Massachusetts Corporate Extension Worksheet
Extracted from PDF file 2019-massachusetts-form-355-7004.pdf, last modified January 2020
Corporate Extension WorksheetMassachusetts Department of Revenue Form 355-7004 Corporate Extension Payment Worksheet and Voucher If you are mandated to pay electronically do not use the voucher form below. See TIR 16-9. Worksheet for Tax Due 1 Estimated amount of tax for the taxable year (must be at least minimum tax). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Advance and/or estimated payments made (if any). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Tax due. Subtract line 2 from line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The full amount of tax due reported on line 3 must be paid by or before the return due date. If there is no tax due on line 3; no further action is needed for the extension. If there is a tax due on line 3, pay online at mass.gov/masstaxconnect or use the voucher below. If at least 50% of the tax due for the taxable year or the minimum tax (whichever is greater) is not paid by the original return due date, the extension is null and void, and penalties and interest for a late return and any late payments will be assessed from the original due date of the return. General Information Extension Process for Corporate Excise Taxpayers The extension process is now automated so that all corporate excise taxpayers are given an extension of time to file their tax returns if certain payment requirements are met. Corporate excise taxpayers must have paid the greater of (1) 50% of the total amount of tax ultimately due or (2) the minimum corporate excise by the original due date for filing the return. Taxpayers meeting the payment requirements will be given a seven-month extension in the case of corporate excise taxpayers filing combined reports and a six-month extension in the case of other corporate excise taxpayers. However, taxpayers filing unrelated business income tax returns will be given an eight-month extension. See TIR 15-15 for more information. Note: For corporate excise returns due on or after January 1, 2018, the return due date for business corporations and S corporations included in a combined group is now four months from the close of the corporation's or the principal reporting corporation's tax year. See TIR 17-5; see also Proposed Regulation 830 CMR 62C.11.1 When Should the Payment with Form 355-7004 be Submitted? For corporate excise taxpayers that are business corporations, and S corporations included in a combined group, any amount due must be paid either electronically or by using the voucher below on or be- fore the 15th day of the fourth month after the close of the taxable year, calendar or fiscal. For calendar year filers the due date is April 15, 2020. For S corporations that are not included in a combined group, any amount due must be paid either electronically or by using the voucher below before the 15th day of the third month after the close of the taxable year, calendar or fiscal. For S corporations that are calendar year filers the due date is March 15, 2020. If at least 50% of the tax due or the minimum tax (whichever is greater) is not paid by the return due date, the extension is null and void. If filing Form 355U, payments may be allocated to subsidiaries when Schedule CG is filed. Will Interest and Penalties Be Due? An extension of time to file a corporation tax return does not extend the due date for payment of the tax. Interest will be charged on any tax not paid on or before the original due date. Any tax not paid within the extended period is subject to a penalty of 1% per month, up to a maximum of 25%, from the extended due date. If the extension is invalidated for failure to meet the payment requirements then penalties and interest for a late return and late payment will be assessed from the original due date of the return. DETACH HERE 2019 Form 355-7004 Massachusetts Corporate Extension Payment Voucher Payment for period end date (mm/dd/yyyy) Name of business Tax type Voucher type ID type Vendor code 014 18 004 0001 Federal Identification number Check if incorporated in Massachusetts State Amount enclosed $ Business address City/Town Zip Pay online at mass.gov/masstaxconnect. Or, return this voucher with check or money order payable to: Commonwealth of Massachusetts. Mail to: Massachusetts Department of Revenue, PO Box 7062, Boston, MA 02204. 00000000000000 000000 0000000000 000 000000000 00000000000 FORM 355-7004, PAGE 2 How Do I Use This Worksheet and Voucher? Use this worksheet to calculate the tax due that must be paid by or before the original due date of the return. Pay online with MassTaxConnect at mass.gov/masstaxconnect or use the Form 355-7004 voucher. If using the voucher, be sure to cut where indicated. Do not submit the entire worksheet with the Form 355-7004 payment voucher or your payment may be delayed. Mail the completed voucher with your payment to: Massachusetts Department of Revenue, PO Box 7062, Boston, MA 02204. Note: Corporations with $100,000 or more in receipts or sales must submit their extension payment, electronically. Also, any corporation making an extension payment of $5,000 or more must make the payment using electronic means. For further information on electronic filing and payment requirements, see TIR 16-9.
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More about the Massachusetts Form 355-7004 Corporate Income Tax Extension
We last updated the Corporate Extension Worksheet in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Massachusetts Department of Revenue. You can print other Massachusetts tax forms here.
Other Massachusetts Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 355-ES-2019||Corporate Estimated Tax Payment Vouchers|
|Form 2||Fiduciary Income Tax Return|
|Form 355-7004||Corporate Extension Worksheet|
|Form 3M||Income Tax Return for Clubs and Other Organizations|
|Schedule IDD||Income Distribution Deduction|
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form 355-7004 from the Department of Revenue in March 2020.
Form 355-7004 is a Massachusetts Corporate Income Tax form. The IRS and most states will grant an automatic 6-month extension of time to file income tax and other types of tax returns, which can be obtained by filing the proper extension request form. Obtaining an extension will prevent you from being subject to often very large failure-to-file penalties. However, in most cases this extension does not exempt you from the requirement to pay any tax owed in full by the return's original filing date.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Massachusetts Form 355-7004
We have a total of nine past-year versions of Form 355-7004 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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355-7004 Misc instr with coupon
While we do our best to keep our list of Massachusetts Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.