Form 355 7004 – Fill Out and Use This PDF

General Information

Extension Process for Corporate Excise Taxpayers

The extension process is now automated so that all corporate excise taxpayers are given an extension of time to file their tax returns if cer- tain payment requirements are met. Corporate excise taxpayers must have paid the greater of (1) 50% of the total amount of tax ultimately due or (2) the minimum corporate excise by the original due date for filing the return. Taxpayers meeting the payment requirements will be given a seven-month extension in the case of corporate excise tax- payers filing combined reports and a six-month extension in the case of other corporate excise taxpayers. However, taxpayers filing unre- lated business income tax returns will be given an eight-month ex- tension. See TIR 15-15 for more information.

Note: For corporate excise returns due on or after January 1, 2018, the return due date for business corporations and S corporations included in a combined group is now four months from the close of the corporation's or the principal reporting corporation's tax year. See TIR 17-5; see also Proposed Regulation 830 CMR 62C.11.1

When Should the Payment with Form 355-7004 be Submitted?

For corporate excise taxpayers that are business corporations, and S corporations included in a combined group, any amount due must be paid either electronically or by using the voucher below on or be-

fore the 15th day of the fourth month after the close of the taxable year, calendar or fiscal. For calendar year filers the due date is April 16, 2019.

For S corporations that are not included in a combined group, any amount due must be paid either electronically or by using the voucher below before the 15th day of the third month after the close of the taxable year, calendar or fiscal. For S corporations that are calendar year filers the due date is March 15, 2019.

If at least 50% of the tax due or the minimum tax (whichever is greater) is not paid by the return due date, the extension is null and void. If filing Form 355U, payments may be allocated to subsidiaries when Schedule CG is filed.

Will Interest and Penalties Be Due?

An extension of time to file a corporation tax return does not extend the due date for payment of the tax. Interest will be charged on any tax not paid on or before the original due date. Any tax not paid within the extended period is subject to a penalty of 1% per month, up to a maximum of 25%, from the extended due date. If the extension is invalidated for failure to meet the payment requirements then penal- ties and interest for a late return and late payment will be assessed from the original due date of the return.