Form 355S S Corporation Excise Return

Form 355S S Corporation Excise Return

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INSTRUCTIONS: MASSACHUSETTS S CORPORATION EXCISE RETURN (Form 355S)

 

 

S corporations operating in Massachusetts file a form 355S to calculate the excise owed to the state. The document can be found on the website maintained by the state's Department of Revenue.

 

Massachusetts S Corporation Excise Return 355S Step 1: At the top of the first page, only enter the beginning and ending dates of your filing period if not filing on a calendar year basis. 

 

Massachusetts S Corporation Excise Return 355S Step 2: Give your corporation's name, federal employer identification number, principal business address, and (if different) principal business address in Massachusetts.

 

Massachusetts S Corporation Excise Return 355S Step 3: Answer all questions on the first page.

 

Massachusetts S Corporation Excise Return 355S Step 4: Skip to the third page. Complete the balance sheet under Schedule A. 

 

Massachusetts S Corporation Excise Return 355S Step 5: Complete the tangible and intangible property worksheet under Schedule B. If line 15 of Schedule B is 10% or more, completely Schedule C. Transfer line 4's result to line 1 of the second page. If less than 10%, complete Schedule D and transfer the result on line 10 to line 2 on the second page.

 

Massachusetts S Corporation Excise Return 355S Step 6: Complete schedule E-1 to determine your dividends deduction and Schedule E to determine your state taxable income. Transfer the result from line 27 to line 5 of page 2. Complete schedules CD, CR and RF before returning to the second page. Transfer the total credits from line 15 of Schedule CR to line 10 on the second page. Transfer line 6 of schedule RF to line 21 on the second page.

 

Massachusetts S Corporation Excise Return 355S Step 7: On the second page, complete the calculations on lines 1 through 3 as instructed. Enter your income on line 4. 

 

Massachusetts S Corporation Excise Return 355S Step 8: Complete lines 5 through 11 as instructed to determine your excise owed after credits are applied.

 

Massachusetts S Corporation Excise Return 355S Step 9: Complete lines 12 through 22 as instructed to determine the total payments already made.

 

Massachusetts S Corporation Excise Return 355S Step 10: Lines 23 through 29 provide instructions to calculate the final total or refund due. 

 

Massachusetts S Corporation Excise Return 355S Step 11: An officer should sign and date the bottom of the first page.


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