Get the free Form 355S S Corporation Excise Return

This document is used for filing the excise tax return for S Corporations in Massachusetts, detailing various financial metrics and corporate details required for tax calculation.

How to fill out form 355s s corporation

How to fill out Form 355S S Corporation Excise Return

1. Gather all necessary financial information for the S Corporation, including income statements and balance sheets.
2. Obtain a copy of Form 355S from the Massachusetts Department of Revenue website.
3. Fill out the corporation’s name, address, and federal identification number at the top of the form.
4. Report the total income of the S Corporation on the designated line.
5. Calculate the excise tax based on the net income and other applicable factors.
6. Complete any additional required schedules or attachments related to income adjustments or credits.
7. Review all information for accuracy and completeness before signing the return.
8. Submit the completed Form 355S by the due date, either electronically or via mail.

Who needs Form 355S S Corporation Excise Return?

1. Any S Corporation that does business in Massachusetts and meets the filing requirements.
2. Entities that have made an election under Subchapter S of the Internal Revenue Code to be taxed as an S Corporation in Massachusetts.
3. Corporations that have income or liabilities in Massachusetts that necessitate the filing of an excise return.

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 in Massachusetts use to report their income, deductions, and credits, and to calculate the excise tax owed to the state.

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

S Corporations doing business in Massachusetts or having income sourced from Massachusetts are required to file Form 355S.

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

To fill out Form 355S, an S Corporation must provide information about its business operations, report income and deductions, calculate excise tax liability, and include any applicable credits. The form must be signed by an authorized officer.

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

The purpose of Form 355S is to ensure that S Corporations report their financial activities accurately for tax purposes and pay any excise taxes owed to the state of Massachusetts.

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

Form 355S requires reporting of the corporation's income, deductions, credits, total assets, and shareholder information, as well as calculations for the excise tax based on the corporation's gross receipts or income.