The Colorado 112 form serves as a comprehensive guide for C corporations filing their income tax returns within the state. It encompasses instructions, related forms, and schedules necessary for the accurate reporting and calculation of tax liabilities. Additionally, it outlines the procedures for both filing returns with and without payment, emphasizing the importance of adhering to prescribed deadlines to avoid penalties.
The Colorado 112 form and its accompanying booklet are essential resources for C corporations operating within the state, guiding them through the process of income tax filing for the year 2020. This comprehensive booklet not only provides instructions (DR 0112 Book Instructions) but also includes necessary forms such as the Colorado C Corporation Income Tax Return (DR 0112 2020), an Extension of Time for Filing a Colorado C Corporation Income Tax Return (DR 0158-C), the C Corporation Income Tax Payment Form (DR 0900C 2020), the Schedule RF - Receipts Factor Apportionment Schedule (DR 0112RF 2020), the Colorado Affiliations Schedule (DR 0112 Schedule C), and the Credit Schedule for Corporations (DR 0112CR 2020). Additionally, it offers precise mailing addresses for the submission of forms, either with or without payment, emphasizing the Department of Revenue's provision for electronic payments and filings through Colorado’s Revenue Online system. The provision to extend the filing date does not extend the payment due date, making it imperative for corporations to meet their financial obligations timely to avoid penalties and interest. This guide is a roadmap for C corporations in Colorado, ensuring that they meet their tax obligations efficiently and effectively.
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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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Page 2 of 4
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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Page 3 of 4
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.
After you've carefully reviewed the requirements and gathered all necessary information to report your Colorado C Corporation's income tax, the time has arrived to fill out the Colorado 112 form and its associated schedules. Diligent completion of these documents ensures your corporation meets its tax obligations efficiently and accurately. To navigate through this process smoothly, here is a step-by-step breakdown:
Upon submission, the Colorado Department of Revenue will process your C Corporation's income tax return and associated schedules. It is important to retain copies of all submitted documents and proof of mailing for your records. Should there be any discrepancies or additional information required, the Department of Revenue will contact you directly. Remember, meeting your tax obligations in a timely and accurate manner helps avoid potential penalties and interest for late or incorrect filings.
What is the Colorado 112 form and what does it include?
The Colorado 112 form is designed for C Corporations filing their income tax returns in the state of Colorado. This booklet includes the main tax return form (DR 0112), instructions for filling it out, and related forms such as the DR 0158-C for filing an extension, DR 0900C for making income tax payments, DR 0112RF for apportioning receipts, DR 0112 Schedule C for affiliations, and DR 0112CR for tax credits. It serves as a comprehensive guide for C Corporations to comply with Colorado state tax obligations.
Where should corporations mail their Colorado 112 form and associated payments?
There are specific addresses for mailing the Colorado 112 form depending on whether a payment is included. If you’re submitting the form with a payment, it should be mailed to the Colorado Department of Revenue at Denver, CO 80261-0006. Without a payment, it should be sent to Denver, CO 80261-0005. For the extension form DR 0158-C and payment form DR 0900C, the mailing address is Denver, CO 80261-0008. No street address is required as these ZIP codes are exclusive to the Colorado Department of Revenue.
What is the deadline for filing a Colorado C Corporation Income Tax Return?
The filing deadline is typically the fifteenth day of the fourth month following the end of the corporation's tax year. For those following a traditional calendar year, the due date is April 15, 2021.
Can corporations file for an extension and how does it work?
Yes, corporations can file for an automatic extension using form DR 0158-C, allowing them an additional six months to file their return. However, this extension is only for filing and not for payment. Any tax due is still expected to be paid by the original due date to avoid penalties and interest. If you need to make an additional payment along with your extension request, you should also submit this form.
How can corporations make tax payments online?
