Massachusetts businesses that are taxed as corporations and want to be listed in the state’s “Corporations Book” must certify their federal and state income tax status as corporations each year, the state revenue department announced.
Each April, the Massachusetts Department of Revenue (DOR) publishes the listing to assist cities and towns in determining the tax status of businesses located within their communities and that are subject to property tax benefits. DOR is introducing the new process in order to update the list and ensure it’s complete and accurate.
“With recent changes in the entity tax classification rules, we weren’t getting the information we needed to make accurate decisions about which businesses belonged in the book,” said DOR Commissioner Amy Pitter. “This will reduce the potential for errors which can adversely impact both taxpayers and cities and towns.”
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