Get the free Massachusetts Combined Corporation Excise Return Form 355C
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This document serves as the official tax return for corporations doing business in Massachusetts, detailing income, deductions, and applicable taxes under state law.
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How to fill out massachusetts combined corporation excise
How to fill out Massachusetts Combined Corporation Excise Return Form 355C
01
Obtain the Massachusetts Combined Corporation Excise Return Form 355C from the Massachusetts Department of Revenue website or your tax professional.
02
Fill out your corporation's legal name and federal identification number at the top of the form.
03
Indicate the tax year for which you are filing the return.
04
Complete Schedule E to report your gross receipts and other income.
05
Fill in the appropriate sections to calculate your excise tax, including the minimum tax information.
06
If applicable, list any credits or payments previously made.
07
Review all entries for accuracy.
08
Sign and date the return.
09
Submit your completed form and any necessary payments by the due date.
Who needs Massachusetts Combined Corporation Excise Return Form 355C?
01
Corporations conducting business in Massachusetts.
02
Limited liability companies (LLCs) taxed as corporations.
03
Business entities that meet specific revenue thresholds outlined by the Massachusetts Department of Revenue.
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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 return form that corporations in Massachusetts use to report their income, calculate their excise tax, and provide necessary details about their business operations.
Who is required to file Massachusetts Combined Corporation Excise Return Form 355C?
Corporations that do business in Massachusetts or have income sourced in Massachusetts and are part of a combined reporting group are required to file Massachusetts Combined Corporation Excise Return Form 355C.
How to fill out Massachusetts Combined Corporation Excise Return Form 355C?
To fill out Form 355C, corporations need to provide the required financial information for the combined group, including details of all member corporations, calculations of excise tax based on gross receipts and net income, and supporting schedules as required.
What is the purpose of Massachusetts Combined Corporation Excise Return Form 355C?
The purpose of Massachusetts Combined Corporation Excise Return Form 355C is to assess and collect excise taxes from corporations operating in the state, ensuring that taxes reflect the collective business activities of all members in a combined reporting group.
What information must be reported on Massachusetts Combined Corporation Excise Return Form 355C?
Form 355C must report information such as total income, deductions, apportionment factors, the business activities of each corporation in the combined group, and the calculation of the excise tax due.
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