Massachusetts Extension Application Details

Form 355 7004 is an important form that you will likely need to submit if your business engages in any type of foreign trade. The form is used to report certain information to the U.S. Customs and Border Protection (CBP) agency. Knowing what is required on the form and ensuring that it is filled out correctly can help ensure that your business operations run smoothly and without interruption. Let's take a closer look at what you need to know about Form 355 7004.

This table holds details about form 355 7004. It's worth finding the time to read through this prior to starting filling in your form.

QuestionAnswer
Form NameForm 355 7004
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesform 355 7004, massachusetts form 355 7004, form extension ma, form 355 extension

Form Preview Example

Massachusetts Department of Revenue

Form 355-7004

CorporateExtensionPaymentWorksheetandVoucher

If you are mandated to pay electronically do NOT use the voucher form below. See TIR 16-9.

Worksheet for Tax Due

1 Estimated amount of tax for the taxable year (must be at least minimum tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Advance and/or estimated payments made (if any) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Tax due. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

The full amount of tax due reported on line 3 must be paid by or before the return due date. If there is no tax due on line 3; no further action is needed for the extension. If there is a tax due on line 3, pay online at mass.gov/masstaxconnect or use the voucher below. If at least 50% of the tax due for the taxable year or the minimum tax (whichever is greater) is not paid by the original return due date, the extension is null and void, and penalties and interest for a late return and any late payments will be assessed from the original due date of the return.

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.

DETACH HERE

2018 Form 355-7004

Massachusetts Corporate Extension Payment Voucher

Payment for period end date (mm/dd/yyyy)

Tax type

Voucher type

ID type

Vendor code

 

014

18

004

0001

 

 

 

 

Name of business

 

Federal Identification number

Check if incorporated in Massachusetts

 

 

 

 

 

Business address

 

 

 

 

 

 

 

 

 

City/ Town

 

State

Zip

Amount enclosed

 

 

 

 

$

 

 

 

 

 

Pay online at mass.gov/masstaxconnect. Or, return this voucher with check or money order payable to: Commonwealth of Massachusetts.

Mail to: Massachusetts Department of Revenue, PO Box 7062, Boston, MA 02204.

FORM 355-7004, PAGE 2

How Do I Use This Worksheet and Voucher?

Use this worksheet to calculate the tax due that must be paid by or before the original due date of the return. Pay online with MassTax- Connect at mass.gov/masstaxconnect or use the Form 355-7004 voucher. If using the voucher, be sure to cut where indicated. Do not submit the entire worksheet with the Form 355-7004 payment voucher or your payment may be delayed. Mail the completed voucher with your payment to: Massachusetts Department of Revenue, PO Box 7062, Boston, MA 02204.

Note: Corporations with $100,000 or more in receipts or sales must submit their extension payment, electronically. Also, any corporation making an extension payment of $5,000 or more must make the pay- ment using electronic means. For further information on electronic fil- ing and payment requirements, see TIR 16-9.

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