Form 355s - Massachusetts S Corporation Excise Return - 2012 Page 21
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2121
Line by Line Instructions
Penalty for Late Payment
Schedule NIR
The penalty for failure to pay the total payment
due with this form is 1% of the tax due per month
Schedule NIR, Net Income Reconciliation recon-
(or fraction thereof), up to a maximum of 25%.
ciles income reported to shareholders with the in-
Any corporation which fails to pay its tax when due
come reported on the taxpayer’s consolidated U.S.
will be subject to interest charges.
tax return and is similar to U.S. Schedule M-3,
Part 1.
Line 29
Enter the total payment due. Checks for this amount
Taxpayers must file Schedule NIR if required to file
should be made payable to the Commonwealth of
a U.S. Schedule M-3 with their U.S. return. This in-
Massachusetts. Checks should have the corpora-
cludes corporations that are part of a consolidated
tion’s Federal Identification number written in the
return that as a group meets the requirement to file
lower left corner.
U.S. Schedule M-3. For corporations that are filing
as members of a Massachusetts combined group,
Privacy Act Notice
only one Schedule NIR need be filed and it must
The Privacy Act Notice is available upon request or
be filed by the principal reporting corporation.
at
Schedule NIR and instructions are available at
Signature
When the form is complete, it must be signed by
the treasurer or assistant treasurer or, in their ab-
sence or incapacity, by any other principal corpo-
rate officer. The Social Security number of the
signing officer should be entered next to the date
the return was signed. If you are filing as an
authorized delegate of the appropriate corporate
officer, check the box in the signature section and
enclose a copy of Massachusetts Form M-2848,
Power of Attorney. The form must also be signed
by any paid preparer of the form. The form should
be mailed to: Massachusetts Department of Rev-
enue, PO Box 7025, Boston, MA 02204.
Schedule M-1.
Federal
Reconciliation
Schedule M-1 reports the taxpayer’s current year
net income and expenses as they are or would be
shown on U.S. Form 1120, lines 1 through 28, in
calculating gross income under the provisions of
the U.S. IRC and the deductions allowable in cal-
culating net income under the code.
Schedule M-1 must be filed by all S corporations re-
quired to complete Schedule E. S corporations with
receipts of less than $6 million on an annualized
basis also are not required to file Schedule M-1.
Corporations reporting their income on Form
355U as part of a combined group that file Sched-
ule U-M with that combined report are not re-
quired to file Schedule M-1.
S corporations, if required to file Schedule M-1,
must complete and file Schedule M-1 as if they
were a C corporation.
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