Get the free Massachusetts Combined Corporation Excise Return Form 355C

This document provides the necessary forms and instructions for corporations filing their combined excise return in Massachusetts for the tax year 2004.

How to fill out massachusetts combined corporation excise

How to fill out Massachusetts Combined Corporation Excise Return Form 355C

1. Gather necessary financial documents including balance sheets, income statements, and any supporting schedules.
2. Obtain the Massachusetts Combined Corporation Excise Return Form 355C from the Massachusetts Department of Revenue website.
3. Fill out the top section of the form with your corporation's name, address, and federal identification number.
4. In Section 1, report your corporation's total receipts and net income for the tax year.
5. Complete Sections 2 and 3, detailing income adjustments, deductions, and any applicable tax credits.
6. Calculate your excise tax liability based on the instructions provided on the form.
7. Fill out the payment section indicating how much tax you are remitting with the return.
8. Complete any additional required schedules or attachments, such as the Schedule S or Schedule F.
9. Sign and date the form, indicating the person responsible for filing the return.
10. Submit the completed form and any payment by the due date, either electronically or via mail to the specified address.

Who needs Massachusetts Combined Corporation Excise Return Form 355C?

1. Corporations and limited liability companies (LLCs) doing business in Massachusetts
2. Businesses that generate income in Massachusetts and meet certain financial thresholds
3. Any entity that is required to file taxes in Massachusetts and is subject to the state's corporate excise tax

People Also Ask about

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.

What is a combined return?

In a combined report, the entire amount of unitary business income of all corporations in the unitary group (including unitary members with no property, payroll, or sales within California) is aggregated in the combined report.

Who must file Massachusetts partnership return?

A partnership must annually file a Form 3, Partnership Return, to report the partnership's income to the MA DOR if: It has a usual place of business in Massachusetts, or. Receives federal gross income of more than $100 during the taxable year.

What is the combined income tax in Massachusetts?

Your Income Taxes Breakdown TaxMarginal Tax RateEffective Tax Rate FICA 7.65% 7.65% State 5.00% 4.02% Local 0.00% 0.00% Total Income Taxes 19.24%4 more rows

Is Massachusetts a combined filing state?

Massachusetts requires all corporations that are part of the combined group to use Department of Revenue (DOR) schedules to report their income as determined for federal income tax purposes and certain adjustments.

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.

What is a Massachusetts combined return?

A combined report is a computational schedule that is generally required to be filed when a corporation that is subject to tax under M.G.L. c. 63 is engaged in a unitary business with one or more other corporations that are required to be included in a combined report under M.G.L. c. 63, § 32B.

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What is Massachusetts Combined Corporation Excise Return Form 355C?

Massachusetts Combined Corporation Excise Return Form 355C is a tax form used by certain corporations to report their income and calculate the corporate excise tax due to the Commonwealth of Massachusetts.

Who is required to file Massachusetts Combined Corporation Excise Return Form 355C?

Corporations that are part of a combined group and have income that is derived from doing business in Massachusetts are required to file Massachusetts Combined Corporation Excise Return Form 355C.

How to fill out Massachusetts Combined Corporation Excise Return Form 355C?

To fill out Form 355C, taxpayers must provide information regarding the combined group's income, apportionment factors, deductions, and any other required financial information as prescribed by the Massachusetts Department of Revenue.

What is the purpose of Massachusetts Combined Corporation Excise Return Form 355C?

The purpose of Form 355C is to calculate the corporate excise tax based on the combined income of affiliated corporations doing business in Massachusetts, ensuring that the state's tax system accounts for the multi-entity structure of corporations.

What information must be reported on Massachusetts Combined Corporation Excise Return Form 355C?

Reported information on Form 355C includes total income, apportionment percentages, the names of the corporations in the combined group, tax credits, and other relevant financial data necessary for the calculation of the excise tax.