How to File Form 355-7004 for a MA Tax Extension

Form 355-7004 is the application corporations use to request an extension for filing their Massachusetts corporate excise tax return. The extension is for six months, but the final deadline depends on the type of corporation. For calendar-year S corporations, the deadline moves from March 15 to September 15. For calendar-year C corporations, the deadline moves from April 15 to October 15. The extension is only for the paperwork; all tax payments are still due by the original deadline.

Determining the Extension Payment

To receive a valid extension, a corporation must pay a specific portion of its tax liability by the original due date. For S corporations, the due date is the 15th day of the third month after the close of the taxable year (March 15 for calendar-year filers). For C corporations, it is the 15th day of the fourth month (April 15 for calendar-year filers). The required payment is the greater of two amounts: 50% of the total corporate excise tax ultimately due for the year, or the minimum corporate excise tax, which is $456. Failure to meet this payment threshold will void the extension.

To determine the correct payment, a corporation must first complete a thorough estimate of its total tax liability for the year. Once this estimated total tax is calculated, the corporation can determine if 50% of that amount exceeds the $456 minimum tax. The larger of these two figures must be remitted with the extension request.

Submitting an extension without the proper payment can lead to financial consequences. The Massachusetts Department of Revenue will assess interest and penalties on any tax not paid by the original due date.

Information and Documentation for Filing

Before completing Form 355-7004, a corporation must gather the following information:

• The exact legal name of the corporation
• Its mailing address
• Its Federal Identification Number (FIN)
• The specific tax period ending date for which the extension is being requested

The official and most current version of Form 355-7004 can be obtained from the Massachusetts Department of Revenue’s website. The form itself includes a worksheet section to help calculate the required payment. You will enter your estimated total tax for the year and then calculate the amount you are required to pay based on the 50% or minimum tax rule.

The form serves as a payment voucher if you are mailing a check. The calculated payment amount is entered on this voucher portion of the form. It is important to double-check that all identifying information is correct on the voucher to ensure the payment is applied to the correct corporate account.

How to Submit Form 355-7004

There are two primary methods for submission. The traditional method is to mail the completed Form 355-7004 voucher along with a check or money order for the tax due. The payment should be made payable to the Commonwealth of Massachusetts and sent to the P.O. Box address listed in the form’s instructions.

Alternatively, corporations can pay electronically through the MassTaxConnect web portal. Any extension payment of $5,000 or more must be made electronically. Additionally, corporations with $100,000 or more in receipts or sales must submit their extension payment electronically. If the required tax is paid electronically by the original due date, the extension is considered automatically requested and granted without needing to file the form itself.

The extension is considered automatically granted, provided the payment requirements have been met by the original due date. There is no separate approval notice sent from the Department of Revenue.