Get the free Form 355C Combined Corporation Excise Return
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This document is used for submitting the combined excise return for a corporation in Massachusetts, detailing federal identification, business operations, and excise calculation.
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How to fill out form 355c combined corporation
How to fill out Form 355C Combined Corporation Excise Return
01
Obtain Form 355C from the Massachusetts Department of Revenue website.
02
Fill in the basic information such as the corporation's name, address, and federal identification number at the top of the form.
03
Indicate the tax year for which the return is being filed.
04
Calculate the total gross receipts for the corporation and report it in the designated section.
05
Determine the appropriate excise tax rate to apply based on the corporation's type and revenue.
06
Complete the detailed income and deductions section, including any adjustments.
07
Calculate the total excise tax due and enter this amount in the specified area.
08
If applicable, claim any credits the corporation is eligible for, such as overpayments from previous years.
09
Sign and date the form at the bottom, certifying that the information provided is true and accurate.
10
Submit the completed Form 355C to the Massachusetts Department of Revenue by the required deadline.
Who needs Form 355C Combined Corporation Excise Return?
01
Corporations doing business in Massachusetts that meet the minimum gross receipts threshold.
02
Combined filers with multiple affiliated corporations that are required to report their income together.
03
Corporations subject to Massachusetts corporate excise tax.
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People Also Ask about
Am I required to file a Massachusetts tax return?
Everyone whose Massachusetts gross income is $8,000 or more must file a Massachusetts personal income tax return on or by April 15th following the end of every tax year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.
Who must file a Massachusetts corporate tax return?
Corporation - A corporation that is subject to the tax jurisdiction of Massachusetts is generally required to file returns with DOR.
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.
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.
Do I need to file a Massachusetts corporate tax return?
Each entity registered with the Massachusetts Secretary of the Commonwealth (the “Secretary”) may be required to register for corporate excise and file an annual corporate return with the Massachusetts Department of Revenue (the “DOR”).
Does a corporation always have to file a tax return?
A domestic corporation must file Form 1120, U.S. Corporation Income Tax Return, whether it has taxable income or not, unless it's exempt from filing under section 501. A domestic corporation that is an S corporation must file Form 1120-S, U.S. Income Tax Return for an S corporation.
What is the minimum tax in Massachusetts for corporations?
In general, a corporation subject to Massachusetts tax owes both an income measure tax and a non-income measure tax or a minimum corporate excise of $456.
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What is Form 355C Combined Corporation Excise Return?
Form 355C is a tax return used by corporations in Massachusetts to report income and calculate their corporate excise tax liability.
Who is required to file Form 355C Combined Corporation Excise Return?
All corporations doing business in Massachusetts, including partnerships, conventions, and certain limited liability companies that are treated as corporations for tax purposes, are required to file Form 355C.
How to fill out Form 355C Combined Corporation Excise Return?
To fill out Form 355C, corporations must provide details about their income, deductions, and any applicable credits. They must also report their corporate structure, shareholders, and other required information as outlined in the form instructions.
What is the purpose of Form 355C Combined Corporation Excise Return?
The purpose of Form 355C is to enable corporations to calculate and report their excise tax liability to the state of Massachusetts, ensuring compliance with state tax laws.
What information must be reported on Form 355C Combined Corporation Excise Return?
Form 355C must include information on the corporation's gross receipts, income, apportionment factors, deductions, credits, and any additional supporting schedules required by the form.
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