355S: S Corporation Excise Return (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Form 355S is the 2024 Massachusetts S Corporation Excise Return. It reports taxable property or net worth, income, credits and payments to calculate the corporation’s excise due or overpayment. This return must be filed electronically; paper returns are not accepted.
What you'll need
Have these details and records ready for the 2024 return:
- The corporation’s name, federal identification number (FID), business addresses and tax-year dates.
- The principal business code from the U.S. return and employee counts for Massachusetts and worldwide.
- Balance-sheet information for Schedule A, including assets, depreciation, liabilities and capital.
- U.S. Form 1120 figures referenced in Schedule E.
- Records of estimated tax payments, any prior-year overpayment applied to this year, and any extension payment.
Additional schedules depend on the entries you report. The form calls for Form AA-1 when requesting alternative apportionment, a Credit Recapture Schedule for credit recapture, Schedule ABIE or ABI for the listed expense add-back exceptions, and Schedule NOL for a net operating loss deduction. Schedule E-1 also asks for a schedule showing dividend payers, amounts and the percentage of voting stock owned by class of stock.
How to file
You must file the 2024 Form 355S electronically. Paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. The form directs filers to the Massachusetts DOR electronic filing and payment requirements for more information.
Common mistakes
- Sending a paper return. The form warns that electronic filing is required and paper returns will not be accepted.
- Leaving Schedule A unfinished. A reminder says to continue Schedule A on the other side.
- Counting a prior-year overpayment twice. Excise Calculation line 18 says not to include the amount already entered on line 17.
- Prorating the minimum excise. Line 13 says it cannot be prorated.
- Using line 20 on an original return. The form says to use this line for payment with the original return only when amending a return.
Questions people ask
What tax-year dates should I enter?
For the 2024 return, 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 line is less than 10%. Both schedules direct you to use net book values from Schedule A, column c.
Can I apply an overpayment to next year?
Yes. Excise Calculation line 25 provides a place to enter the overpayment to be credited to next year. Line 26 calculates the refund by subtracting line 25 from line 24.
Who signs the return?
The form provides a signature line for an appropriate officer. It also has a paid preparer’s signature area and a box to authorize DOR to discuss the return with the paid preparer.