355: Business-Manufacturing Corporation Excise Return (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Form 355 is the 2024 Business/Manufacturing Corporation Excise Return. It reports taxable Massachusetts tangible property or net worth, Massachusetts taxable income, credits, payments, and the excise due or overpayment. The return must be filed electronically; paper
Who files this form
Form 355 is Massachusetts’ Business/Manufacturing Corporation Excise Return for tax year 2024. The supplied form does not give detailed rules for deciding which corporations must file it.
What you'll need
Have these records and any applicable schedules ready:
- Corporation information: name, federal identification number (FID), business addresses, principal business code from the U.S. return, and employee counts for Massachusetts and worldwide.
- U.S. Form 1120: Schedule E uses figures from lines 1c, 3, 26, and 28.
- Balance sheet records: assets, depreciation and amortization, liabilities, and capital for Schedule A.
- Payment records: prior-year overpayments applied to 2024, Massachusetts estimated payments, extension payments, and payments with the original return if amending.
- Supporting schedules, when applicable: Credit Manager Schedule, Credit Recapture Schedule, Schedule 3K-1 for pass-through entity withholding, and Schedule NOL for a net operating loss deduction.
- Other required enclosures, when applicable: Form AA-1 for alternative apportionment, Schedule ABIE for exceptions to intangible expense add-backs, and Schedule ABI for exceptions to interest expense add-backs.
For the dividends deduction, enclose a schedule showing payers, amounts, and the percentage of voting stock owned by class of stock.
How to file
File electronically. The form states that paper returns will not be accepted. No mailing address is provided.
For questions about electronic filing, call 617-887-6367. See the DOR electronic filing and payment requirements for more information.
The return includes a declaration for an appropriate officer to sign and date, along with paid preparer information if applicable.
Common mistakes
- Sending a paper return: Form 355 is e-file only. Paper returns will not be accepted.
- Prorating the minimum excise: The form says the minimum excise cannot be prorated.
- Counting a prior-year overpayment twice: Do not include the amount on page 2, line 14, in estimated payments on line 15.
- Using the original-return payment line on a non-amended return: Page 2, line 17, is only for amending a return.
- Leaving Schedule A unfinished: The form reminds filers to continue Schedule A on its second page.
- Using original cost where net book value is required: Schedules B, C, and D direct filers to use net book values from Schedule A, column C.
Questions people ask
What tax-period dates should I enter for 2024?
Calendar-year filers enter 01-01-2024 and 12-31-2024. Fiscal-year filers enter their appropriate beginning and ending dates.
Should I complete Schedule C or Schedule D?
Complete Schedule C if Schedule B, line 15, is 10% or more. Complete Schedule D if that percentage is less than 10%.
Can an overpayment be refunded or applied to next year?
The form provides line 22 for the amount credited to next year. Line 23 is the refund amount, calculated by subtracting line 22 from the total overpayment on line 21.
What if the corporation is requesting alternative apportionment?
Fill in line 9 on the first page and enclose Form AA-1.