Get the free Form 355S S Corporation Excise Return

This form is used by S corporations in Massachusetts to report and pay the corporate excise tax based on their taxable income, tangible property, and other relevant financial data.

How to fill out form 355s s corporation

How to fill out Form 355S S Corporation Excise Return

1. Obtain Form 355S from the appropriate state tax authority website.
2. Fill in the basic information, including the corporation's name, address, and federal employer identification number (EIN).
3. Enter the total sales, gross receipts, or other relevant income for the reporting period in the designated section.
4. Provide deductions or adjustments as instructed on the form to arrive at the taxable income.
5. Calculate the excise tax due based on the taxable income using the tax rate provided on the form.
6. Complete any additional schedules or sections as required based on specific business activities or special circumstances.
7. Review all entries for accuracy, ensuring that all numbers are correctly calculated and reported.
8. Sign and date the form, certifying the accuracy of the information provided.
9. Submit the form along with any payment due by the specified deadline, either electronically or by mail.

Who needs Form 355S S Corporation Excise Return?

1. S Corporations operating in the state that are subject to excise tax obligations.
2. Corporations that wish to report their income and pay the applicable state taxes under the S Corporation structure.
3. Businesses that have chosen the S Corporation status for federal tax purposes and require state compliance.

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.

For pdfFiller’s FAQs

What is Form 355S S Corporation Excise Return?

Form 355S is a tax return that S Corporations must file to report their income, deductions, and credits for excise tax purposes.

Who is required to file Form 355S S Corporation Excise Return?

Any corporation that has elected S Corporation status and is doing business in the state requiring this form must file Form 355S.

How to fill out Form 355S S Corporation Excise Return?

To fill out Form 355S, you need to provide information about the corporation’s income, expenses, and tax credits as instructed on the form, including the appropriate schedules and supporting documents.

What is the purpose of Form 355S S Corporation Excise Return?

The purpose of Form 355S is to ensure that S Corporations report their income and pay the necessary excise taxes as mandated by state law.

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

Form 355S requires reporting of the corporation's gross income, total deductions, net income, and any applicable credits, as well as basic identifying information about the corporation.