Get the free Massachusetts Form 355U (Excise for Taxpayers Subject to ...

2017Form 355U Excise for Taxpayers Subject to Combined Reporting For calendar year 2017 or taxable period beginning Name of principal reporting corporationDepartment of Revenue2017 and ending Federal

How to fill out massachusetts form 355u excise

How to fill out massachusetts form 355u excise

1. To fill out Massachusetts Form 355U excise, follow these steps:
2. Start by providing your business name and federal employer identification number (FEIN) in the designated fields.
3. Fill in your business address, including the street, city, state, and zip code.
4. Report the exact date your business began operating in Massachusetts.
5. Enter the total receipts from sales within Massachusetts for the entire taxable year.
6. Deduct any amounts considered non-taxable receipts and provide explanations for each deduction.
7. Calculate the taxable income by subtracting non-taxable receipts from total receipts.
8. Determine the applicable tax rates based on your taxable income and enter them accordingly.
9. Compute the total excise tax due by applying the tax rates to the taxable income.
10. If applicable, claim any credits or deductions that may reduce your excise tax liability.
11. Finally, sign and date the form before submitting it to the Massachusetts Department of Revenue.

Who needs massachusetts form 355u excise?

1. Massachusetts Form 355U excise is required for businesses operating in Massachusetts that have a gross income of $100,000 or more, regardless of their legal structure.
2. This form is used to calculate and report the excise tax owed by corporations, S corporations, partnerships, and limited liability companies (LLCs) that are classified as corporations for tax purposes.
3. Individuals and sole proprietorships are not required to file Massachusetts Form 355U excise.

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What is Massachusetts form 355U excise?

Massachusetts Form 355U is the Corporate Excise Tax Return used by the Commonwealth of Massachusetts for reporting corporate income and determining the corporate excise tax obligation for corporations and financial institutions.

Who is required to file Massachusetts form 355U excise?

Any domestic or foreign corporation conducting business in Massachusetts, as well as financial institutions with business operations in the state, are required to file Form 355U.

How to fill out Massachusetts form 355U excise?

To fill out Form 355U, taxpayers must gather their financial documents, report gross receipts, determine their apportionment factors, calculate their excise tax based on the appropriate rate, and complete the required sections of the form, ensuring all information is accurate before submission.

What is the purpose of Massachusetts form 355U excise?

The purpose of Form 355U is to assess and collect the corporate excise tax based on the income and business activities of corporations and financial institutions operating within Massachusetts.

What information must be reported on Massachusetts form 355U excise?

Form 355U requires reporting of gross receipts, net income, apportionment factors, and other pertinent financial data to accurately calculate the corporate excise tax owed to the state.