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This document is a tax return form used by S corporations in Massachusetts to report their excise tax obligations based on their income and property.
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How to fill out form 355s s corporation
How to fill out Form 355S S Corporation Excise Return
01
Obtain Form 355S from the appropriate revenue department website or local tax office.
02
Fill in the identification information including the name, address, and federal identification number of the S Corporation.
03
Enter the total income for the taxable year in the designated section.
04
Calculate the excise tax based on the income, following the guidelines provided in the form instructions.
05
Detail any deductions, if applicable, in the appropriate section.
06
Check the relevant boxes regarding the filing status and any other required elections.
07
Review the form for accuracy and completeness.
08
Sign and date the form to certify that the information presented is true.
09
Submit the completed form by the specified deadline, either electronically or via mail.
Who needs Form 355S S Corporation Excise Return?
01
S Corporations conducting business in the state that have elected S Corporation status for tax purposes.
02
Entities that meet the income thresholds requiring excise tax payment as outlined by the state tax authority.
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What is Massachusetts Form 355?
The Massachusetts Corporation Excise Return Form 355 is designed for corporations operating within the state to report their income and comply with tax laws.
What is the excise tax on an S corporation in Massachusetts?
An S corporation financial institution is taxed at 9.0% on any income that is taxable at the federal level. An S corporation financial institution with gross receipts that are $6 million or more but less than $9 million is subject to the corporate excise at a rate of 2.67% on net income subject to tax.
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.
Who needs to file an excise tax return?
Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax. Excise taxes may be imposed at the time of: Entry into the United States, or sale or use after importation. Sale or use by the manufacturer.
How do I file an excise tax return?
Filing excise tax returns Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider.
Who pays corporate excise tax in MA?
Interstate and International Aspects: All domestic corporations are subject to the corporate excise by reason of corporate existence at any time during the taxable year. Foreign corporations doing business within the state or owning property in the state are also subject to the excise.
Who must file a Massachusetts corporate tax return?
A general business corporation is typically subject to the tax jurisdiction of Massachusetts when it owns or uses property in the state, has employees in the state or is otherwise doing business in the state. If a corporation is subject to Massachusetts' tax jurisdiction it is said to have nexus with the Commonwealth.
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What is Form 355S S Corporation Excise Return?
Form 355S S Corporation Excise Return is a tax form used by S corporations in Massachusetts to report income, deductions, and calculate the excise tax owed to the state.
Who is required to file Form 355S S Corporation Excise Return?
S corporations doing business in Massachusetts or owning property or conducting business activities in the state are required to file Form 355S.
How to fill out Form 355S S Corporation Excise Return?
To fill out Form 355S, carefully follow the form's instructions, reporting income and deductions accurately and providing relevant information regarding the corporation’s activities and ownership.
What is the purpose of Form 355S S Corporation Excise Return?
The purpose of Form 355S is to determine the excise tax liability of S corporations in Massachusetts on their net income and other business activities within the state.
What information must be reported on Form 355S S Corporation Excise Return?
Information reported on Form 355S includes gross receipts, total deductions, net income, state tax credits, and any other relevant financial details about the corporation's operations.
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