Get the free Form 355S S Corporation Excise Return
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This form is used by S corporations to report excise taxes due to the Massachusetts Department of Revenue, including information about corporate structure, income, and asset details.
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How to fill out form 355s s corporation
How to fill out Form 355S S Corporation Excise Return
01
Obtain Form 355S from the state's tax website or a tax professional.
02
Fill in the S Corporation's name and address at the top of the form.
03
Enter the Federal Employer Identification Number (FEIN) in the specified box.
04
Complete Part 1 by reporting the total income earned by the S Corporation.
05
Fill out Part 2 to calculate the excise tax, based on the corporation's net income.
06
If applicable, enter any credits or prepayments in Part 3 to determine the final tax liability.
07
Review the instructions for any additional reporting requirements or schedules that may be needed.
08
Sign and date the form in the appropriate section.
09
Submit the completed Form 355S to the appropriate state tax authority by the due date.
Who needs Form 355S S Corporation Excise Return?
01
S Corporations operating within the state that meet the income threshold for excise tax.
02
Any business entity that has elected S Corporation status with the IRS and conducts business in the state.
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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.
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What is Form 355S S Corporation Excise Return?
Form 355S is a tax return used by S Corporations in Massachusetts to report their excise tax obligations.
Who is required to file Form 355S S Corporation Excise Return?
S Corporations that do business or have income derived from Massachusetts must file Form 355S.
How to fill out Form 355S S Corporation Excise Return?
To fill out Form 355S, provide basic corporation information, report income, deductions, and calculate the excise tax based on the applicable rates as outlined in the form's instructions.
What is the purpose of Form 355S S Corporation Excise Return?
The purpose of Form 355S is to calculate and report the excise tax owed by S Corporations operating in Massachusetts.
What information must be reported on Form 355S S Corporation Excise Return?
Information that must be reported includes corporate name and address, gross receipts, deductions, total income, and the calculated excise tax due.
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