The Massachusetts Department of Revenue Form 355SBC, designated for the calendar year 2020 or the taxable year beginning in 2020 and ending thereafter, serves as the Small Business Corporation Excise Return, an essential document restricted to domestic corporations. This form meticulously outlines the fiscal obligations of small businesses within the state, dictating the computation of taxes based on various aspects such as taxable Massachusetts tangible property, net worth, and Massachusetts taxable income, alongside a stipulation for a minimum excise that is unequivocally mandatory. Furthermore, it affords corporations an opportunity to contribute voluntarily towards endangered wildlife conservation, a move that showcases the intertwining of fiscal responsibilities and ecological stewardship. A detailed account of prepayments, potentially applicable refunds or taxes due, and penalties for late submissions or payments further delineates the financial requisites. To certify accuracy and completeness under penalty of perjury, a signature from an authorized officer of the corporation, accompanied, if necessary, by a preparer’s declaration, is mandated, alongside provisions for power of attorney through the Massachusetts Form M-2848. Additionally, this form comprises a balance sheet capturing both tangible and intangible assets, liabilities, capital stock, surplus, and an intricate presentation of net worth, consolidating its function as a comprehensive financial declaration tool for small business corporations within Massachusetts.
| Question | Answer |
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| Form Name | Form 355Sbc |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | 355sbc form, 355 sbc, ma form 355sbc, ma 355sbc |
Massachusetts Department of Revenue
Form 355SBC
Small Business Corporation Excise Return
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(domestic corporations only) |
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2020 |
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For calendar year 2020 or taxable year beginning |
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2020 and ending |
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Name of corporation |
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Federal business code |
Federal Identification number (FID) |
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Principal business address |
City/Town |
State |
Zip |
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Kind of business |
2 Date of charter in Massachusetts |
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Average number of employees in Massachusetts |
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Fill in if |
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U.S. tax return filed |
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n Amended return |
n Final return |
n 1120 n Other |
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Computation
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Taxable Massachusetts tangible property, if applicable (from line 19e) |
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$__________________ × .0026 = 3 1 |
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Taxable net worth, if applicable (from line 25c) |
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$__________________ × .0026 = 3 2 |
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Massachusetts taxable income (from line 35) |
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$__________________ × .0800 = 3 3 |
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Total excise. Add line 3 to either line 1 or line 2, whichever applies |
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Minimum excise (cannot be prorated) |
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Excise due before voluntary contribution (line 4 or line 5, whichever is larger) . . |
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Voluntary contribution for endangered wildlife conservation |
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Excise due plus voluntary contribution. Add lines 6 and 7 |
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9Prepayments:
a. 2019 overpayment applied to your 2020 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9a b. 2020 Massachusetts estimated tax payments (do not include amount in line 9a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9b c. Payments made with extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9c d. Payment with original return (use only if amending a return) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9d 9e. Total. Add lines 9a through 9d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9e
USE WHOLE DOLLAR METHOD
456
Refund/Tax Due
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If line 9e is larger than line 8, enter amount overpaid |
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Enter amount of line 10 to be credited to 2021 estimated tax |
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Enter amount overpaid to be refunded. Subtract line 11 from line 10. . |
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If line 8 is larger than line 9e, enter balance due |
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$__________________; |
Total penalty 14 |
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Interest on unpaid balance |
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Total payment due at time of filing. Add lines 13 through 15 |
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. . Total due 3 16 |
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which he/she has knowledge.
Signature of appropriate officer |
Date |
Social Security number |
Title |
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Individual or firm signature of preparer 3 |
Date |
Employer ID number |
Address |
If you are signing as an authorized delegate of the appropriate corporate officer, check here n and attach Massachusetts Form
2020 FORM 355SBC, PAGE 2
Balance sheet as of the last day of the taxable year ending
Assets
17Intangible property:
a. Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 17a b. Notes and accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 17b c. Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 17c d. Other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 17d e. Total intangible property. Add lines 17a through 17d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17e
18Tangible property taxed locally:
a. Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 18a b. Motor vehicles and trailers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 18b c. Machinery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 18c d. Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 18d e. Total tangible property taxed locally. Add lines 18a through 18d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18e
19Tangible property not taxed locally:
a. Machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 19a b. Leaseholds and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 19b c. Inventories and supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 19c d. Other fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 19d e. Total tangible property not taxed locally. Add lines 19a through 19d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19e
20 Total assets. Add lines 17e, 18e and 19e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Liabilities
21Liabilities:
a. Mortgages on Massachusetts tangible property taxed locally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 21a b. Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 21b c. Notes and bonds payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 21c d. Loans from stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 21d e. Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 21d f. Total liabilities. Add lines 21a through 21e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21e
22 Capital stock and surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 22 23 Total liabilities and capital. Add lines 21f and 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Net Worth
24Tangible or intangible property corporation classification:
a. Subtract line 18e from line 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24a b. Divide line 19e by line 24a (enter decimal amount) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24b If line 24b is .10 or greater, enter line 19e in the computation in line 1 and omit line 25.
If line 24b is less than .10, complete line 25.
25Taxable net worth:
a. Subtract line 21f from line 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25a b. Subtract line 21a from line 18e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25b c. Subtract line 25b from line 25a. Enter here and in the computation on line 2 on the front of this form . . . . . . . . . . . 25c
Net Income
26 Gross receipts or sales (from U.S. Form 1120, line 1c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 26 27 Gross profit (from U.S. Form 1120, line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 27 28 Other deductions (from U.S. Form 1120, line 26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 28 29 Net income (from U.S. Form 1120, line 28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 29 30 Allowable U.S. wage credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 30 31 Net income after credit. Subtract line 30 from line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 32 State and municipal bond interest not included in U.S. net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 32 33 Massachusetts corporation excise deducted from U.S. net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 33
34Other adjustments (explain) _____________________________________________________________________ 3 34
35Massachusetts income. Add lines 31 through 34. Enter here and in the computation in line 3 on the front of this form.
If a loss, you are not eligible to file this return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 35