The Massachusetts Department of Revenue has released the following 2011 Corporate 355U tax forms.

If you have any suggestions or comments on how to improve these forms, please contact Patrick Ford, Forms Manager at fordp@dor.state.ma.us.

Due to the volume of comments received, we will probably not be able to respond to you individually. However, we assure you that the information you provide will be taken into account to improve our forms.

Please note that all forms are in PDF format and require the free Adobe Acrobat Reader .

2011 Corporate Drafts Change Log (Unitary Filers)

A major change for the current year is the addition of the non-income measure of excise to Form 355U. A business corporation will only file a separate form 355 or 355S to calculate its non-income measure of excise if its separate federal taxable year ends at a different time than the common year used to determined combined group income. A Massachusetts S corporation that is included in a 355U will also continue to file form 355S but that return will be informational only and will include Schedules SK-1.

Note that obvious year end updates (plus one) and reference updates are highlighted on the PDFs but not listed in this change log

Form 355U
Line 16 is new and subsequent lines (17 - 32} have been renumbered.
Line 32 from the 2010 version deleted.

Schedule U-IC
Reduced in size from 2 pages to 1.
On the 2011 version, the lines numbered 1, 2, 3, 40, 41, 43 and 45 which appeared on the 2010 version have been deleted.
Subsequent lines and references have been updated.

Schedule U-M
Checkboxes in header for taxable member added.
Checkboxes in header for group election moved.
Checkbox for consolidated U.S. 1120 which was on the 2010 version (4 th line of header) has been deleted.

Schedule U-NOL
Above line 36 (2nd prior tax year section) the check off box has been changed from355C to 355U.

Schedule U-RF
New line 5 added to capture the Conservation Land Credit (number and amount).
Old line number 5 renumbered as number 6.

Schedule U-ST
The schedule has been renamed "Member's Separate Computation of Tax."
Lines 2 and 3 of header rearranged and expanded.
Line 2 text is new.
From the 2010 version, lines 8 and 9 have been deleted.
Lines 8 through 30 have been renumbered. They were numbered 10 through 32 on the 2010 version (minus 2).
Lines 31 through 35 (2011 version) are new.
Lines 36 through 43 have been renumbered. They were numbered 33 through 40 on the 2010 version (plus 3).
Line 37 has a text change.

Schedule CG
Part 1, lines 8 and 9 deleted.
Part 2, renamed and rewritten.
Part 4 (each member), line 8 deleted.

Schedule TTP
(Formerly Schedule U-TTP)
Header has minor text change and an additional line (highlighted).
The income exclusions and combined filer sections of the schedule are collecting the same basic information as the 2010 Schedule U-TTP but the schedule has been reformatted and is no longer exclusive to the 355U filer.

The following 4 schedules are new for tax year 2011.
Instructions will follow.

Schedule DRE
Disclosure of Disregarded Entity

Schedule FE
Report with Respect to Foreign Entities

Schedule U-INS
Payment to Insurance Companies under Common Ownership

Schedule U-TM
Tax by Member

1-6-12 Edit

Schedule U-INS

Line 1: Text change.

Line 2: This line has been rewritten to achieve a different purpose from the prior version.

 

1-23-12 Edit

Schedule FE

Line 3: Reference changed from 1a to1c.

Lines 19 and 20: “See instructions” deleted.