Get the free Form 355S S Corporation Excise Return

This document is a tax form used by S corporations in Massachusetts for reporting income and calculating excise taxes for the calendar year 2015.

How to fill out form 355s s corporation

How to fill out Form 355S S Corporation Excise Return

1. Gather necessary information about your S Corporation, including your federal Employee Identification Number (EIN).
2. Download Form 355S from the Massachusetts Department of Revenue website.
3. Provide the corporation's name, address, and EIN in the designated fields at the top of the form.
4. Indicate the tax year for which you are filing the return.
5. Input the total amount of the corporate excise due in the corresponding field.
6. Complete the various sections detailing income, deductions, and other financial information as required.
7. Check for accuracy all the figures you entered, ensuring that they match your financial records.
8. Sign and date the form at the bottom, confirming the information is true and correct.
9. Submit the completed Form 355S either electronically or by mail to the Massachusetts Department of Revenue by the due date.

Who needs Form 355S S Corporation Excise Return?

1. Any S Corporation doing business in Massachusetts or receiving income from Massachusetts sources.
2. Corporations that qualify under §1361 of the Internal Revenue Code and have elected to be treated as an S Corporation.

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 document used by S corporations in certain states to report their income, deductions, and taxes owed for the fiscal year.

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

S corporations that are doing business in the state and meet the state-specific guidelines for filing are required to file Form 355S.

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

To fill out Form 355S, corporations must provide details such as their name, address, federal employer identification number (EIN), income, deductions, and calculate the excise tax owed based on applicable rates.

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

The purpose of Form 355S is to ensure that S corporations report their earnings and pay the appropriate state excise tax based on their income.

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

Form 355S requires reporting information including the corporation's gross income, allowable deductions, taxable income, and the calculation of the excise tax owed.