The Massachusetts 355U form, designated for Excise for Taxpayers Subject to Combined Reporting, is a critical document that outlines the fiscal responsibilities of corporations operating within a combined reporting group for the calendar year 2011. Introduced by the Massachusetts Department of Revenue, this form aims to streamline the reporting and taxation process for principal reporting corporations and their affiliates, ensuring that all financial activities are transparently and accurately accounted for. It requires detailed information, including the name and address of the principal reporting corporation, identification numbers, the type of group (whether financial, non-financial, or mixed), and specific elections made regarding the group's reporting status, such as choosing to be treated as an affiliated group or making a worldwide election. Moreover, the form delves into specifics about the group's financial dynamics, asking if any member is requesting alternate apportionment, or if there are deductions for interest or intangible expenses paid to related entities. Other inquiries include whether the filing is amended, any exclusions, elections concerning the Massachusetts adjusted basis for non-taxable members, and if any member is currently undergoing an IRS audit. The documentation extends to tax calculation, asking for detailed figures regarding excise due, credits, payments, and the final reconciliation of overpayments or amounts due. The comprehensive nature of the form ensures that corporations contributing to the Commonwealth's economy do so with integrity, adhering to all regulatory requirements put forth by the state.
| Question | Answer |
|---|---|
| Form Name | Massachusetts Form 355U |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | taxable, Massachusetts, U-ST, form 355u |
Form 355U
Excise for Taxpayers
Subject to Combined Reporting
2011
Massachusetts
Department of
Revenue
Forcalendaryear2011ortaxableperiodbeginning |
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2011andending |
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Name of principal reporting corporation |
Federal Identificationnumber |
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3 |
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Principal address |
City/Town |
State |
Zip |
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Contact person |
Telephone number |
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1Type of group (check one only): 3 Financial
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
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
18 Number of
19 Number of U.S. Schedules
20 Number of members subject to fiscalization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 20
Excise Tax Calculation
21 |
Total financial institution excise due from members |
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22 |
Total utility corporation excise due from members |
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23 |
Total business corporation measure of excise due from members. . . |
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24 |
Total excise before credits and payments.Add lines 21 through 23. . |
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25 |
Credits taken by corporations using their own credits |
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26 |
Credits taken under sharing rules |
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27 |
Excise due before voluntary contribution |
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28 |
Voluntary contribution for endangered wildlife conservation |
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29 |
Excise due plus voluntary contribution.Add lines 27 and 28 |
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30 |
2010 overpayment applied to 2011 tax (from Schedule CG, Part 1, line 2) |
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31 |
Estimated tax payments (group) (from Schedule CG, Part 1, total of lines 3 through 6) |
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32 |
Payment with extension (group) (from Schedule CG, Part 1, line 7) . |
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33 |
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34 |
Total refundable credits (total of all Schedules |
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35 |
Other payment or refund for this tax year |
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36 |
Total payments for the combined group |
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37 |
Amount overpaid. Subtract line 29 from line 36 |
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. . . . . . . . . . . 37 |
38 |
Amount overpaid to be credited to 2012 estimated tax |
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39 |
Amount overpaid to be refunded |
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40 |
Balance due. Subtract line 36 from line 29 |
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41 |
$ ______________________ |
Total penalty 41 |
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42 |
Interest |
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43 |
Excise due plus statutory additions |
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. . . . . . . . . 3 43 |