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Shareholders in an S corporation can be:
Entities that are S corporations for federal purposes are S corporations for Massachusetts purposes, with the exception of security corporations.
An S corporation's income, losses, and deductions are passed through to the shareholders, and are reported and taxed on the shareholders' individual returns.
S corporations are liable for the non-income measure of the corporate excise and are liable for the income measure of the corporate excise on any income that is taxable to the S corporation federally.
S corporations with total receipts of $6 million or more are liable for the income measure of the corporate excise at the following rates:
All S corporations owe a minimum corporate tax of $456 regardless of profitability.
Massachusetts S corporations must file a Form 355S with a Schedule S.
S corporations must also:
For more information on these requirements, please refer to the Form 355S instructions.
Returns are due annually, by 15th day of the third month after the close of the S corporation's taxable year. Payment is due with the return.
Refer to Technical Information Release (TIR) 04-30 for detailed information about filing requirements. You may be required to file electronically. See TIR 16-9 for more information.
S corporations are subject to the same estimated payment requirements as regular corporations.
The following table shows which return each type of shareholder should file: