Get the free Form 355C Combined Corporation Excise Return

This document serves as the excise return for corporations operating in Massachusetts, detailing corporate income, deductions, and credits.

How to fill out form 355c combined corporation

How to fill out Form 355C Combined Corporation Excise Return

1. Begin by downloading Form 355C from the official state revenue website.
2. Fill in the 'Name of corporation' field with the official legal name.
3. Provide the 'Federal Employer Identification Number (FEIN)' in the designated box.
4. Indicate the 'Tax period' for which the return is being filed.
5. Complete the section detailing 'Income' by reporting gross receipts and other relevant income information.
6. Accurately calculate 'Deductions' according to the guidelines provided on the form.
7. Determine the 'Taxable income' by subtracting deductions from total income.
8. Apply the appropriate tax rate on the taxable income to compute the 'Excise tax due.'
9. Fill in the 'Payments' section detailing any prepayments or credits.
10. Review the completed form for accuracy, then sign and date it accordingly.
11. Submit the completed form by the deadline, either electronically or via mail as instructed.

Who needs Form 355C Combined Corporation Excise Return?

1. Corporations doing business in the state that meet the minimum threshold for revenue.
2. Entities that are part of a combined group of corporations for tax purposes.
3. Organizations that have apportioned income within the state and owe excise tax.

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 in Massachusetts by corporations that are part of a combined group to report their excise tax liability.

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

Generally, any corporation that is part of a combined group and engages in business in Massachusetts is required to file Form 355C.

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

To fill out Form 355C, gather necessary financial data from each corporation in the combined group, complete the form sections regarding income, deductions, and calculate the excise tax. Ensure that all required signatures are included.

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

The purpose of Form 355C is to ensure that all corporations within a combined group report their excise tax liabilities accurately and comply with Massachusetts tax laws.

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

Form 355C must report total receipts, net income, deductions, the excise tax due, and information for each corporation within the combined group, including their individual tax liabilities.