Get the free Form 355C Combined Corporation Excise Return

This document is a tax return form used by corporations filing their excise tax in the Commonwealth of Massachusetts, detailing income, deductions, and other relevant financial information for taxation

How to fill out form 355c combined corporation

How to fill out Form 355C Combined Corporation Excise Return

1. Obtain Form 355C from the Massachusetts Department of Revenue website.
2. Fill out the header section with your corporation's name, address, and federal employer identification number (FEIN).
3. Enter the total assets, gross receipts, and number of shareholders in the designated fields.
4. Complete Schedule B with information about each corporation included in the combined report.
5. Fill in revenue and expense details on the main section of the form as required.
6. If applicable, calculate and input any tax credits on Schedule C.
7. Provide information regarding estimated payments made during the year.
8. Sign and date the form at the bottom, certifying that the information provided is true and complete.
9. Submit the completed form by the due date to avoid penalties.

Who needs Form 355C Combined Corporation Excise Return?

1. Corporations operating in Massachusetts that are part of a combined group for tax purposes.
2. Any corporate entity that meets the criteria for filing an excise tax return in Massachusetts.

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 form used by corporations in Massachusetts to report and pay the corporate excise tax for a combined group of corporations. It allows multiple corporations that are part of a single affiliated group to file a single return instead of separate returns.

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

Corporations that are engaged in business in Massachusetts and meet the criteria for filing a combined return, such as being members of a controlled group, are required to file Form 355C.

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

To fill out Form 355C, follow these steps: gather financial information for each corporation in the combined group, calculate the total excise tax owed, complete each section of the form with accurate data, and ensure compliance with all relevant Massachusetts tax laws before submitting.

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

The purpose of Form 355C is to facilitate the reporting and payment of corporate excise tax for combined corporate groups, ensuring that the appropriate tax is calculated and remitted 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 names and addresses of the corporations in the combined group, their total income, deductions, apportionment factors, and the total excise tax due.