporation needs to file an extension of time for their business income tax return, they must file a Form 7004 with the IRS. Georgia will accept and approve a federal extension, however, if the business does not have this, they must file a state tax extension Form IT-303.
The deadline for filing Form 600S is within three months and fifteen days following the end of the S-Corporation’s tax year. For those operating on a calendar year schedule, this is March 15, 2023.
For the S-corporation to obtain an extension of up to 6 months for filing their 600S with the state, they must complete Form IT-300 by the original filing deadline to get an automatic 6-month extension.
Georgia Filing Requirements – Fiduciaries
Fiduciaries operating in Georgia are required to file Form 501 with the state by the 15th day of the fourth month following the close of their tax year. For those operating on a calendar year, this is April 18, 2023.
Fiduciaries that need an extension of this deadline can file Form IT-303 on or before their original deadline for up to an additional 5 ½ months to file.
Filing State Business Tax Extensions with ExpressExtension
ExpressExtension offers an easy option for filling out the Georgia state business tax extension Form IT-300.
With ExpressExtension, you can file both federal and state extension forms. To complete Form IT-300, simply sign in to your ExpressExtension account and select state filing. You can then fill out your form and proceed to download and print it. Then you can mail it using the address that ExpressExtension provides.
Ready to request an extension of time to file? Create your free ExpressExtension account now.