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This document is a tax form used by corporations in Massachusetts to report excise taxes and related financial information to the state.

How to fill out combined corporation excise return

How to fill out Combined Corporation Excise Return

1. Gather necessary business information including your business entity details and identification numbers.
2. Ensure you have the financial records for the reporting period, including revenue and expenses.
3. Obtain a copy of the Combined Corporation Excise Return form from the appropriate tax authority.
4. Begin filling out the form by entering your business information in the designated sections.
5. Report your total income, deductions, and credits as per your financial records.
6. Calculate the excise tax by following the instructions provided on the form.
7. Review the completed return for accuracy and completeness.
8. Sign and date the return before submission.
9. Submit the return by the specified deadline, along with any required payment.

Who needs Combined Corporation Excise Return?

1. Corporations operating in the state that generate taxable income.
2. Businesses that meet specific criteria outlined by state tax authorities.
3. Entities with multiple corporations that operate as part of a unified business structure.

People Also Ask about

Who must file MA form 355?

Types of Business Taxes in Massachusetts Filing Requirements: C corporations must file Form 355 by the 15th day of the fourth month after the tax year ends. S corporations must file Form 355S by the 15th day of the third month after the tax year ends. Estimated Payments: Required if liability exceeds $1,000.

What is Massachusetts corporate combined excise tax?

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.

What is the excise tax on electricity in Illinois?

Electricity Excise Tax $. 0033 per kwh / first 2,000 kwhs.

What vehicles are exempt from excise tax?

Automobile truck bodies and chassis with a gross vehicle weight of 33,000 lb. or less, truck trailer and semi-trailer bodies and chassis for use with a trailer or semi-trailer having a gross vehicle weight of 26,000 lb. or less, and tractors mainly used for highway transportation with a trailer or semi-trailer having a

What are excise returns?

Excise taxes are primarily business taxes. They are separate from other taxes that corporations must pay, such as income taxes. Businesses charging and receiving excise taxes are required to file Form 720 Federal Excise Tax Return on a quarterly basis and include quarterly payments.

How can I avoid federal excise tax?

This is done by filing an exemption certificate with the order. (The Exemption Certificate, STD. 802, is available from Department of General Services, Office of Procurement, Material Services Section.)

Why do I have to pay excise tax?

Excise taxes target specific goods or services such as fuel, tobacco, and alcohol. These taxes are typically paid by businesses but are passed on to consumers in the form of higher prices. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit).

For pdfFiller’s FAQs

What is Combined Corporation Excise Return?

The Combined Corporation Excise Return is a tax return used by corporations to report their excise taxes due to the state or local government. It combines multiple forms and information into a single return for convenience.

Who is required to file Combined Corporation Excise Return?

Corporations engaged in business activities within the jurisdiction that impose an excise tax are required to file the Combined Corporation Excise Return, including those operating as corporations, partnerships, or limited liability companies.

How to fill out Combined Corporation Excise Return?

To fill out the Combined Corporation Excise Return, one must provide necessary information such as the corporation's name, address, federal employer identification number, total revenue, deductions, and calculate the excise tax owed based on applicable rates.

What is the purpose of Combined Corporation Excise Return?

The purpose of the Combined Corporation Excise Return is to report the tax obligations of corporations to ensure compliance with tax laws and to provide a consolidated view of the company's tax liabilities.

What information must be reported on Combined Corporation Excise Return?

The information that must be reported includes the corporation's identifying details, sales and revenue figures, allowable deductions, tax calculation details, and signatures of authorized representatives.