The Colorado 112 form is a crucial document used by C Corporations to report their income and calculate taxes owed to the state. This form, officially known as the Colorado C Corporation Income Tax Return, includes several related forms and instructions to assist businesses in their tax filing process. Understanding the requirements and deadlines associated with this form is essential for compliance and to avoid any potential penalties.
The Colorado 112 form is an essential document for C corporations operating in the state, serving as the primary means for reporting income and calculating taxes owed. It includes various components such as the DR 0112, which is the actual income tax return, and several related forms that help streamline the filing process. For instance, the DR 0158-C allows corporations to request an extension for filing their tax return, providing an additional six months if needed. However, it's crucial to remember that while the extension applies to the filing date, it does not extend the payment due date, which remains April 15 for traditional calendar year filers. Additionally, the form package contains the DR 0900C, a payment form that must accompany any checks sent to the Colorado Department of Revenue, ensuring that payments are accurately applied to the correct tax accounts. Other schedules, such as the DR 0112RF for receipts factor apportionment and the DR 0112CR for credit claims, further assist corporations in detailing their financial activities. Accurate completion and timely submission of the Colorado 112 form and its associated documents are vital for compliance and to avoid penalties, making understanding this form essential for any corporation operating in Colorado.
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DR 0112 (11/19/21)
COLORADO DEPARTMENT OF REVENUE
Tax.Colorado.gov
Page 1 of 4
2021 Colorado C Corporation Income Tax Return
Do not submit federal return, forms or schedules when filing this return.
(0023)
Fiscal Year Beginning (MM/DD/21)
Year Ending (MM/DD/YY)
Name of Corporation
Colorado Account Number
Address
Federal Employer ID Number
City
State ZIP
Mark for Final Return
If you are submitting a statement disclosing a listed or reported
transaction, mark this box
A. Apportionment of Income. This return is being filed for:
(42)A corporation not apportioning income;
A corporation engaged in interstate business
(43)apportioning income using receipts-factor apportionment (DR 0112RF required);
(44)apportioning income using special regulation (DR 0112RF required);
(45)
A corporation electing to pay a tax on its gross
Colorado sales;
A corporation claiming an exemption under
(46)
P.L. 86-272;
Other apportionment method, see instructions
concerning the requirement for approval by the
(47)
Department (fill in below);
B. Separate/Consolidated/Combined Filing. This return is being filed for:
A single corporation filing a separate return;
An affiliated group of corporations electing to file a consolidated
report. Warning: such election is binding for four years. If your election was made in a prior year, enter the year of election in line below. (Schedule C required);
Enter the year of election (YYYY)
An affiliated group of corporations required to file a
combined return (Schedule C required);
An affiliated group of corporations required to file a combined return that includes another affiliated,
consolidated group (Schedule C required);
Federal Taxable Income
Round to nearest dollar
1.
Federal taxable income from Federal form 1120 or 990-T
1
00
2.
Federal taxable income of companies not included in this return
2
3.
Net federal taxable income, subtract line 2 from line 1
3
Additions
4.
Federal net operating loss deduction
4
5.
Colorado income tax deduction
5
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Form 112
Name
Account Number
6. Other additions, submit explanation
6
7. Sum of lines 3 through 6
Subtractions
7
8.
Exempt federal interest
8
9.
Excludable foreign source income
9
10.
Colorado capital gain subtraction
10
11.
Colorado Marijuana Business Deduction
11
12.
Other subtractions, explanation required below
12
Explain:
13.
Subtractions allowed under HB21-1002 (see instructions)
13
14.
Sum of lines 8 through 13
14
Taxable Income
15.
Modified federal taxable income, subtract line 14 from line 7
15
16.
Colorado taxable income before net operating loss deduction
16
17.Colorado net operating loss deduction: (see instructions)
(a)Colorado net operating losses carried forward
from tax years beginning before January 1, 2018
17(a)
(b) Subtract line 17(a) from line 16, if zero skip to 17(d)
17(b)
(c) Colorado net operating losses carried forward from
tax years beginning on or after January 1, 2018
17(c)
(d) Colorado net operating loss deduction, sum of (a) and (c)
17(d)
18.
Colorado taxable income, subtract line 17(d) from line 16
18
19.
Tax, 4.5% of the amount on line 18
19
Credits
20.Sum of nonrefundable credits from line 27, form DR 0112CR (the sum of lines 20, 21,
and 22 cannot exceed tax on line 19.) You must submit the DR 0112CR with your return. 20
21.Non-refundable Enterprise Zone credits used – as calculated, or from the
DR 1366 line 84 (the sum of lines 20, 21, and 22 cannot exceed tax on line 19).
You must submit the DR 1366 with your return.
21
22.Strategic capital tax credit from DR 1330 line 7b, the sum of lines 20, 21, and 22
cannot exceed line 19, you must submit the DR 1330 with your return.
