Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation Form In Massachusetts
State:
Multi-State
Control #:
US-0046-CR
Format:
Word;
Rich Text
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To submit Form 355S, you can use the electronic filing option available through the Massachusetts Department of Revenue's website. For physical submissions, mail your completed form to the Department of Revenue, P.O. Box 7010, Boston, MA 02204.
The primary purpose of Form 355S is to report the income, deductions, gains, losses, and other information required for S Corporations in Massachusetts. This form allows S Corporations to comply with state tax laws and ensure accurate reporting of their financial activity.
Corporate excise taxpayers not filing as part of a combined report receive an automatic 6-month extension to file. These taxpayers generally include S Corporations, Security Corporations, Financial Institutions, Insurance Companies, Urban Redevelopment Companies, and Business Corporations.
A partnership must annually file a Form 3, Partnership Return, to report the partnership's income to the MA DOR if: It has a usual place of business in Massachusetts, or. Receives federal gross income of more than $100 during the taxable year.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
The Commonwealth of Massachusetts treats businesses that file as an S corp for federal purposes the same way when it comes to Massachusetts income tax. That is, the same pass-through taxation that applies to federal income taxes applies to the income taxes for the commonwealth.
The personal representative of the estate must file the estate tax return. If there is no personal representative, the person who has the decedent's property must file the return. The term personal representative includes: Executor.
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.
Choose a business name for your S corp. File articles of incorporation. Issue stock for your S corp. Elect a board of directors and appoint officers. Meet other S corp eligibility requirements. Obtain an employer identification number. Elect S corp status. Apply for state and local S corp business licenses.
Establishing a corporation in Massachusetts Make sure your business name is available. File with the Secretary of the Commonwealth. Report beneficial ownership information (BOI) ... Decide if you need a business certificate (DBA) ... Get an EIN (Employer Identification Number) from the IRS. Register with MassTaxConnect.
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All business corporations organized under the laws of the Commonwealth, except those dissolved prior to July 1, 2004, file on the forms provided below. You must form an LLC or C corporation before submitting Form 2553 to elect S corp status.The EF form (below) includes MA in the forms being efiled. 1120EF (Corporation packages). A foreign corporation must file a certificate of registration within 10 days after it starts to transact business in the commonwealth. The MA tax looks at total income assumed to have occurred in the residency period. Massachusetts S Corporation kit with instructions, forms and general information on incorporating in Massachusetts. 1. Gather all necessary financial documents and information. Step 6: File Form 2553 for Your SCorp Business in Massachusetts.