Get the free Massachusetts Financial Institution Excise Tax Return Form 63 FI

This document provides instructions and schedules for completing the Massachusetts Financial Institution Excise Tax Return, applicable to various financial institutions in Massachusetts.

How to fill out massachusetts financial institution excise

How to fill out Massachusetts Financial Institution Excise Tax Return Form 63 FI

1. Obtain a copy of the Massachusetts Financial Institution Excise Tax Return Form 63 FI.
2. Fill out the identification section with your financial institution's name, address, and federal tax identification number.
3. Provide the reporting period for which you are filing the return.
4. Complete the income section by reporting all applicable gross income and any allowable deductions.
5. Calculate the excise tax by applying the appropriate rate to the taxable income as per Massachusetts tax laws.
6. Fill in any applicable credits or adjustments.
7. Sign and date the return, certifying that the information provided is accurate.
8. Submit the completed form by mail or electronically to the Massachusetts Department of Revenue by the due date.

Who needs Massachusetts Financial Institution Excise Tax Return Form 63 FI?

1. Any financial institution doing business in Massachusetts whose gross income exceeds the threshold set by state law.
2. Banks, credit unions, and other financial entities that are subject to Massachusetts excise tax regulations.

People Also Ask about

Is the MA 63D extension automatic?

The extension process is automated so that all PTE taxpayers are given an extension of time to file their tax returns if certain payment requirements are met . PTE taxpayers must have paid at least 80% of the tax due for the taxable year by the original due date for filing the return .

What is the financial institution excise tax in Massachusetts?

S Corporation Financial Institutions Financial institution S corporations with receipts of $9,000,000 or more pay an income measure of excise at a rate of 4.0% on income allocated or apportioned to Massachusetts. S corporations with receipts of at least $6,000,000 but less than $9,000,000 pay tax at a rate of 2.67%.

Why am I paying excise tax?

Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

What is the excise tax in Massachusetts?

The excise rate is $25 per $1,000 of your vehicle's value. It is charged for a full calendar year and billed by the community where the vehicle is usually garaged. If your vehicle is registered in Massachusetts but garaged outside of Massachusetts, the Commissioner of Revenue will bill the excise.

What is 63D tax in Massachusetts?

If this election is made, the shareholder, partner, or beneficiary is then eligible to claim a credit equal to 90% of their share of the PTE excise tax paid on their individual MA return. Form 63D-ELT is used to report and pay the 5% pass-through entity tax excise tax for an electing entity.

Is pass-through entity tax a good idea?

The key advantages include: Double taxation. Pass-through entities avoid double taxation, meaning owners are taxed just once. The corporate income is reported on the owner's individual income tax return and taxed at the individual income tax rate.

What is MA 63 D tax?

The MA 63D-ELT is a new form starting with tax year 2021. A pass-through entity can elect to pay the PTE Excise tax at the partnership, S corp, or fiduciary return level. The election must be made annually and cannot be changed for the reporting year once made.

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.

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What is Massachusetts Financial Institution Excise Tax Return Form 63 FI?

The Massachusetts Financial Institution Excise Tax Return Form 63 FI is a tax form used by financial institutions to report their excise tax liability to the Massachusetts Department of Revenue.

Who is required to file Massachusetts Financial Institution Excise Tax Return Form 63 FI?

Financial institutions that are located in Massachusetts or doing business in the state are required to file Form 63 FI. This includes banks, credit unions, and certain other financial entities.

How to fill out Massachusetts Financial Institution Excise Tax Return Form 63 FI?

To fill out Form 63 FI, financial institutions must provide their business information, calculate their excise tax based on gross income, and report any applicable deductions. Care should be taken to follow the instructions provided with the form for accuracy.

What is the purpose of Massachusetts Financial Institution Excise Tax Return Form 63 FI?

The purpose of Form 63 FI is to assess and collect the excise tax imposed on financial institutions operating within Massachusetts, contributing to state revenue.

What information must be reported on Massachusetts Financial Institution Excise Tax Return Form 63 FI?

The information that must be reported includes the financial institution's gross income, applicable deductions, the excise tax calculation, and any payments made toward the tax liability.