Get the free Form 355SBC

This form is used by domestic corporations in Massachusetts for reporting their excise taxes and providing related corporate financial information to the Department of Revenue.

How to fill out form 355sbc

How to fill out Form 355SBC

1. Gather required documents such as your business information and financial records.
2. Ensure you have the correct version of Form 355SBC from the official website.
3. Begin by filling out the top section with your business name, address, and identification number.
4. Provide the necessary income information in the specified sections.
5. Complete the applicable deductions and credits based on your business activities.
6. Review all entries for accuracy and completeness.
7. Sign and date the form where indicated.
8. Submit the completed Form 355SBC by the deadline, choosing either electronic or paper submission methods.

Who needs Form 355SBC?

1. Any small business entities operating in Massachusetts that meet specific criteria set forth by the state.
2. Businesses seeking to claim certain tax benefits available under the Massachusetts tax laws.
3. Entities that have opted for the S Corporation tax treatment and need to report their income.

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 Massachusetts tax form used by certain businesses to report their income, deductions, and tax calculations for the year.

Who is required to file Form 355SBC?

Businesses that meet the qualifications as a small business corporation, specifically those with gross receipts below a certain threshold, are required to file Form 355SBC.

How to fill out Form 355SBC?

To fill out Form 355SBC, businesses need to provide their identification information, report income and deductions, and calculate their tax appropriately according to the instructions provided with the form.

What is the purpose of Form 355SBC?

The purpose of Form 355SBC is to allow qualifying small business corporations to report their income and determine their tax liability in a simplified manner.

What information must be reported on Form 355SBC?

Information that must be reported on Form 355SBC includes business identification details, gross receipts, allowable deductions, and any tax credits applicable to the business.