Corporations are encouraged to make their tax payments online through Colorado.gov/RevenueOnline. This platform offers options for Electronic Funds Transfer (EFT), debit, and credit payments free of charge, though a nominal processing fee may apply for e-check or credit card payments. Online payments not only reduce errors but also provide instant payment confirmation. Pre-registration is required for EFT services.
Is the DR 0158-C form required if an online payment is made?
No, if you make an online payment, you are not required to send in the DR 0158-C form. This form is only necessary if you're making a payment by mail or need to inform the Colorado Department of Revenue of your payment with the extension request.
What should be included on the check or money order when making a payment?
When sending a check or money order, you should clearly write your Colorado Account Number or Federal Employer Identification Number (FEIN) and the tax year on the memo line, for example, "2020 DR 0158-C" for the extension payment or "2020 DR 0112" for the tax payment. It's crucial to ensure the amount on the check matches the amount on the payment form to maintain accuracy in your tax account.
What happens to my check once the state receives it?
Upon receipt, the state may convert your check into a one-time electronic banking transaction. Your bank account could be debited the same day the state processes the check. If your check is converted, it won't be returned to you. Should your check be rejected due to insufficient or uncollected funds, the Department of Revenue may directly collect the payment amount from your bank account electronically.
If no payment is due, should the payment forms still be filed?
No, if no payment is due, you should not file the payment forms such as DR 0900C or DR 0158-C. These forms are only necessary when making a payment either by mail or as part of an extension request.
Are there any recommendations for maintaining tax records?
Yes, it is highly recommended to keep a copy of the money order or note the check number when you submit your tax payments. Maintaining accurate and detailed tax records can help ensure compliance and ease any future reviews or audits of your tax accounts.
Filling out the Colorado 112 form, which includes various documents necessary for C Corporation income tax filing, can be complex. It's essential to approach this task with a clear understanding to avoid common errors that could result in processing delays or unnecessary correspondence with the Colorado Department of Revenue. Highlighted below are five common mistakes made when completing these forms:
Incorrect Addresses: Many filers forget that there are specific mailing addresses depending on whether a payment is included with the forms. Using the wrong address can lead to delays in processing.
Payment issues: Some filers either forget to include their payment with forms that require it or they send a payment when none is due. Additionally, not writing the Colorado Account Number or Federal Employer Identification Number and the designated form number on the check or money order is another common oversight.
Electronic Filing Oversights: Those who choose to pay electronically sometimes mistakenly return the DR 0158-C or DR 0900C forms. The DR 0158-C form is not needed if an extension payment is made online, and the DR 0900C form should not be submitted if payment has already been made electronically.
Failing to Round Payments: When paying by check or money order, the amount should be rounded to the nearest dollar. Failing to do so can cause discrepancies in tax accounts.
Failure to Understand Extension Rules: It's commonly misunderstood that obtaining an extension grants additional time to pay any taxes due. However, the extension only applies to the filing of the return, not the payment due date, which can result in penalties and interest if overlooked.
Understanding and avoiding these mistakes can streamline the tax filing process and help ensure compliance with the Colorado Department of Revenue's requirements. For the most accurate guidance, always refer to the latest version of the instruction booklet and the official Colorado Department of Revenue website.
Understanding the intricacies of navigating the Colorado Department of Revenue's requirements can be quite the undertaking, especially when it involves the various forms and documents related to corporate income tax filings. The Colorado 112 form, integral for C Corporations operating within the state, is but one piece in the larger puzzle of corporate tax compliance. It is often accompanied by a suite of other forms and documents, each serving a unique purpose in ensuring that a corporation meets its tax obligations comprehensively and accurately.
The path to complete and compliant tax filing involves understanding and utilizing these various forms and resources effectively. For corporations in Colorado, the process involves much more than the initial tax return filing. By familiarizing oneself with the additional forms and documents, and utilizing available online resources, corporations can navigate their state tax obligations with greater ease and accuracy.
