Get the free Form 63 FI - Financial Institution Excise Return

This document provides financial institutions in Massachusetts with the necessary forms, schedules, and instructions to file their excise tax returns as stipulated under the Massachusetts General

How to fill out form 63 fi

How to fill out Form 63 FI - Financial Institution Excise Return

1. Obtain Form 63 FI from the financial institution's website or your local tax office.
2. Fill in your institution's name, address, and contact information at the top of the form.
3. Provide the Financial Institution's identification number (FIIN) in the designated section.
4. Calculate your total gross receipts for the reporting period and enter the amount.
5. Deduct any allowable exemptions or exclusions as per the instructions.
6. Determine the excise tax liability based on the rates applicable to your institution.
7. Complete the payment section if applicable and include any necessary payment information.
8. Review the form for accuracy and completeness before signing.
9. Submit the completed form to the appropriate tax authority or electronically if available.

Who needs Form 63 FI - Financial Institution Excise Return?

1. Financial institutions operating within the jurisdiction that is subject to the excise tax regulations.
2. Banks, credit unions, insurance companies, and other financial service providers.

People Also Ask about

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.

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 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%.

How much is corporate excise tax in Massachusetts?

Taxable Unit: A corporation is a taxpayer separate and distinct from its shareholders. Rate Structure: The effective excise rate on corporations is 9.5% of net income apportioned to Massachusetts, and $2.60 per $1,000 of the value of Massachusetts tangible property or net worth allocable to Massachusetts.

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.

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.

For pdfFiller’s FAQs

What is Form 63 FI - Financial Institution Excise Return?

Form 63 FI - Financial Institution Excise Return is a tax form used by financial institutions to report and pay their excise tax obligations to the government.

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

All financial institutions that meet the criteria set forth by the tax regulations are required to file Form 63 FI, including banks, credit unions, and other financial service providers.

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

To fill out Form 63 FI, financial institutions should gather necessary financial information, complete all required fields accurately, and ensure they comply with applicable tax laws before submitting the form.

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

The purpose of Form 63 FI is to provide a standardized way for financial institutions to report their excise tax liabilities to ensure that they comply with tax law and contribute to federal revenue.

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

Form 63 FI requires reporting information such as total assets, taxable income, excise tax dues, and any other relevant financial data that reflects the institution's economic activities.