Navigating the tax responsibilities for nonresident shareholders of S corporations in Georgia requires a detailed understanding of the Form 600S-CA. This vital document serves as a consent agreement under which nonresident shareholders agree to comply with state tax obligations, ensuring that their corporation's S status remains intact. Essentially, it is a bridge between these shareholders and the Georgia Department of Revenue, outlining a commitment to report and pay taxes on income derived from the state. The necessity of this form arises from specific sections of the Georgia Income Tax Act, highlighting the importance of adherence to these regulations for the smooth operation of S corporations with nonresident shareholders. Beginning with the tax year 2008, the process saw simplification; now, a single filing of this form is required in the year a Subchapter S corporation becomes obliged to file a Georgia income tax return. However, for corporations established before this date, or whenever a new nonresident shareholder joins, adherence to this requirement remains a critical step. The failure of even one nonresident shareholder to complete this agreement triggers a significant shift: the corporation must revert to filing Form 600, designed for traditional corporations, instead of Form 600S. This underscores the form’s crucial role in maintaining the advantageous tax status bestowed upon S corporations and the responsibilities of nonresident shareholders within the Georgia tax framework.
| Question | Answer |
|---|---|
| Form Name | Form 600S Ca |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | georgia form 600s, E-MAIL, Subchapter, GEORGIA |
STATE OF GEORGIA
FORM
CALENDAR YEAR ________
or other taxable year Beginning ________________
Ending _________________
CONSENTAGREEMENT OF NONRESIDENT SHAREHOLDERS OF S CORPORATIONS
Under Sections
Georgia’s recognition of your S Corporation election, attach a properly completed Form
For Tax year’s beginning on or after January 1, 2008, nonresident shareholders of 'S'corporations will only need to file a single consent agreement in the year in which the Subchapter ‘S’ corporation is first required to file a Georgia income tax return. For a Subchapter ‘S’ corporation in existence prior to January 1, 2008, the consent agreement must be filed for each share- holder in the first Georgia tax return filed for a year beginning on or after January 1, 2008.Aconsent agreement will also need to be filed in any subsequent year for any additional nonresident who first becomes a shareholder of the Subchapter ‘S’corporation in that year.
IFANY ONE OR MORE NONRESIDENT SHAREHOLDERS FAILS OR REFUSES TO FILE THE CONSENT AGREEMENT HEREIN, DO NOT USE FORM 600S. FILE ON FORM 600.
CORPORATE NAME |
|
|
FEIN |
|
|
|
|
BUSINESSADDRESS |
|
|
|
|
|
|
|
CITY |
STATE |
Country |
ZIP CODE |
|
|
|
|
NONRESIDENTSHAREHOLDER
NAME |
|
|
SOCIAL SECURITY NUMBER |
|
|
|
|
ADDRESS |
|
|
|
|
|
|
|
CITY |
STATE |
Country |
ZIP CODE |
|
|
|
|
NUMBER OF SHARES OWNED |
|
|
|
|
|
|
|
|
|
TELEPHONENUMBER |
|
|
|
|
|
As a nonresident shareholder in the
File a Georgia Individual Tax Return, Form 500, and report my pro rata share of income and pay any tax due on the return for each tax year; or
Be included in a composite tax return, Form IT CR, filed by the above corporation for each tax year.
Taxpayer’s Signature ________________________________________ Date _______________________
Create as many copies as needed.
Page 9