22
23. Net tax, sum of lines 20, 21, and 22. Subtract that sum from line 19.
23
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24.
Recapture of prior year credits
24
25.
Sum of lines 23 and 24
25
26.
Estimated tax, extension payments, and credits
26
27.W-2G Withholding from lottery winnings, you must submit the W-2G(s)
with your return.
27
28.Gross Conservation Easement Credit from the DR 1305G line 33, you must
submit the DR 1305G with your return.
28
29. Innovative Motor Vehicle and Innovative Truck Credit from form DR 0617, you must
submit the DR 0617(s) with your return.
29
30.Business Personal Property Credit: Use the worksheet in the 112 book instructions
to calculate, you must submit copy of assessor’s statement with your return.
30
31.Renewable Energy Tax Credit from form DR 1366 line 85, you must submit the
DR 1366 with your return.
31
32.
Sum of lines 26 through 31
32
33.
Net tax due. Subtract line 32 from line 25
33
34.
Penalty
34
35.
Interest
35
36.
Estimated tax penalty due
36
37.
Total due. Enter the sum of lines 33 through 36
37
38.
Overpayment, subtract line 25 from line 32
38
39.
Amount from line 38 to carry forward to the next year’s estimated tax
39
40.
Amount from line 38 to be refunded
40
Type:
Direct
Routing Number
Checking
Savings
Deposit Account Number
The State may convert your check to a one-time electronic banking transaction. Your bank account may be debited as early as the same day received by the State. If converted, your check
will not be returned. If your check is rejected due to insufficient or uncollected funds, the Department of Revenue may collect the payment directly from your bank account electronically.
File and pay at: Colorado.gov/RevenueOnline or
Mail and Make Checks Payable to: Colorado Department of Revenue
Denver, CO 80261-0006
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Page 4 of 4
C. The corporation’s books are in care of:
Last Name
First Name
Middle Initial Phone Number
D. Business code number per federal return (NAICS)
E. Year corporation began doing business in Colorado
F. Do you want to allow the paid preparer shown below to discuss this return and any related
Yes
No
information with the Colorado Department of Revenue? See the instructions.
G. Kind of business in detail
H. Has the Internal Revenue Service made any adjustments in the corporation’s income or tax
or have you filed amended federal income tax returns at any time during the last four years?
If yes, for which year(s)? (YYYY)
Did you file amended Colorado returns to reflect such changes or submit copies of the Federal Agent’s reports?
Last Name of person or firm preparing return
Middle Initial
Address of person or firm preparing return
Phone Number
Under penalties of perjury in the second degree, I declare that I have examined this return and to the best of my knowledge is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Signature or Title of Officer
Date (MM/DD/YY)
Do Not Submit Federal Return, Forms or Schedules when Filing this Return
If you are filing this return with a check or payment,
If you are filing this return without a check or payment,
please mail the return to:
Denver, CO 80261-0005
These addresses and ZIP codes are exclusive to the Colorado Department of Revenue, so a street address is not required.
When filing the Colorado 112 form, there are several other documents and forms that are often utilized to ensure compliance with state tax regulations. Each of these forms serves a specific purpose and helps streamline the tax filing process for C Corporations in Colorado. Below is a list of related forms that you may encounter.
Understanding these related forms can significantly ease the tax filing process for C Corporations in Colorado. Each document plays a crucial role in ensuring compliance and optimizing tax outcomes. By familiarizing yourself with these forms, you can better prepare for your corporate tax obligations.
Dr 1093 - Include accurate account numbers to prevent misprocessing by the Colorado Department of Revenue.
For more detailed information regarding the Asurion F-017-08 MEN form and its significance in the claims process, you can visit onlinelawdocs.com/, which offers valuable resources and guidance tailored for customers navigating their warranty claims with Asurion.
Covid Vaccine Exemption for School - Keep the form updated as business circumstances change.
Dr2444 Colorado - The certification by the seller is made under penalty of perjury.
Completing the Colorado 112 form requires attention to detail and accurate information about your corporation's financial activities. Once the form is filled out correctly, it must be submitted to the Colorado Department of Revenue by the specified deadline to avoid penalties. Below are the steps to guide you through the process.
The IRS Form 1120 is similar to the Colorado 112 form in that both are used for reporting income for C corporations. The IRS Form 1120 is the federal income tax return that corporations must file annually. It requires corporations to report their income, gains, losses, deductions, and credits. Like the Colorado 112, it is due on the fifteenth day of the fourth month after the end of the corporation's tax year. Both forms require detailed financial information, making them critical for accurate tax reporting.
The IRS Form 7004 serves as a request for an automatic extension of time to file certain business tax returns, including the federal Form 1120. Similar to the Colorado DR 0158-C, which allows Colorado corporations to request an extension for filing their state tax return, Form 7004 grants an additional six months to file. However, both forms emphasize that any taxes owed must still be paid by the original due date to avoid penalties and interest.
