Get the free Form 355C Combined Corporation Excise Return

This document serves as a tax return for corporations to report their excise tax obligations in Massachusetts, including financial information and various calculations associated with the tax owed.

How to fill out form 355c combined corporation

How to fill out Form 355C Combined Corporation Excise Return

1. Gather necessary information about your corporation, including identification number and fiscal year.
2. Access Form 355C from the official tax authority's website or obtain a physical copy.
3. Fill in your corporation's name, address, and identification number at the top of the form.
4. Complete the income section by providing your total business income and any applicable adjustments.
5. Move to the deduction section to list all allowable deductions that your corporation is eligible for.
6. Calculate your taxable income by subtracting deductions from total income.
7. Determine the excise tax owed based on the taxable income and apply the appropriate tax rates.
8. Fill in any credits or prepayments that might offset your total tax liability.
9. Review all entries for accuracy before signing and dating the form.
10. Submit the completed Form 355C to the appropriate tax authority by the deadline.

Who needs Form 355C Combined Corporation Excise Return?

1. Any corporation doing business in the state that meets the tax liability thresholds due to its activities or income.

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 doing business in a state to report their combined income and calculate their excise tax obligations for the tax year.

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

Corporations that are part of a combined group or that have a combined income exceeding the threshold set by the state are required to file Form 355C.

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

To fill out Form 355C, corporations must gather financial information from each entity in the combined group, calculate the total combined income, and report deductions, credits, and tax liability according to the instructions provided with the form.

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

The purpose of Form 355C is to provide a standardized method for corporations to report their combined income and calculate their excise tax liabilities, ensuring compliance with state tax regulations.

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

Form 355C requires reporting of the names and addresses of all corporations in the combined group, total gross income, deductions, tax credits, and the resulting excise tax due.