Tax Alert: For Those Preparing Form 600S or Form 700

After meeting with staff at the Georgia Department of Revenue yesterday, The Georgia Society of CPAs now understands that there are a number of issues with the PTE election and correctly filling Forms 600S and 700.  For the election to be made correctly, these forms need to be completed correctly. 

This issue relates to the Georgia Department of Revenue’s processing of the returns mentioned above that complete Schedule 9 on Form 600S OR Schedule 7 on Form 700. 

Correct Filing 
In order to complete the form correctly: 

DO NOT PUT A “ZERO” OR A “1.0” IN COLUMN C

YOU MUST COMPLETE COLUMNS A and B

If, you do not complete column A and B, the DOR automatically changes any entry in column C to a ZERO. Please check with your software provider to determine how they prepare your returns.  

As you are aware, this is a brand-new process, and GSCPA is sharing it with you as breaking news. GSCPA is closely monitoring any changes and recommendations and will pass those along as soon as we hear them from the Department of Revenue.  

Incorrect Filing  
Please note that if you have already filed these returns incorrectly, GSCPA is actively seeking answers from the Georgia Department of Revenue on how to proceed around incorrectly filed returns and will communicate what the process will be as soon as possible.

Closing
GSCPA will continue to monitor this issue and promises to report back with any added updates. GSCPA continues to work for you and actively participates in the legislative process. If there are any questions on the above information, contact Don Cook, vice president, legislative affairs, at 404-504-2935 or dcook@gscpa.org.