Get the free Massachusetts Combined Corporation Excise Return Form 355C
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This form is used by corporations to file their combined corporate excise return in Massachusetts, detailing tax computations, credits, and necessary schedules.
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How to fill out massachusetts combined corporation excise
How to fill out Massachusetts Combined Corporation Excise Return Form 355C
01
Gather necessary documents such as your federal tax return and other financial statements.
02
Obtain the Massachusetts Combined Corporation Excise Return Form 355C from the Massachusetts Department of Revenue website.
03
Fill out basic information including your business name, address, and federal ID number.
04
Report all sources of income including business activities conducted in Massachusetts.
05
Calculate your total excise based on your gross receipts and net income as per the instructions provided in the form.
06
Complete the sections related to credits and deductions if applicable.
07
Double-check all entries for accuracy and completeness.
08
Sign and date the form at the designated area.
09
Send the completed form along with any required payments to the Massachusetts Department of Revenue by the due date.
Who needs Massachusetts Combined Corporation Excise Return Form 355C?
01
Any corporation doing business in Massachusetts, including those that are incorporated in the state or foreign corporations operating within the state.
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People Also Ask about
What is Massachusetts corporate combined excise tax?
Taxable Unit: A corporation is a taxpayer separate and distinct from its shareholders. Rate Structure: The effective excise rate on corporations is 9.5% of net income apportioned to Massachusetts, and $2.60 per $1,000 of the value of Massachusetts tangible property or net worth allocable to Massachusetts.
What is a combined return?
In a combined report, the entire amount of unitary business income of all corporations in the unitary group (including unitary members with no property, payroll, or sales within California) is aggregated in the combined report.
Who must file Massachusetts partnership return?
A partnership must annually file a Form 3, Partnership Return, to report the partnership's income to the MA DOR if: It has a usual place of business in Massachusetts, or. Receives federal gross income of more than $100 during the taxable year.
What is the combined income tax in Massachusetts?
Your Income Taxes Breakdown TaxMarginal Tax RateEffective Tax Rate FICA 7.65% 7.65% State 5.00% 4.02% Local 0.00% 0.00% Total Income Taxes 19.24%4 more rows
Is Massachusetts a combined filing state?
Massachusetts requires all corporations that are part of the combined group to use Department of Revenue (DOR) schedules to report their income as determined for federal income tax purposes and certain adjustments.
What is corporate excise form 355?
Business corporations with taxable years ending in the same month as the taxable year for which the combined report is being filed will pay the non-income measure of excise tax as part of the combined report.
What is a Massachusetts combined return?
A combined report is a computational schedule that is generally required to be filed when a corporation that is subject to tax under M.G.L. c. 63 is engaged in a unitary business with one or more other corporations that are required to be included in a combined report under M.G.L. c. 63, § 32B.
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What is Massachusetts Combined Corporation Excise Return Form 355C?
Massachusetts Combined Corporation Excise Return Form 355C is a tax form used by certain corporations in Massachusetts to report their corporate excise taxes, which are based on their income and tangible property in the state.
Who is required to file Massachusetts Combined Corporation Excise Return Form 355C?
Corporations that do business in Massachusetts and meet the criteria for combined reporting, which typically involves multiple corporations in a combined group under common control, are required to file Form 355C.
How to fill out Massachusetts Combined Corporation Excise Return Form 355C?
To fill out Form 355C, corporations must provide information about their combined gross income, deductions, apportionment factors, and any credits. Detailed instructions specific to each section of the form must be followed to ensure compliance with state tax regulations.
What is the purpose of Massachusetts Combined Corporation Excise Return Form 355C?
The purpose of Form 355C is to facilitate the reporting and payment of corporate excise taxes by a combined group of corporations, ensuring that the tax liability reflects the total economic activity of the group within Massachusetts.
What information must be reported on Massachusetts Combined Corporation Excise Return Form 355C?
The information that must be reported on Form 355C includes values related to gross receipts, net income, apportionment ratios, deductions, credits, and any other items necessary for calculating the excise tax owed by the combined group.
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