Important Tax Updates

Important Dates

The deadline to file 2024 individual income tax returns, without an extension, is May 1, 2025. 

Individuals

  • Most refunds are issued within 3 weeks from the date a return is received by the Department. However, it may take up to 12 weeks to process
  • First-time filers and those who have not filed in five or more years will receive a paper refund check

Businesses

  • W-2 and 1099-MISC with non-employee compensation (NEC) income statements are due on or before January 31st of the following year.
  • All other 1099 income statements are due on or before February 28th of the following calendar year.

What's New

Form 500 Updates: 

  • Revised Dependent Section - The dependent section of Form 500 has been updated to include the unborn dependent exemption on Line 7b.
  • Depreciation Adjustment - Form 500 Schedule 1, Lines 3 and 11 have been updated to show the difference in depreciation adjustments between Georgia and Federal law.

Net Operating Loss Update: New schedules created on Form 500 and Form 501 for generating and claiming a Net Operating Loss (NOL).

  • Form 500 NOL/New Schedule 4 - Beginning in tax year 2023, the Net Operating loss is included in the Form 500/500X as Schedule 4. The standalone form 500-NOL should only be used for years prior to 2023.

  • Form 501 NOL/New Schedule 7 - Beginning in tax year 2023, the Net Operating loss is included in the Form 501/501X as Schedule 7. The standalone form 501-NOL should only be used for years prior to 2023.

  • Current Year NOL Type - Added a checkbox on Form 600, Form 600S, and Form 700 to designate the type of loss: Normal NOL, Farm Loss, or Insurance Loss (You may only select one type of loss)

Passive Loss/Capital Deduction Update: A new line was added to Schedule 1, Computation of Georgia Taxable Income for this type of deduction. The deduction cannot exceed Passive Gains/Capital Gains included in Schedule 1 Line 5 of Form 600. A schedule must be attached when this line is used. The schedule must include the Loss Year, Passive/Capital Loss from Federal Return, Passive/Capital Loss Apportioned to Georgia, Amount Utilized and the Passive/Capital Loss Carry Forward.

Consolidated Filing Update – New Schedule 12: Effective for taxable years beginning on or after January 1, 2023, a Georgia affiliated group can elect to file a consolidated return. An affiliated group filing a Georgia consolidated return for taxable years beginning before January 1, 2023, has an option to either terminate its election with respect to tax years after the period covered by the last consolidated return due or to continue filing a Georgia consolidated return under the previous criteria.

New Schedule 12 added to Form 600 to be completed when submitting the Parent Consolidated Group return. Do not complete this schedule when submitting a Parent Subsidiary return or when filing Form 600 on a separate company basis. See IT-CONSOL form and instructions for additional information.

New Charitable Contribution:

  • Disabled Veterans' Scholarship Fund - Provides scholarships to disabled veterans pursuing their education.

Tax Credits Updates

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