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Massachusetts Form 4876-A: What You Should Know
The election gives your corporation the same tax status as an interest charge international sales corporation (IC-IS) which is taxed on its earnings and is generally exempt from federal taxation altogether. As an IC-DISC, your corporation may be taxed at the corporate tax rates of the state in which it is created. In most cases, this will be either a lower rate or no rate because the IC-DISC income is not subject to federal or state taxes. You will need to enter the relevant details in order to find out the form of tax you may be subject to based on where you file your return and what state you have established your address for reporting to the IRS. You will need to use the same data fields required for filing Form 1120-IC-DISC. When filing a notice of assessment, see Mass. Gen. Laws Ch. 10, Section 19 (2017). If you are a sole proprietor, see Massachusetts Business Organization Taxation of the Sole Proprietor. In addition, all Massachusetts corporations must file a Statement of Account, Forms 1120-IC-DISC-A, and all Massachusetts S corporations and Mass Mutual Insurance Companies must file Forms 1120-IP, Income Tax Return of Individual. Form 1120-IP, Income Tax Return of Individual: Form 1120-IP is a self-employment tax return for individuals whose profits consist exclusively of interest charges, foreign financial account transactions, and net losses. Instructions — 1120-IP Income tax returns of businesses, estates, trusts, and corporations must be filed electronically with the Massachusetts Department of Revenue (MDR). MDR will maintain records of your tax due. For more detailed information about how to electronically file your income tax return and for help to file electronically, contact. Instructions for Form 1120 — Forms 1120 — are required by all taxable taxpayers; they are not to be confused with Form 1120(E). Instructions for Form 1120-E Instructions for Form 4876-A are required by all corporations that are subject to the corporate income tax. They are not to be confused with Form 4876-E. Instructions for Forms 1120-IP and 1120-E are required by individuals and businesses that owe federal income tax. They are not to be confused with Form 1120-EZ.
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