Get the free Form 355SBC

This document is used by domestic corporations in Massachusetts to report their excise tax liability for the tax year.

How to fill out form 355sbc

How to fill out Form 355SBC

1. Obtain Form 355SBC from the appropriate tax authority website or office.
2. Fill out the taxpayer's name and address in the designated fields.
3. Enter the business identification number (e.g., EIN or SSN) if applicable.
4. Complete the section regarding the type of business entity.
5. Provide information on all applicable income, deductions, and credits.
6. Review the form for accuracy and completeness.
7. Sign and date the form.
8. Submit the form by the specified deadline to the relevant tax authority.

Who needs Form 355SBC?

1. Businesses operating in the relevant jurisdiction that meet certain income thresholds.
2. Entities seeking tax benefits or compliance regarding specific business activities.
3. Taxpayers who need to report certain types of income and expenses associated with their business.

People Also Ask about

Do LLC pay excise tax in Massachusetts?

While LLCs and partnerships aren't subject to excise tax, any personal income made is subject to taxation under individual state tax returns. Corporations that operate in Massachusetts are subject to Massachusetts's corporate excise tax.

Who pays corporate excise tax in MA?

Interstate and International Aspects: All domestic corporations are subject to the corporate excise by reason of corporate existence at any time during the taxable year. Foreign corporations doing business within the state or owning property in the state are also subject to the excise.

Who is required to pay excise tax?

Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. Some excise taxes are collected by a third party. The third party then sends the tax to the IRS and files the Form 720.

Who gets excise tax in Massachusetts?

Massachusetts law requires residents who own and register a motor vehicle to pay a motor vehicle excise each year. Every motor vehicle used (or planning to be used) for personal road privileges, whether registered or not, is subject to taxation.

What is MA Form 355SBC?

A Massachusetts corporation must file federal Form 1120, and Form 355. If your income is under $100,000 and not subject to a corporate tax in another state, you must file Form 355SBC (small business corporation) instead of Form 355.

Who has to pay MA corporate excise tax?

A general business corporation is typically subject to the tax jurisdiction of Massachusetts when it owns or uses property in the state, has employees in the state or is otherwise doing business in the state.

Do I need to file a Massachusetts corporate tax return?

Each entity registered with the Massachusetts Secretary of the Commonwealth (the “Secretary”) may be required to register for corporate excise and file an annual corporate return with the Massachusetts Department of Revenue (the “DOR”).

For pdfFiller’s FAQs

What is Form 355SBC?

Form 355SBC is a tax form used by certain corporations in Massachusetts to report their income and calculate their tax obligations.

Who is required to file Form 355SBC?

Corporations that qualify for the Small Business Corporation exemption in Massachusetts are required to file Form 355SBC.

How to fill out Form 355SBC?

To fill out Form 355SBC, entities must provide their business information, income and deductions, credits, and other relevant tax information as instructed on the form.

What is the purpose of Form 355SBC?

The purpose of Form 355SBC is to enable small businesses to report their income and calculate their tax liability in accordance with Massachusetts tax law.

What information must be reported on Form 355SBC?

Form 355SBC requires reporting of business income, expenses, tax credits, adjustments, and other relevant financial information needed to determine tax liability.