Form 355x - Amended Corporation Excise Return (Page 3 of 4) in pdf

Reason for filing

S corporations making changes to Schedule K-1, SK-1 or a like

Check the reason for filing the amended return.

schedule that flows through to individual shareholders and does not

result in a change to corporate excise should still file Form 355X.

Type of return amending

Attach original and amended schedules that have changed from

Check the appropriate box for the type of return that is being

the original filing. Individual shareholders must file Form 33X, Mass-

amended. Corporations amending a previously filed Form 355C-A

achusetts Amdended Income Tax Return, report any change to

or 355C-B may do so on Form 355X.

their income resulting from a change to their S corporation income.

All relevant schedules must be attached to Form 355X and 33X.

Note: Attach copies of schedules that are being amended.

Any Form 1120X filed with the IRS should also be attached to

Adjustments

Form 355X.

Line 11. Credits

Column A — As originally filed

List any increase or (decrease) to credits that the corporation is

Enter the amount reported on the most recently filed return. If ad-

claiming. Also, attach amended schedules to Form 355X.

justments were made to this return by DOR, enter the amounts

Line 13. Minimum excise

that DOR adjusted in this column instead of the amounts originally

The minimum excise for all corporations registered to do business

reported.

under MGL Ch 63, sec. 32 and 39 for tax years ending on or after

Column B — Net increase or (decrease)

December 31, 1988 is $456. The corporation can never pay less

In column B, enter the net increase or (decrease) to the items that

than the minimum excise nor can the minimum excise be prorated

are being amended. Enter any net (decreases) in brackets (ex-

due to a short taxable year.

ample: the amount of ($1,500) entered on line 4, column B rep-

Refund/Tax Due

resents a decrease of $1,500 in the excise originally reported.)

Note: If you are amending the total payments made by the cor-

Explain any increase or (decrease) on the reverse of Form 355X

poration, attach copies of the front and back of all canceled

and attach related schedules and supporting documents.

checks.

Column C — Corrected amount

Line 18. Credit from previous year

Add the increases or (decreases) in column B to the amount in

Enter the amount credited from the previous tax year to the tax

column A and enter the result in column C. Enter only those items

year that is being amended. Corporations cannot use the amount

which are changing, otherwise leave blank.

credited to a subsequent tax period to pay a liability in a different

Excise Calculation

tax year or have the amount which was credited to a subsequent

All corporations (except S corporations) must complete the ap-

tax year refunded, per MGL Ch. 62C, sec. 79(d).

plicable items in lines 1 through 5 and skip to line 10. S corpora-

Note: An amount credited to the next tax period cannot be

tions must complete lines 1 or 2 and 3 and skip to line 6.

changed. Once the credit to the subsequent period has been

Lines 1 through 3. Non-income measure

made, the credit amount becomes part of that period and cannot

Corporations changing their tangible property or net worth should

be reduced, increased or refunded.

enter the amounts in lines 1 or 2, whichever is applicable. The cal-

Line 19. Massachusetts estimated tax payments

culation is performed in line 3. All corporations (except S corpo-

Enter the amount of estimated tax payments made during the tax

rations) changing their taxable income should complete lines 4 and

year. If a payment was not recorded on the original return, make

5 and skip to line 10.

the adjustment in column B. Do not include any amount entered in

Note: Special rules for S corporations with tax years ending on or

line 18.

after December 31, 1988 and before December 31, 1989:

Line 20. Payments made with extension

Total receipts of less than $6 million:

Any payments made with timely filed extensions should be en-

To qualify for treatment as an S corporation in Massachusetts, an

tered here, with adjusting entries made in column B.

S corporation must have total receipts of less than $6 million. If

Line 21. Amount paid with original return

this is the case, complete lines 1 or 2 and 3, lines 6 and 7 if ap-

Enter the amount of any payment made with the original return.

plicable, and skip to line 10.

Do not include any penalties or interest in this amount.

Total receipts of more than $6 million:

Line 22. Other payments made after filing original return

If the S corporation had total receipts of $6 million or more, the

Enter the amounts of any additional tax payments made for the

corporation does not qualify for treatment as an S corporation.

tax year being amended. This includes amounts paid with a pre-

The corporation must complete a pro forma U.S. Form 1120, com-

vious return or payments as a result of a DOR audit. Do not

plete lines 1 through 5, and skip to line 10.

include interest or penalties in this amount.

Lines 6 through 9. S-Corporations Only

Line 23. Total payments

S corporations having changes to taxable capital gains, passive

Total lines 18, column C through line 22, column C.

investment income, or income taxed at the corporate level must

complete lines 6 and 7.

Form 355x - Amended Corporation Excise Return Page 3

Related Articles

Related forms

Related Categories