355SBC: Small Business Corporation Excise Return (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Form 355SBC is the 2024 Massachusetts Small Business Corporation Excise Return for domestic corporations only. It reports income, assets, liabilities, taxable property or net worth, and payments to calculate the excise due or an overpayment. The return must be filed electronicall
Who files this form
Form 355SBC is the Massachusetts Small Business Corporation Excise Return for domestic corporations only.
If line 35, Massachusetts income, shows a loss, you are not eligible to file this return. The supplied form does not state the full filing requirements.
What you'll need
Have the following information ready to complete the return:
- Corporation name, federal identification number (FID), federal business code, principal business address, kind of business, Massachusetts charter date, and average number of Massachusetts employees.
- U.S. Form 1120 figures from lines 1c, 3, 26, and 28 for gross receipts or sales, gross profit, other deductions, and net income.
- A balance sheet as of the last day of the taxable year, including assets, liabilities, capital stock, and surplus.
- Amounts for any allowable U.S. wage credit, state and municipal bond interest not included in U.S. net income, Massachusetts corporation excise deducted from U.S. net income, and other adjustments. Other adjustments must be explained.
- Records of prior-year overpayments applied to this year, Massachusetts estimated tax payments, and extension payments. If amending, also have the payment amount from the original return.
How to file
File the 2024 return electronically. Paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Massachusetts DOR electronic filing and payment requirements for more information. The form also refers to TIRs 16-9 and 21-9.
Common mistakes
- Sending a paper return: This return must be filed electronically.
- Using cents: The form directs you to use the whole dollar method.
- Prorating the minimum excise: The minimum excise cannot be prorated.
- Counting a prior-year credit twice: Do not include the amount from line 9a in estimated tax payments on line 9b.
- Using line 9d on an original return: This line is only for payments with the original return when you are amending.
- Filing this form with a loss on line 35: The form says you are not eligible to file this return if line 35 shows a loss.
Questions people ask
Can I mail Form 355SBC?
No. The 2024 form is e-file only, and paper returns will not be accepted.
Can I use this form if my Massachusetts income is a loss?
No. If line 35 shows a loss, you are not eligible to file this return.
Do I calculate tax on tangible property or net worth?
Follow line 24. If line 24b is .10 or greater, enter line 19e in the computation on line 1 and omit line 25. If line 24b is less than .10, complete line 25 and carry line 25c to the computation on line 2.
Can I apply an overpayment to next year?
Yes. Enter the overpayment on line 10 and the amount you want credited to next year on line 11. Line 12 is the amount to be refunded, calculated by subtracting line 11 from line 10.
Can DOR discuss this return with my paid preparer?
The form has a selection to fill in if DOR may discuss the return with your paid preparer.