Get the free Form 355S S Corporation Excise Return

This document is a return form for S corporations in Massachusetts to report their excise tax for the tax year 2002.

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 website or office.
2. Fill in the corporation's name, address, and identification number at the top of the form.
3. Report total gross income in the designated section accurately, including any other taxable income.
4. Complete the sections for deductions and credits that apply to your S Corporation.
5. Calculate the total excise tax owed based on your corporation's income and applicable rates.
6. Review the form for accuracy and completeness before signing.
7. Submit the completed Form 355S by the specified deadline, ensuring to keep a copy for your records.

Who needs Form 355S S Corporation Excise Return?

1. Any S Corporation doing business in the state that is required to pay excise tax.
2. Corporations that have elected S Corporation status under IRS regulations.
3. Businesses with taxable income exceeding the state’s threshold for excise tax liability.

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 S Corporation Excise Return is a tax form used by S corporations in certain states to report their income, deductions, and tax liability. It is specifically designed for S corporations to comply with state excise tax requirements.

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

S corporations that operate in states requiring this form must file it. Typically, any S corporation that has income, engages in business, or has shareholders in that state is required to submit Form 355S.

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

To fill out Form 355S, corporations need to provide information such as the corporation's name, address, federal identification number, and relevant financial data including income, deductions, and credits. Detailed instructions are typically provided on the form or accompanying documentation.

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

The purpose of Form 355S is to assess and collect state excise taxes from S corporations. It evaluates the corporation's financial performance and ensures compliance with state tax laws.

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

Form 355S requires reporting information such as total revenue, deductible expenses, taxable income, and any applicable credits. Additionally, it may require details about shareholders and their distributions.