Get the free Form 355S-B

This document is a tax return form used by foreign S corporations operating in Massachusetts to report their excise tax obligations for a specified tax year.

How to fill out form 355s-b

How to fill out Form 355S-B

1. Obtain Form 355S-B from the relevant tax authority website or office.
2. Fill out the identification section at the top of the form with your business name, address, and tax identification number.
3. Complete the financial information section, including income, expenses, and any deductions applicable to your business.
4. Review the applicable credits section and fill in any that your business qualifies for.
5. Sign and date the form, certifying that the information provided is accurate and complete.
6. Submit the completed form by the due date, either electronically or via postal mail, to the appropriate tax authority.

Who needs Form 355S-B?

1. Businesses operating in the jurisdiction that require tax assessment or reporting.
2. Taxpayers who are claiming specific credits or deductions available through this form.
3. Corporations or entities seeking to report their income and expenses for tax purposes.

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.

What is Massachusetts Form 355S?

Massachusetts S corporations must annually file Form 355S, “S Corporation Excise Tax Return.” S corporation returns, together with payment in full of any corporate excise due, must be filed on or before the 15th day of the third month after the close of the taxable year, calendar or fiscal.

Who has to pay MA corporate excise tax?

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.

How much is business tax in Massachusetts?

Rates Type of TaxMeasureRate General Business and manufacturing corporations Net income Tangible property or net worth Minimum $456 8.0% $2.60 per $1,000 S Corporations subject to G.L. c. 63 §§ 32D, 39 that are not Financial Institutions Total receipts $6 million or more but less than $9 million (net income) 2%70 more rows • Mar 26, 2025

Who pays Massachusetts corporate excise tax?

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.

For pdfFiller’s FAQs

What is Form 355S-B?

Form 355S-B is a tax form used by certain businesses in Massachusetts to report their income and calculate their state corporate excise tax.

Who is required to file Form 355S-B?

Corporations that are subject to the Massachusetts corporate excise tax and meet specific eligibility criteria must file Form 355S-B.

How to fill out Form 355S-B?

To fill out Form 355S-B, businesses must provide their financial information, including income, deductions, and any applicable credits, following the instructions provided by the Massachusetts Department of Revenue.

What is the purpose of Form 355S-B?

The purpose of Form 355S-B is to ensure that corporations report their income accurately for taxation purposes in Massachusetts and to calculate the amount of excise tax owed.

What information must be reported on Form 355S-B?

Form 355S-B requires reporting of gross income, deductions, taxable income, and any applicable credits, as well as details about the corporation's business activities and structure.