Get the free Form 355S S Corporation Excise Return

This document is used by S corporations in Massachusetts to report excise taxes owed based on their taxable income and other financial details.

How to fill out form 355s s corporation

How to fill out Form 355S S Corporation Excise Return

1. Obtain Form 355S from the appropriate tax authority's website or office.
2. Enter your S Corporation's name, address, and federal identification number at the top of the form.
3. Complete the income section by reporting all sources of income earned by the corporation.
4. Calculate allowable deductions based on the business expenses incurred.
5. Fill in the tax calculation section, applying the appropriate tax rates to the taxable income.
6. Include any applicable credits that may reduce your tax liability.
7. Review the form for accuracy and completeness.
8. Sign and date the form where indicated.
9. Submit the completed form by the due date to the specified address on the form.

Who needs Form 355S S Corporation Excise Return?

1. All S Corporations operating in the specified jurisdiction that are required to report their excise tax obligations for the taxable year.

People Also Ask about

What is Massachusetts Form 355?

The Massachusetts Corporation Excise Return Form 355 is designed for corporations operating within the state to report their income and comply with tax laws.

What is the excise tax on an S corporation in Massachusetts?

An S corporation financial institution is taxed at 9.0% on any income that is taxable at the federal level. An S corporation financial institution with gross receipts that are $6 million or more but less than $9 million is subject to the corporate excise at a rate of 2.67% on net income subject to tax.

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.

Who needs to file an excise tax return?

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. Sale or use by the manufacturer.

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.

Who pays corporate excise tax in MA?

Interstate and International Aspects: All domestic corporations are subject to the corporate excise by reason of corporate existence at any time during the taxable year. Foreign corporations doing business within the state or owning property in the state are also subject to the excise.

Who must file a Massachusetts corporate tax return?

A general business corporation is typically subject to the tax jurisdiction of Massachusetts when it owns or uses property in the state, has employees in the state or is otherwise doing business in the state. If a corporation is subject to Massachusetts' tax jurisdiction it is said to have nexus with the Commonwealth.

For pdfFiller’s FAQs

What is Form 355S S Corporation Excise Return?

Form 355S is a tax return specifically for S Corporations operating in Massachusetts. It is used to report the corporation's income, deductions, and calculate the excise tax owed to the state.

Who is required to file Form 355S S Corporation Excise Return?

All S Corporations that are doing business in Massachusetts or have income derived from Massachusetts sources are required to file Form 355S, regardless of whether they owe any excise tax.

How to fill out Form 355S S Corporation Excise Return?

To fill out Form 355S, a corporation must gather financial information such as revenue, expenses, and deductions. The corporation completes the form by providing the required information in the designated sections and calculating the excise tax based on its net income and applicable rates.

What is the purpose of Form 355S S Corporation Excise Return?

The purpose of Form 355S is to report an S Corporation's financial activity to the Massachusetts Department of Revenue and to determine the corporation's excise tax liability based on its income.

What information must be reported on Form 355S S Corporation Excise Return?

Form 355S requires reporting of various financial details including total revenue, total expenses, net income, distributions to shareholders, and any applicable credits, along with other specific S Corporation information.