Outline
The Colorado 112 form is an essential document for C corporations operating within the state, facilitating the filing of corporate income tax returns. This form includes various components designed to help businesses accurately report their income and calculate their tax obligations. Among these components are the main income tax return (DR 0112), extension request (DR 0158-C), and payment forms (DR 0900C). The DR 0112 allows corporations to detail their financial activities for the tax year, while the DR 0158-C provides an option for filing extensions, granting an additional six months to submit the return if needed. It is important to note that while an extension allows more time to file, it does not extend the deadline for any tax payments due. Corporations must also complete the DR 0900C if they are submitting payments by check. All forms must be sent to specific addresses designated by the Colorado Department of Revenue, which vary based on whether a payment accompanies the submission. Understanding the requirements and deadlines associated with the Colorado 112 form is crucial for compliance and to avoid potential penalties.
Sample - Colorado 112 Form
*210112==19999*
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 ling 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 led for:
(42)
A corporation not apportioning income;
(45)
A corporation electing to pay a tax on its gross
Colorado sales;
(43)
A corporation engaged in interstate business
apportioning income using receipts-factor
apportionment (DR 0112RF required);
(46)
A corporation claiming an exemption under
P.L. 86-272;
(44)
A corporation engaged in interstate business
apportioning income using special regulation
(DR 0112RF required);
(47)
Other apportionment method, see instructions
concerning the requirement for approval by the
Department (ll in below);
B. Separate/Consolidated/Combined Filing. This return is being led for:
A single corporation ling a separate return;
An afliated group of corporations required to le a
combined return (Schedule C required);
An afliated group of corporations electing to le 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);
An afliated group of corporations required to le
a combined return that includes another afliated,
consolidated group (Schedule C required);
Enter the year of election (YYYY)
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 00
3. Net federal taxable income, subtract line 2 from line 1 3 00
Additions
4. Federal net operating loss deduction
4 00
5. Colorado income tax deduction
5 00
6. Other additions, submit explanation 6 00
7. Sum of lines
3
through 6 7 00
Subtractions
8. Exempt federal interest
8 00
9. Excludable foreign source income
9 00
10. Colorado capital gain subtraction
10 00
11. Colorado Marijuana Business Deduction
11 00
12. Other subtractions, explanation required below
12 00
Explain:
13. Subtractions allowed under HB21-1002 (see instructions)
13 00
14. Sum of lines 8 through 13 14 00
Taxable Income
15. Modied federal taxable income, subtract line 14 from line
7
15 00
16. Colorado taxable income before net operating loss deduction
16 00
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) 00
(b) Subtract line 17(a) from line 16, if zero skip to 17(d) 17(b) 00
(c) Colorado net operating losses carried forward from
tax years beginning on or after January 1, 2018
17(c) 00
(d) Colorado net operating loss deduction, sum of (a) and (c) 17(d) 00
18. Colorado taxable income, subtract line 17(d) from line 16 18 00
19. Tax, 4.5% of the amount on line 18
19 00
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
00
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 00
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
00
23. Net tax, sum of lines 20, 21, and 22. Subtract that sum from line 19. 23 00
Form 112
Name Account Number
*210112==29999*
DR 0112 (11/19/21)
COLORADO DEPARTMENT OF REVENUE
Tax.Colorado.gov
Page 2 of 4
*210112==39999*
DR 0112 (11/19/21)
COLORADO DEPARTMENT OF REVENUE
Tax.Colorado.gov
Page 3 of 4
Form 112
Name Account Number
24. Recapture of prior year credits 24 00
25. Sum of lines 23 and 24 25 00
26. Estimated tax, extension payments, and credits
26 00
27. W-2G Withholding from lottery winnings, you must submit the W-2G(s)
with your return.
27 00
28. Gross Conservation Easement Credit from the DR 1305G line 33, you must
submit the DR 1305G with your return.
28 00
29. Innovative Motor Vehicle and Innovative Truck Credit from form DR 0617, you must
submit the DR 0617(s) with your return.
29 00
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 00
31. Renewable Energy Tax Credit from form DR 1366 line 85, you must submit the
DR 1366 with your return.
