INSTRUCTIONS: MASSACHUSETTS SMALL BUSINESS CORPORATION EXCISE RETURN (Form 355SBC)
Corporations solely doing business in Massachusetts whose gross receipts, sales and income do not exceed $100,000 for a given year, which are not S Corporations, and which meet certain other requirements can use a form 355SBC to file their excise tax owed with the state. This document can be found on the website of the government of Massachusetts, under the section reserved for the Department of Revenue.
Massachusetts Small Business Corporation Excise Return 355SBC Step 1: At the top of the form, write in the starting and ending dates of your fiscal year if not filing on a calendar year basis. Give your corporation's name, federal business code and identification number, address, date of charter in the state and the number of employees in the state. Also give a description of the type of business performed and indicate with check marks if this is a final return and what type of federal return you filed.
Massachusetts Small Business Corporation Excise Return 355SBC Step 2: Skip to the second page. Lines 17 through 20 concern the documentation of assets. All tangible personal property totaled on line 19e, if applicable, should be transferred to line 1 on the first page.
Massachusetts Small Business Corporation Excise Return 355SBC Step 3: Lines 21 through 23 concern the documentation of business liabilities.
Massachusetts Small Business Corporation Excise Return 355SBC Step 4: Lines 24 through and 25 concern the calculation of your taxable net worth. The result on line 25c should be transferred to line 2 on the first page.
Massachusetts Small Business Corporation Excise Return 355SBC Step 5: Lines 26 through 35 concern the documentation of your business net income. Transfer the result from line 35 to line 3 on the first page.
Massachusetts Small Business Corporation Excise Return 355SBC Step 6: Return to the first page. Complete lines 4 through 9d as instructed to calculate the amount of payments already made.
Massachusetts Small Business Corporation Excise Return 355SBC Step 7: Complete lines 10 through 16 as instructed to calculate your total payment due.
Massachusetts Small Business Corporation Excise Return 355SBC Step 8: Complete lines 1 through 5 in the section labeled "Questions" as instructed.
Massachusetts Small Business Corporation Excise Return 355SBC Step 9: An officer of the business should sign and date the form, and give their title and Social Security number.
