Generally, if a corporation doesn't have income from business activity that's taxable in another state, all of its taxable net income is assigned, or apportioned, to Massachusetts.
The statutory formula for foreign corporations to determine its classification as a tangible or intangible property corporation.The statutory formula for domestic corporations, or.
Corporations may elect on their returns to use:.Calculating net worth for intangible property corporationsįor tax years beginning on or after January 1, 1999:.Determining a corporation's status as a tangible or intangible property corporation, and.When determining tax liability, foreign and domestic corporations need to employ different formulas in different situations. Use Schedule B on Form 355 - Massachusetts Business or Manufacturing Corporation Excise Return to figure out if a corporation is a tangible or intangible property corporation. If less than 10% of the corporation's total assets (not locally taxed) is this type of asset, then the corporation is considered an intangible property corporation. Visit the IRS to learn more.Ī corporation is considered a tangible property corporation if 10% or more of its total assets (not locally taxed) is tangible property located in Massachusetts that is also not locally taxed. Some corporations have to take part in the Electronic Federal Tax Payment System (EFTPS). See DOR e-filing and payment requirements for more information. We offer 2 methods for corporations that have to or want to make electronic payments: S corporation doing business in Massachusetts but incorporated elsewhere.
S corporation incorporated under Massachusetts laws.File and report your taxes as a member of the combined group reporting its tax on Form 355U. Corporation doing business in Massachusetts but incorporated elsewhere.Combined filing corporation incorporated under Massachusetts laws.Does not have 50% or more of its voting stock owned by another corporation.Does not own 50% or more of the voting stock of another corporation, and.No claims are being made for credits, special deductions or adjustments against your Massachusetts corporate excise.A domestic international sales corporation (DISC).All net income is taxable in Massachusetts and not subject to corporate tax in another state.Gross receipts (or sales) and total income are under $100,000.A business doing business in Massachusetts but incorporated elsewhereįile Form 355SBC (small business corporation) if you're a corporation organized in Massachusetts that meets all of the following criteria:.A business incorporated under Massachusetts laws.Domestic or foreign corporation (part of a MA combined group)