31 00
32. Sum of lines 26 through 31 32 00
33. Net tax due. Subtract line 32 from line 25
33
00
34. Penalty
34
00
35. Interest
35
00
36. Estimated tax penalty due
36
00
37. Total due. Enter the sum of lines 33 through 36
37
38. Overpayment, subtract line 25 from line 32
38
00
39. Amount from line 38 to carry forward to the next year’s estimated tax
39
00
40. Amount from line 38 to be refunded
40
00
Direct
Deposit
Routing Number Type: Checking Savings
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 insufcient 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
Form 112
Name Account Number
*210112==49999*
DR 0112 (11/19/21)
COLORADO DEPARTMENT OF REVENUE
Tax.Colorado.gov
Page 4 of 4
C. The corporation’s books are in care of:
Last Name First Name Middle Initial Phone Number
Address City State ZIP
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
information with the Colorado Department of Revenue? See the instructions.
Yes No
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 led amended federal income tax returns at any time during the last four years?
Yes No
If yes, for which year(s)? (YYYY)
Did you le amended Colorado returns to reect such changes or submit copies of the
Federal Agent’s reports?
Yes No
Last Name of person or rm preparing return First Name Middle Initial
Address of person or rm preparing return Phone Number
City State ZIP
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 Ofcer Date (MM/DD/YY)
Do Not Submit Federal Return, Forms or Schedules when Filing this Return
If you are ling this return with a check or payment,
please mail the return to:
COLORADO DEPARTMENT OF REVENUE
Denver, CO 80261-0006
If you are ling this return without a check or payment,
please mail the return to:
COLORADO DEPARTMENT OF REVENUE
Denver, CO 80261-0005
These addresses and ZIP codes are exclusive to the Colorado Department of Revenue, so a street address is not required.
Form Information
| Fact Name | Details |
|---|---|
| Form Title | Colorado C Corporation Income Tax Return (DR 0112) |
| Governing Law | Colorado Revised Statutes Title 39, Article 22 |
| Filing Deadline | Due on the fifteenth day of the fourth month after the end of the tax year, typically April 15 for calendar year filers. |
| Extension Availability | Automatic extensions are granted, allowing an additional six months to file, until October 15 for calendar year filers. |
| Payment Deadline | No extension for payment; it is due by the original filing deadline. |
| Mailing Address with Payment | Colorado Department of Revenue, Denver, CO 80261-0006 |
| Online Payment Option | Payments can be made online through Revenue Online, which reduces errors and provides instant confirmation. |
| Related Forms | Includes DR 0112RF (Receipts Factor Apportionment Schedule), DR 0112 Schedule C (Colorado Affiliations Schedule), and DR 0112CR (Credit Schedule for Corporations). |
Detailed Guide for Filling Out Colorado 112
Completing the Colorado 112 form is essential for filing your C Corporation income tax return. Ensure that you have all necessary information ready before you begin. Follow these steps carefully to fill out the form accurately.
- Obtain the Colorado 112 form (DR 0112) from the Colorado Department of Revenue website or your tax professional.
- Fill in your Federal Employer Identification Number (FEIN) in the designated space at the top of the form.
- Provide your Colorado Account Number if applicable.
- Enter the corporation name as registered with the state.
- Complete the address section, including street, city, state, and ZIP code.
- Indicate the tax period by entering the start and end dates in the format (MM/DD/YY).
- Fill out the income and deduction sections as required, making sure to use accurate figures from your financial records.
- Complete any additional schedules that apply to your corporation, such as the Schedule RF or Schedule C, if necessary.
- Calculate the total tax due and any payments made, ensuring all figures are correct.
- Sign and date the form at the bottom where indicated.
- Make a copy of the completed form for your records before mailing it.
- Mail the completed form and payment (if applicable) to the appropriate address based on whether you are including payment or not:
- With payment: Colorado Department of Revenue, Denver, CO 80261-0006
- Without payment: Colorado Department of Revenue, Denver, CO 80261-0005
Once you have mailed the form, keep an eye on your records for confirmation of receipt. If you filed electronically, ensure that you follow up with any required payments or additional forms as needed.
Obtain Answers on Colorado 112
-
What is the Colorado 112 form?
The Colorado 112 form, officially known as the DR 0112, is the state income tax return for C corporations operating in Colorado. It is used to report income, deductions, and credits, and to calculate the amount of tax owed to the state.
-
When is the Colorado 112 form due?
The Colorado 112 form is typically due on the fifteenth day of the fourth month following the end of the corporation's tax year. For corporations operating on a traditional calendar year, the due date is April 15.
-
What if I cannot file the Colorado 112 form by the due date?
If a corporation is unable to file by the due date, it can request an extension using the DR 0158-C form. This extension allows an additional six months to file, making the new deadline October 15 for calendar year filers. However, it is important to note that this extension does not apply to the payment due date.
-
How do I pay my taxes when filing the Colorado 112 form?
