Get the free Form 355S S Corporation Excise Return
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This document is used by S corporations in Massachusetts to report their excise tax. It requires information about corporate income, tangible and intangible property, and applicable tax calculations
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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 official tax authority website or your local government office.
02
Fill in the basic identification information at the top of the form, including your S Corporation's name, address, and federal Employer Identification Number (EIN).
03
Complete the income section by reporting your total income and any adjustments as required.
04
Calculate the excise tax owed based on the instructions provided on the form.
05
Fill out any additional required schedules or attachments for deductions or credits applicable to your S Corporation.
06
Review all entries for accuracy and completeness.
07
Sign and date the form where indicated.
08
File the form electronically if permitted, or mail it to the designated address as stated in the instructions.
Who needs Form 355S S Corporation Excise Return?
01
Any S Corporation operating in the jurisdiction that has income and is required to file this excise return.
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People Also Ask about
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 return that S corporations must file to report their income, gains, losses, deductions, credits, and taxes owed to the state.
Who is required to file Form 355S S Corporation Excise Return?
S corporations operating in the state that meet certain income thresholds are required to file Form 355S, regardless of whether they have taxable income or not.
How to fill out Form 355S S Corporation Excise Return?
To fill out Form 355S, you must provide your corporation's information, calculate your income and deductions, report any credits, and compute the excise tax, ensuring to follow the specific instructions provided on the form.
What is the purpose of Form 355S S Corporation Excise Return?
The purpose of Form 355S is to assess and collect the excise tax from S corporations operating within the state, ensuring compliance with state tax laws.
What information must be reported on Form 355S S Corporation Excise Return?
Form 355S requires reporting of the corporation's total income, deductions, taxable income, taxes due, and any applicable credits, along with identification information of the corporation.
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