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This document is an excise return specifically for financial institutions operating in Massachusetts for the year 2004, detailing their income, deductions, and taxes owed.

How to fill out financial institution excise return

How to fill out Financial Institution Excise Return

1. Obtain the Financial Institution Excise Return form from the appropriate tax authority.
2. Fill in your financial institution's legal name and address.
3. Provide your Employer Identification Number (EIN).
4. Report the gross receipts from your financial institution for the taxable year.
5. Calculate the excise tax based on the applicable tax rates.
6. Include any deductions or credits that may apply.
7. Review the completed form for accuracy.
8. Sign and date the return.
9. Submit the return to the appropriate tax authority by the due date.

Who needs Financial Institution Excise Return?

1. Financial institutions that operate within the jurisdiction requiring the return.
2. Entities subject to excise tax on their gross receipts.
3. Companies providing financial services such as banks, credit unions, and investment firms.

People Also Ask about

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%.

What is an excise in finance?

1. : an internal tax levied on the manufacture, sale, or consumption of a commodity. 2. : any of various taxes on privileges often assessed in the form of a license or fee. excise.

What is an excise in accounting?

an excise is typically a per unit tax, costing a specific amount for a volume or unit of the item purchased, whereas a sales tax or value-added tax is an ad valorem tax and proportional to the price of the goods, an excise typically applies to a narrow range of products, and.

What is an example of an excise?

Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections.

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.

Why am I paying excise tax?

Excise taxes are taxes imposed on certain goods, services, and activities. 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.

Do LLC pay excise tax in Massachusetts?

While LLCs and partnerships aren't subject to excise tax, any personal income made is subject to taxation under individual state tax returns. Corporations that operate in Massachusetts are subject to Massachusetts's corporate excise tax.

Does excise mean cut out?

Interestingly, the word excise (ek-SIZE) used as a verb means to remove something by cutting it out.

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 an excise 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. This tax is commonly included in the cost of the product. While the end consumer doesn't usually see the excise tax on their receipt, it may be charged at the time of. Import.

For pdfFiller’s FAQs

What is Financial Institution Excise Return?

The Financial Institution Excise Return is a tax return that financial institutions must file to report their excise taxes owed to the government, typically based on certain financial activities conducted during the tax year.

Who is required to file Financial Institution Excise Return?

Entities classified as financial institutions by the Internal Revenue Service (IRS), such as banks, insurance companies, and savings institutions, are required to file the Financial Institution Excise Return.

How to fill out Financial Institution Excise Return?

To fill out the Financial Institution Excise Return, institutions must gather relevant financial data, complete the appropriate forms provided by the IRS, ensure all calculations are accurate, and submit the return by the specified due date.

What is the purpose of Financial Institution Excise Return?

The purpose of the Financial Institution Excise Return is to assess and collect taxes from financial institutions based on their activities, ensuring compliance with federal tax regulations.

What information must be reported on Financial Institution Excise Return?

The Financial Institution Excise Return must report information such as the institution's income, taxable earnings, deductions, and any applicable tax credits, as well as calculations for excise taxes owed.