Taxes can be paid online through the Colorado Department of Revenue’s website, which offers options for electronic funds transfer (EFT), debit, and credit card payments. If paying by mail, include the DR 0900C form with a check or money order made payable to the “Colorado Department of Revenue.” Ensure that the payment amount matches the amount reported on the tax return.
-
What happens if I miss the payment deadline?
Failure to pay taxes by the deadline can result in penalties and interest. It is crucial to meet the payment criteria to avoid these additional charges. For more details, review the guidelines provided in FYI General 11.
-
Can I file the Colorado 112 form electronically?
Yes, the Colorado Department of Revenue encourages electronic filing through their Revenue Online portal. This method reduces errors and provides instant confirmation of submission. Corporations can also monitor their tax accounts through this online system.
-
Where do I mail the Colorado 112 form?
The mailing address for submitting the Colorado 112 form, along with any related schedules or payments, is:
- With Payment: Colorado Department of Revenue, Denver, CO 80261-0006
- Without Payment: Colorado Department of Revenue, Denver, CO 80261-0005
These addresses are specific to the Colorado Department of Revenue, so a street address is not required.
Common mistakes
Filling out the Colorado 112 form can be straightforward, but many people make common mistakes that can lead to delays or penalties. One frequent error is incorrectly entering the tax year. Ensure that you are filing for the correct year and that all dates align with your accounting period. Mislabeling the year can cause significant confusion and lead to processing issues.
Another mistake is failing to include the correct identification numbers. Your Colorado Account Number or Federal Employer Identification Number (FEIN) must be accurate. Double-check these numbers to avoid complications. If these numbers are wrong, your return may not be processed properly.
Many individuals also neglect to sign and date the form. This oversight can result in the return being considered incomplete. Always review the form to confirm that all required signatures are present. If you’re filing on behalf of a corporation, ensure that the authorized individual signs the document.
People often forget to round their payment to the nearest dollar. This small detail can lead to discrepancies between what you owe and what you submit. Always round your payment correctly to maintain accuracy and avoid potential issues with your tax account.
Another common error involves not using the correct mailing address. Different addresses are designated for forms with and without payment. Make sure you send your form to the appropriate address to ensure timely processing.
In addition, some filers submit the form without including the necessary payment. If you owe taxes, include your check or money order with the form. If no payment is due, do not file the form at all. This can save you time and unnecessary paperwork.
People also frequently fail to keep a copy of their submitted forms. Retaining a copy of your tax return is crucial for your records. It can help resolve any future discrepancies or questions that may arise.
Moreover, many overlook the importance of filing electronically. Using Revenue Online can reduce errors and provide instant confirmation of your filing. If you choose to file by mail, be aware that electronic filing is often faster and more secure.
Lastly, be cautious about payment methods. If you opt to pay by check, ensure that the payment method matches what you indicated on the form. This consistency is essential for maintaining a clear tax record.
Documents used along the form
The Colorado 112 form is an essential document for C Corporations to report their income tax obligations in the state of Colorado. Alongside this form, several related documents are often used to ensure compliance with state tax laws. Below is a list of these forms, each serving a specific purpose in the tax filing process.
- DR 0158-C: This form is used to request an extension of time for filing a Colorado C Corporation Income Tax Return. It allows corporations to extend their filing deadline by six months, but it does not extend the payment due date.
- DR 0900C: This is the C Corporation Income Tax Payment Form. It must accompany payments made by check if the corporation has filed electronically. The form helps ensure that payments are accurately recorded in the tax account.
- DR 0112RF: This is the Receipts Factor Apportionment Schedule. It is used to determine the portion of a corporation's income that is subject to Colorado taxation based on its receipts.
- DR 0112 Schedule C: This form provides information about a corporation's affiliations. It details any related entities that may impact the corporation's tax obligations.
- DR 0112CR: The Credit Schedule for Corporations is used to claim various tax credits that a corporation may be eligible for under Colorado law. This form helps corporations reduce their overall tax liability.
These documents work together to facilitate the accurate reporting and payment of corporate income taxes in Colorado. Understanding each form's purpose can help corporations navigate their tax responsibilities more effectively.
Similar forms
The Colorado 112 form is an essential document for C corporations in Colorado. It shares similarities with several other forms related to corporate tax filings. Here are four documents that are similar to the Colorado 112 form:
- DR 0158-C: Extension of Time for Filing a Colorado C Corporation Income Tax Return - This form allows corporations to request an extension for filing their tax return. Like the Colorado 112, it is specifically designed for C corporations and must be filed by the due date to avoid penalties.
