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Fill in a Valid Massachusetts 355U Form

The Massachusetts 355U form is a tax document specifically designed for corporations that are part of a combined reporting group. This form allows businesses to report their excise tax obligations, ensuring compliance with state tax laws. Understanding the details of the 355U form is essential for companies to accurately calculate their taxes and avoid potential penalties.

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Article Structure

The Massachusetts 355U form is an essential document for corporations subject to combined reporting in the state. Designed for the 2011 tax year, it facilitates the reporting of excise taxes for groups of affiliated corporations. This form gathers critical information, including the name and federal identification number of the principal reporting corporation, as well as contact details for inquiries. It requires taxpayers to indicate the type of group—financial, non-financial, or mixed—and whether they are making an affiliated group or worldwide election. Additionally, it addresses questions about interest and intangible expenses paid to related entities, audits by the IRS, and various tax credits, such as those for film and life sciences. The form also includes a detailed excise tax calculation section, where corporations report their total excise due, any credits taken, and payments made. By capturing a comprehensive picture of a corporation's financial activities, the 355U form ensures compliance with Massachusetts tax regulations while providing a framework for calculating tax liabilities accurately.

Massachusetts 355U Example

Form 355U

Excise for Taxpayers

Subject to Combined Reporting

2011

Massachusetts

Department of

Revenue

Forcalendaryear2011ortaxableperiodbeginning		2011andending

Name of principal reporting corporation	Federal Identificationnumber
3	3

Principal address	City/Town	State	Zip

Contact person	Telephone number

1Type of group (check one only): 3 Financial Non-financial Mixed

2Are you making or are you subject to an affiliated group or worldwide election? 3 Affiliated group Worldwide Neither

3If an affiliated group or worldwide election applies, is it a new election for the current year? 3 Yes No

4Is any member of the group requesting alternate apportionment? 3 Yes No

5Is this an amended filing? 3 Yes No

6Is the group or any member deducting interest expense paid to a related entity? 3 Yes No

7Is the group or any member deducting intangible expense paid to a related entity? 3 Yes No

8Does the group have an excluded parent? 3 Yes No

9Has the group elected a Massachusetts adjusted basis for non-taxable members? 3 Yes No

10Is any member currently under audit by the Internal Revenue Service (IRS)? 3 Yes No

11Is any member taking a Massachusetts film credit against its income excise tax? 3 Yes No

12Is any member taking a life science credit against its income excise tax? 3 Yes No

13 Last year for which any member was audited by IRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 13

14 Enter the number of federal disclosure statements filed by members for this tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 14

15 Enter the number of Massachusetts taxpayer disclosure statements included with return . . . . . . . . . . . . . . . . . . . . . . . . . . 3 15

16 Total number of taxable members included in the combined report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 16

17 Number of members subject to non-income measure only. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 17

18 Number of non-taxable members in the combined group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 18

19 Number of U.S. Schedules M-3 filed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 3 19

20 Number of members subject to fiscalization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 20

Excise Tax Calculation

Download Massachusetts 355U PDF Form

Form Specs

Fact Name	Description
Purpose of Form	The Massachusetts Form 355U is used for excise tax reporting by taxpayers who are part of a combined reporting group.
Governing Law	This form is governed by Massachusetts General Laws Chapter 63, which outlines the state's corporate excise tax regulations.
Filing Requirements	Taxpayers must file Form 355U if they are part of a combined reporting group and meet specific criteria set by the Massachusetts Department of Revenue.
Amendments	The form allows for amended filings, providing a way for groups to correct previously submitted information.

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21	Total financial institution excise due from members	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 21
22	Total utility corporation excise due from members	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 22
23	Total business corporation measure of excise due from members. . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 23
24	Total excise before credits and payments.Add lines 21 through 23. .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 24
25	Credits taken by corporations using their own credits	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 25
26	Credits taken under sharing rules		. . . . . . . . . 3 26
27	Excise due before voluntary contribution	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 27
28	Voluntary contribution for endangered wildlife conservation		. . . . . . . . . 3 28
29	Excise due plus voluntary contribution.Add lines 27 and 28	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 29
30	2010 overpayment applied to 2011 tax (from Schedule CG, Part 1, line 2)		. . . . . . . . . 3 30
31	Estimated tax payments (group) (from Schedule CG, Part 1, total of lines 3 through 6)		. . . . . . . . . 3 31
32	Payment with extension (group) (from Schedule CG, Part 1, line 7) .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 32
33	Pass-through entity withholding (total of all Schedules U-ST, line 42)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 33
34	Total refundable credits (total of all Schedules U-ST, line 43)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 34
35	Other payment or refund for this tax year	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 35
36	Total payments for the combined group	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 36
37	Amount overpaid. Subtract line 29 from line 36	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 37
38	Amount overpaid to be credited to 2012 estimated tax	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . 3 38
39	Amount overpaid to be refunded	. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .	. . . . . . . . . 3 39
40	Balance due. Subtract line 36 from line 29	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 40
41	M-2220 penalty 3 $_______________________; Other penalties 3	$ ______________________	Total penalty 41
42	Interest	. . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . .3 42
43	Excise due plus statutory additions	. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .	. . . . . . . . . 3 43