Get the free Form 355S S Corporation Excise Return

This document is used by S corporations to file their excise tax returns in Massachusetts, detailing their financial activity and tax obligations for the fiscal year.

How to fill out form 355s s corporation

How to fill out Form 355S S Corporation Excise Return

1. Obtain a copy of Form 355S S Corporation Excise Return from the Massachusetts Department of Revenue website.
2. Fill out the identification section, including the corporation's name, address, and federal identification number.
3. Enter the S Corporation's total income from all sources for the taxable year.
4. Deduct any allowable expenses to determine the net income.
5. Calculate the excise tax based on the appropriate rates as outlined in the instructions for the form.
6. Complete the section for any credits that may apply to the corporation.
7. Sign and date the form, ensuring that the person signing is authorized to do so.
8. Submit the completed form and payment to the Massachusetts Department of Revenue by the due date.

Who needs Form 355S S Corporation Excise Return?

1. S Corporations operating in Massachusetts that are required to pay excise tax.

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 S Corporation Excise Return is a tax return specifically for S corporations operating in certain jurisdictions, used to report income, gains, losses, deductions, and credits.

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

S corporations that have elected to be taxed under Subchapter S of the Internal Revenue Code and operate in the respective jurisdiction are required to file Form 355S.

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

To fill out Form 355S, corporations need to provide detailed financial information including income, deductions, and shareholder details, following the instructions provided with the form.

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

The purpose of Form 355S is to report the S corporation’s earnings and calculate the excise tax owed by the corporation to the tax authority.

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

Information required includes the corporation's name and address, federal tax identification number, income, deductions, credits, and the calculated excise tax.