- DR 0900C: C Corporation Income Tax Payment Form - This form is used to submit payments for corporate taxes. Similar to the Colorado 112, it is tailored for C corporations and requires accurate information to ensure proper credit to the corporation's tax account.
- DR 0112RF: Schedule RF - Receipts Factor Apportionment Schedule - This schedule is part of the C corporation tax filing process. It helps determine how much of a corporation's income is taxable in Colorado, just as the Colorado 112 outlines overall tax obligations.
- DR 0112CR: Credit Schedule for Corporations - This document allows corporations to claim various tax credits. It complements the Colorado 112 by detailing potential tax benefits that can reduce overall tax liability, much like how the Colorado 112 outlines tax owed.
Dos and Don'ts
When filling out the Colorado 112 form, it's essential to ensure accuracy and compliance with the guidelines provided. Here are some important dos and don'ts to keep in mind:
- Do carefully read the instructions provided in the booklet before you start filling out the form.
- Do ensure all information is complete and accurate to avoid delays in processing.
- Do use the correct mailing address based on whether you are submitting with or without payment.
- Do keep a copy of your completed form and any payment for your records.
- Don't forget to include your Colorado Account Number or Federal Employer Identification Number (FEIN) on all forms and checks.
- Don't send cash as a payment method; checks or money orders are required.
- Don't staple or attach your payment to the form; simply enclose it.
- Don't file the form if no payment is due; only submit it when necessary.
Following these guidelines can help ensure a smooth filing process for your Colorado C Corporation Income Tax Return.
Misconceptions
Understanding the Colorado 112 form can be challenging, especially with various misconceptions floating around. Here are ten common misconceptions clarified:
- Filing the form is optional. Many believe that submitting the Colorado 112 form is optional. In reality, if your corporation meets the filing requirements, you must file the form to comply with state tax laws.
- Extensions apply to payment deadlines. Some think that by filing for an extension, they can also delay their tax payment. However, extensions only apply to filing the return, not to the payment due date.
- Electronic filing is not secure. A common belief is that online filing is less secure than paper filing. In fact, electronic submissions are designed with security measures to protect sensitive information.
- All corporations must file the same form. Not every corporation uses the Colorado 112 form. The form is specifically for C corporations, while other types may have different requirements.
- Late filing results in no penalties. Some individuals think that if they file late, they won’t incur penalties. This is incorrect; penalties and interest can accrue for late payments and filings.
- Payments can be made in cash. There is a misconception that cash payments are acceptable. However, the Colorado Department of Revenue does not accept cash; payments must be made via check, money order, or electronically.
- Filing online is complicated. Many assume that electronic filing is complex. In reality, the online process is user-friendly and often simplifies the filing experience.
- You can file the form anytime. Some believe they can file the Colorado 112 form at any time. It’s crucial to file by the due date to avoid penalties.
- Once filed, no further action is needed. A misconception is that filing the form is the final step. In fact, corporations must ensure all payments are made and any follow-up actions are completed.
- Mailing addresses are the same for all forms. Many think there is one mailing address for all forms. Each form has specific addresses for submissions, especially regarding payments.
Clearing up these misconceptions is vital for ensuring compliance and avoiding unnecessary penalties. It’s essential to stay informed and understand the requirements associated with the Colorado 112 form.
Key takeaways
When it comes to filing your Colorado C Corporation Income Tax Return using the Colorado 112 form, there are several important points to keep in mind. Here are key takeaways that will help you navigate the process smoothly:
- Understand the Due Date: Corporate income tax returns are typically due on the fifteenth day of the fourth month after the end of your tax year. For traditional calendar year filers, this means your return is due by April 15.
- Filing Extensions: If you can't meet the deadline, you can file for an extension, which gives you an additional six months to submit your return. However, remember that this extension does not apply to the payment due date.
- Payment Requirements: If you owe taxes, make sure to pay by the original due date to avoid penalties and interest. If you file for an extension, you must still pay any taxes owed by the original due date.
- Online Payment Options: Consider using the Colorado Department of Revenue's online payment system. It reduces errors and provides instant confirmation of your payment.
- Keep Records: Always keep a copy of your payment and any related documents for your records. This will help if there are any discrepancies in the future.
- Mailing Addresses: Use the correct mailing address based on whether you are submitting with or without payment. For payments, use the address ending in 0008; for forms without payment, use the address ending in 0005.
- Electronic Filing Benefits: Filing electronically is highly recommended. It simplifies the process and allows for easier tracking of your tax account.
By keeping these takeaways in mind, you can ensure that you complete the Colorado 112 form accurately and efficiently. Always stay informed about any changes in tax regulations that may affect your filing process.