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Massachusetts Form 355 Instructions 2013

2013 Massachusetts Corporation Excise Return Form 355 Instructions

Mayor 2013 tax law changes

The new employer wellness program credit is effective for tax yars beginning on or after January, 1, 2013, and is set to expire on December 31, 2017. Those taxpayers that have a certified well- ness program will claim the credit on Schedule CR. For more information on this credit, see page 8 of this booklet.

The Brownfields Credit commencement cut-off date has been extended to August 5, 2018 and the time for incurring eligible costs that qualify for the credit has been extended to January 1, 2019.

Which Form

Should Be Filed?

Businesses which are incorporated under the laws of the Commonwealth or businesses doing business in Massachusetts but incorporated else- where should file Form 355.

A corporation organized in Massachusetts is eligi- ble to use the simpler Form SBC if it met all of the following conditions during the taxable year:

◗had gross receipts or sales, and total income under $100,000;

◗had 100% of its net income taxable in Mass- achusetts and was not subject to corporate tax in another state;

◗was not a DISC, an S corporation or a security corporation;

◗is not claiming any credits, special deductions or adjustments against its Massachusetts corpo- rate excise; and

◗does not own 50% or more of the voting stock of another corporation and did not have 50% or more of its voting stock owned by another corporation.

The Department of Revenue also has the follow- ing tax forms to meet the unique filing needs of combined filers, security corporations and S corporations.

Corporations which are participating in a combined report of their net income to Massachusetts must file Form 355U. Beginning in 2011, most com- bined report filers will also pay the non-income measure of excise when filing the 355U; combined report filers are not required to also file a Form 355 unless their taxable year ends at a different time than the taxable year of the combined report. See the instructions for the Registration Section, question number 4 for further information.

Corporations engaged exclusively in buying, sell- ing, dealing in or holding securities on their own behalf and not as brokers must file Form 355SC.

S corporations which are incorporated under the laws of the Commonwealth or S corporations doing business in Massachusetts but incorporated else- where should file Form 355S.

If a corporation files Form 355, 355U, 355S or 355SC, the return must be submitted electroni- cally provided that gross revenues from all sources are $100,000 or greater. Failure to sub- mit the return electronically may result in a penalty of $100. For further information on elec- tronic filing requirements, see TIRs 04-30 and 05-22.

Corporations amending an originally filed corpo- ration excise re turn with respect to federal net in-

come should file Form CA-6, Application for Abate- ment/Amended Return.

Note: Under Massachusetts law, all corporations registered in the Commonwealth are required to file an Annual Report form with the Secretary of State on or before the 15th day of the third month after the close of their fiscal year. Annual Report forms can be obtained by calling (617) 727-9440. For further information on this requirement, call the Secretary of State’s Cor porate Information Line at (617) 727-9640.

Form 355 pdf format of    Form 355   , Massachusetts Business or Manufacturing Corporation Excise Return