Get the free Form 355C Combined Corporation Excise Return

This document is a tax return form for corporations to report their income and calculate their excise tax owed in Massachusetts for the specified tax year.

How to fill out form 355c combined corporation

How to fill out Form 355C Combined Corporation Excise Return

1. Begin by downloading the Form 355C from the state tax department's website.
2. Fill in the 'Corporation Name' and 'Federal Employer Identification Number (FEIN)' at the top of the form.
3. Indicate the tax year for which you are filing the return.
4. Report total income for the corporation on Line 1.
5. Deduct allowable expenses and report the total on Line 2.
6. Calculate the taxable income by subtracting total expenses from total income on Line 3.
7. Determine the appropriate tax rate and calculate the tax liability, then fill in Line 4.
8. Include any credits and adjustments applicable to your corporation on the relevant lines.
9. Double-check that all figures are accurate and complete any necessary supporting schedules.
10. Sign and date the return before submitting it to the tax authority.

Who needs Form 355C Combined Corporation Excise Return?

1. Any corporation doing business in the state that meets the established tax thresholds must file Form 355C.
2. Corporations that are regulated under the state's excise tax laws need to complete this form annually.

People Also Ask about

Am I required to file a Massachusetts tax return?

Everyone whose Massachusetts gross income is $8,000 or more must file a Massachusetts personal income tax return on or by April 15th following the end of every tax year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.

Who must file a Massachusetts corporate tax return?

Corporation - A corporation that is subject to the tax jurisdiction of Massachusetts is generally required to file returns with DOR.

Do I need to file an excise tax return?

Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes.

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.

Do I need to file a Massachusetts corporate tax return?

Each entity registered with the Massachusetts Secretary of the Commonwealth (the “Secretary”) may be required to register for corporate excise and file an annual corporate return with the Massachusetts Department of Revenue (the “DOR”).

Does a corporation always have to file a tax return?

A domestic corporation must file Form 1120, U.S. Corporation Income Tax Return, whether it has taxable income or not, unless it's exempt from filing under section 501. A domestic corporation that is an S corporation must file Form 1120-S, U.S. Income Tax Return for an S corporation.

What is the minimum tax in Massachusetts for corporations?

In general, a corporation subject to Massachusetts tax owes both an income measure tax and a non-income measure tax or a minimum corporate excise of $456.

For pdfFiller’s FAQs

What is Form 355C Combined Corporation Excise Return?

Form 355C Combined Corporation Excise Return is a tax return used by corporations in Massachusetts to report and pay corporate excise taxes.

Who is required to file Form 355C Combined Corporation Excise Return?

Corporations that do business in Massachusetts or derive income from Massachusetts sources are required to file Form 355C.

How to fill out Form 355C Combined Corporation Excise Return?

To fill out Form 355C, corporations must provide information about their gross income, deductions, and tax credits, as well as complete schedules detailing these items, and calculate their excise tax liability.

What is the purpose of Form 355C Combined Corporation Excise Return?

The purpose of Form 355C is to ensure that corporations report their income accurately and pay the correct amount of corporate excise tax owed to the state of Massachusetts.

What information must be reported on Form 355C Combined Corporation Excise Return?

Form 355C requires reporting information such as the corporation's total gross receipts, net income, applicable deductions, credits, and other relevant financial data.