The Colorado 112 form is similar to several other tax-related documents. These documents include various forms used by corporations in different states or for different tax purposes but share similar structural elements and serve analogous functions to the Colorado 112 form. Below are details about a few of these similar forms and how they correspond to the Colorado 112 form.
IRS Form 1120: The U.S. Corporation Income Tax Return, commonly known as Form 1120, is a document that every C corporation operating in the United States must file with the Internal Revenue Service (IRS). Both Form 1120 and the Colorado 112 form require detailed financial information from the reporting entity, including income, deductions, and credits relevant to the corporation's tax obligations. However, while Form 1120 reports taxable income and applicable taxes at the federal level, the Colorado 112 form pertains specifically to the state tax obligations of C corporations operating within Colorado.
Form DR 0158-C: Specifically addressing extensions, the DR 0158-C is a Colorado document requesting an extension of time for filing a Colorado C Corporation income tax return. It is comparable to the IRS Form 7004, which is the Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. Both forms do not extend the time for tax payment but allow additional months for filing the required tax documents. The DR 0158-C form is included within the Colorado 112 booklet, emphasizing its integral role in the filing process for corporations that require more time to compile their yearly financial records.
DR 0900C: This form is a payment voucher used when C corporations submit their income tax payments to the Colorado Department of Revenue. It is analogous to the IRS Form 1040-V, which is a payment voucher for individual income tax payers submitting payments alongside their federal tax returns. While the DR 0900C specifically relates to corporate income tax payments within Colorado, the Form 1040-V facilitates the processing of payments for individual income taxes at the federal level. Each form ensures accurate allocation of payments to the taxpayer's account, helping to maintain the integrity and efficiency of the tax collection process.
When completing the Colorado 112 form for C Corporation Income Tax, attention to detail ensures compliance and accuracy. Below are essential guidelines to follow:
What to do:
What not to do:
Many misconceptions exist about the Colorado Form 112 and its related documents. It's essential to clarify these misunderstandings to ensure that businesses comply accurately with Colorado's tax filing requirements.
Misconception 1: Extensions grant more time to pay taxes. The extension form (DR 0158-C) only grants additional time to file the income tax return, not to pay any due taxes. Interest and penalties may apply if taxes are not paid by the original due date, even if an extension has been filed.
Misconception 2: Electronic payments require the DR 0158-C form. If a payment is made online, the submission of form DR 0158-C is not necessary. This form is only required if making an additional payment of tax when filing for an extension.
Misconception 3: The DR 0900C form must be filed by all electronic filers. This form is only required if you filed your income tax return electronically and wish to pay any owed taxes by check. If your taxes have been paid electronically or through another method, or if no payment is due, do not file this form.
Misconception 4: Street addresses are needed for mailing forms. The Colorado Department of Revenue provides specific P.O. boxes for the mailing of forms and payments, rendering street addresses unnecessary. This is clearly indicated on the forms, where only zip codes and P.O. box numbers are provided.
Misconception 5: Cash payments are accepted for mailed tax forms. When mailing in forms such as the DR 0158-C or DR 0900C with payment, the Colorado Department of Revenue explicitly states not to send cash. Payments should be made via check or money order.
Misconception 6: Checks won't be processed electronically by the State. The instructions clearly state that checks may be converted into a one-time electronic banking transaction. This means the State can debit the amount due as early as the same day the check is received.
Understanding these key points can greatly assist in ensuring compliance with the tax laws in Colorado, helping to avoid unnecessary penalties or interest due to misconceptions.
Filling out and using the Colorado 112 form, specifically designed for C Corporations filing their income tax, involves thorough preparation and attention to detail. Here are ten key takeaways that are essential for navigating this process effectively:
Navigating the intricacies of the Colorado 112 form requires a well-organized approach. By adhering to these key points, corporations can ensure compliance with the Colorado Department of Revenue's requirements, avoid common pitfalls, and successfully complete their state income tax filing process.
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