Get the free Form 355S S Corporation Excise Return

This form is used by S Corporations in Massachusetts to report excise tax on their income and assets for the tax year 2010. The document includes sections for providing the corporation's identification

How to fill out form 355s s corporation

How to fill out Form 355S S Corporation Excise Return

1. Gather necessary business information including the legal name, address, and federal employer identification number (FEIN).
2. Obtain the total income for the accounting year, including gross receipts and other income sources.
3. Calculate the total deductions allowed for the year such as operating expenses, salaries, and other necessary deductions.
4. Determine the net income by subtracting total deductions from total income.
5. Fill out the Form 355S by inputting revenue and deduction information in the appropriate sections.
6. Review the form for accuracy and ensure all calculations are correct.
7. Sign and date the form, then prepare for submission either by mailing it to the designated address or filing electronically if applicable.

Who needs Form 355S S Corporation Excise Return?

1. Any S Corporation operating in Massachusetts that needs to report its excise tax obligations.

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 designed for S Corporations operating in certain states to report their excise tax obligations.

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

S Corporations that are doing business in the state that requires this form are mandated to file Form 355S.

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

To fill out Form 355S, S Corporations should gather necessary financial documents, complete the required sections of the form accurately, and ensure that all calculations are correct before submission.

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

The purpose of Form 355S is to report the income, deductions, and other tax-related information of an S Corporation for the purpose of excise tax assessment.

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

The form typically requires reporting of gross income, deductions, credits, and any applicable state adjustments specific to the S Corporation's financial status.