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Instructions For Form 355u - Income Excise For Taxpayers Subject To Combined Reporting - 2012 Page 5

Line 32. Enter the total of all members’ payments made with extension as shown on Schedule

CG, Part 1, line 7.

Line 33. Enter the total of the pass-through entity withholding shown on schedule U-ST, line 42

for all members.

Line 34. Enter the total of the refundable credits shown on schedule U-ST, line 43 for all

members.

Line 35. Enter the total amount of any tax payment(s) made with respect to the excise due from

the combined group not included above. If this is an amended return, this includes but is not

limited to a payment made with a previous return. If this is an amended return and a refund was

previously issued in connection with a prior return or an overpayment was applied to estimated

taxes for a subsequent year in lieu of a refund on such prior return, enter the amount as a

negative number.

Line 41.

M-2220 Penalty: An additional charge may be imposed on corporations which underpay their

estimated taxes or fail to pay estimated taxes. Form M-2220, Underpayment of Massachusetts

Estimated Tax by Corporations, should be used to compute any underpayment penalty.

Other Penalties. Enter any other penalty due separately from the M-2220 penalty. The following

penalties most commonly apply.

The penalty for failure to file a tax return by the due date is 1% of the tax due per month

(or fraction thereof), up to a maximum of 25%.

The penalty for failure to pay the total payment due with this form is 1% of the tax due per

month (or fraction thereof), up to a maximum of 25%

The penalty for failure to file an amended return and pay the additional tax due within 90

days of a federal change (including settlements) is 10% of the additional tax.

Line 42. Any taxpayer that fails to pay its tax when due will be subject to interest charges on the

unpaid balance. The interest rate is re-determined on a quarterly basis and Massachusetts

announces the rate applicable by issuing a Technical Information Release (TIR) for each quarter.

Instructions For Form 355u - Income Excise For Taxpayers Subject To Combined Reporting - 2012 Page 5