S corporations that are participating in a combined report of their net income to Massachusetts must file Form 355U together with payment in full of any corporate excise due, on or before the 15th day of the fourth month after the close of the taxable year, calendar or fiscal. S Corporations meeting certain payment requirements will be given an automatic six-month extension. S Corporation returns, together with payment in full of any corporate excise due, must be filed on or before the 15th day of the third month after the close of the taxable year, calendar or fiscal. See TIR 17-5. S corporations must also annually provide a Schedule SK-1 to each shareholder to inform them of their distributive shares of:įor more information on these requirements, please refer to the Form 355S instructions, 830 CMR 62C.11.1 and Form 63FI instructions. A Massachusetts Schedule SK-1 for each resident and nonresident shareholder.S corporations must also include with the annual filing: A Massachusetts S corporation that is included in a 355U also files Form 355S or 63FI but that return will generally be informational only. Massachusetts S corporations must annually file Form 355S or Form 63 FI. There are no rate changes for S Corporation financial institutions in 2021. In addition, S corporation financial institutions are subject to a minimum excise of $456.An S corporation financial institution with gross receipts that are $9 million or more is subject to the corporate excise at a rate of 4.00% on net income subject to tax. An S corporation financial institution with gross receipts that are $6 million or more but less than $9 million is subject to the corporate excise at a rate of 2.67% on net income subject to tax.An S corporation financial institution is taxed at 9.0% on any income that is taxable at the federal level.More specifically the corporate excise for an S corporation financial institution is calculated as follows: There are no rate changes for S corporations in 2021.įinancial institutions that are S corporations are taxed as a financial institution S corporation under MGL ch 63, § 2B and are not subject to the non-income measure of the corporate excise. In addition, S corporations, like traditional corporations, are subject to a minimum excise of $456.An S corporation with gross receipts that are $9 million or more is subject to the income measure of the corporate excise at a rate of 3.00% on net income subject to tax.An S corporation with gross receipts that are $6 million or more but less than $9 million is subject to the income measure of the corporate excise at a rate of 2.00% on net income subject to tax.An S corporation is subject to the income measure of the corporate excise at a rate of 8.0% on certain built-in gains that are taxable at the federal level under IRC § 1374 and on passive investment income taxable at the federal level under IRC § 1375.
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