355U: Excise for Taxpayers Subject to Combined Reporting (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Form 355U is an excise tax return for taxpayers subject to combined reporting. It reports group membership, excise due from members, credits, payments, and any balance due or overpayment. The return must be filed electronically; paper returns are not accepted.
Who files this form
Form 355U is for taxpayers subject to Massachusetts combined reporting. The form covers financial, non-financial, and mixed groups.
What you'll need
Have the following information and applicable schedules available to complete the form:
- The principal reporting corporation’s name, Federal Identification number, address, and contact information.
- Group type, election information, and counts of taxable and non-taxable members.
- Members’ excise amounts and credits, including credits used under sharing rules.
- Schedule CG, Part 1, for prior-year overpayments applied to estimated tax, estimated payments, and extension payments.
- Schedules U-ST, lines 42 and 43, for pass-through entity withholding and refundable credits.
- Counts of Schedule FCI statements, federal disclosure statements, Massachusetts taxpayer disclosure statements, U.S. Schedules M-3, and U.S. Forms 5471, as requested on the form.
How to file
File the 2024 Form 355U electronically. Paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Massachusetts DOR electronic filing and payment requirements for more information.
Common mistakes
- Sending a paper return: The form warns that electronic filing is required and paper returns will not be accepted.
- Checking more than one group type: Line 1 says to check only one: financial, non-financial, or mixed.
Questions people ask
Can I file a paper Form 355U for 2024?
No. The form requires electronic filing and says paper returns will not be accepted.
Who can I call with electronic filing questions?
Call 617-887-6367.
Where do I report estimated tax payments and extension payments?
Report the group’s Massachusetts estimated tax payments on line 31, using Schedule CG, Part 1, lines 3 through 6. Report the group’s extension payment on line 32, using Schedule CG, Part 1, line 7.
Where do I report an overpayment?
Line 37 shows the amount overpaid. Line 38 is for the amount to apply to next year, and line 39 is for the amount to be refunded.
Can the group make a voluntary contribution for wildlife conservation?
Yes. Line 28 provides for a voluntary contribution for endangered wildlife conservation. Line 29 adds that contribution to the excise due.