For those looking to navigate the complexities of vehicle ownership transfer in Texas, the understanding of the Texas Motor Vehicle Bill of Sale is essential. This legal document not only facilitates the transfer from seller to buyer but also captures critical details necessary for a smooth transaction. For more information on how to properly complete this form, you can visit https://topformsonline.com/texas-motor-vehicle-bill-of-sale/.
The IRS Form 941 is used for reporting employment taxes, specifically for employers with employees. While the Colorado 112 focuses on corporate income tax, both forms require businesses to report financial information to the respective tax authorities. The IRS Form 941 is filed quarterly, whereas the Colorado 112 is filed annually, but both forms are essential for compliance with tax obligations.
The IRS Form 1065 is used by partnerships to report income, deductions, gains, and losses. While the Colorado 112 is specific to C corporations, both forms serve the purpose of tax reporting for business entities. Each form requires detailed financial information, and both are crucial for the respective entities to fulfill their tax obligations.
The Colorado DR 0112RF is a schedule used to report receipts for apportionment purposes. This is similar to the IRS Form 1120, which may also require information on income sources for apportionment if the corporation operates in multiple states. Both forms aim to ensure that businesses report their income accurately and in compliance with state and federal laws.
The IRS Form 4562 is used to claim depreciation and amortization. While it is not directly related to the Colorado 112, both forms can include similar financial information regarding asset management. Corporations must accurately report their depreciation to ensure compliance with tax regulations, making both forms important for financial reporting.
The IRS Schedule C is a form used by sole proprietors to report income and expenses. While the Colorado 112 is specific to C corporations, both forms require detailed financial reporting. Schedule C focuses on individual business income, whereas the Colorado 112 encompasses corporate income, but both aim to provide a clear picture of financial health for tax purposes.
The IRS Form 1099 is used to report various types of income other than wages, salaries, and tips. While it serves a different purpose than the Colorado 112, both forms are essential for tax reporting. Corporations must accurately report payments made to independent contractors and other entities, ensuring compliance with both federal and state tax laws.
The Colorado DR 0112 Schedule C focuses on Colorado affiliations, similar to how the IRS Form 1120 includes information about related corporations. Both forms require disclosure of relationships with other entities, ensuring that tax authorities have a comprehensive view of the corporation's financial landscape and affiliations.
The IRS Form 990 is used by tax-exempt organizations to report financial information. Although it applies to a different type of entity than the Colorado 112, both forms require detailed financial disclosures. They both aim to ensure transparency and compliance with tax regulations, highlighting the importance of accurate reporting regardless of the entity type.
The Colorado 112 form, also known as the Colorado C Corporation Income Tax Return, is a document that corporations in Colorado must file to report their income, deductions, and tax liability. It is essential for ensuring compliance with state tax laws and is used to calculate the amount of tax owed to the Colorado Department of Revenue.
For corporations that follow a traditional calendar year, the Colorado 112 form is due on April 15th of the year following the tax year. For example, the 2020 form must be filed by April 15, 2021. If additional time is needed, corporations can file for an extension, which grants an additional six months to submit the form, making the new deadline October 15, 2021.
To file for an extension, you must complete the DR 0158-C form, which is the Extension of Time for Filing a Colorado C Corporation Income Tax Return. This form should be submitted only if you need to make an additional payment of tax. Remember, while you can extend the filing deadline, the payment due date remains the same, and penalties may apply if payment is not made on time.
All completed Colorado 112 forms, along with any required payments, should be mailed to the Colorado Department of Revenue at the following address:
These addresses are specific to the Colorado Department of Revenue, so no street address is necessary.
If you have already filed your Colorado 112 form electronically, there is no need to submit a paper copy. However, if you are making a payment by check after filing electronically, you must include the DR 0900C form with your payment. This ensures that your payment is correctly applied to your tax account.
Corporations have several options for making payments associated with the Colorado 112 form. Payments can be made online through the Revenue Online portal, which is recommended for its efficiency and accuracy. Additionally, payments can be made via Electronic Funds Transfer (EFT), or by mailing a check or money order to the Colorado Department of Revenue. If paying by mail, ensure that your payment is rounded to the nearest dollar and includes your Colorado Account Number or Federal Employer Identification Number (FEIN) in the memo line.
Missing the filing or payment deadline can lead to penalties and interest being assessed on the amount owed. It is crucial to file on time and make any necessary payments by the due date to avoid these additional charges. If you find yourself unable to meet the deadline, consider filing for an extension as soon as possible to mitigate potential penalties.
When filling out the Colorado 112 form, it is essential to adhere to specific guidelines to ensure accuracy and compliance. Below is a list of recommended actions and those to avoid.