Within a 24 hour period, the Mississippi House of Representatives introduced and passed a bill to repeal the individual income tax, but at a cost of massive increases in sales taxes imposed on business inputs. H.B. 1439 would phase out the individual income tax by gradually increasing the personal exemption over an undefined period of
The Mississippi House of Representatives passed HB 1142 to extend the state’s 3.5% contractor’s tax to residential construction and to require builders to obtain a material purchase certificate (“MPC”) in order to pull a local building permit. Under current law, the contractor’s tax only applies to commercial construction, and the ordinary 7% sales tax applies
For several years Mississippi has attempted to pass legislation to authorize offers in compromise allowing taxpayers to pay less than the full amount of finally determined taxes due by them. The Mississippi Constitution prohibits any release or extinguishment of any obligation or liability to the state, except for the compromise of certain doubtful claims.
On
Years ago the Mississippi Legislature “borrowed” certain sales, use and payroll tax collections from a subsequent fiscal year to close a then-current year budget gap. Because Mississippi has a June 30 fiscal year end, the legislation required certain taxpayers having a monthly tax liability of $50,000 or more to accelerate 75% of their June tax
When Congress recently passed Consolidated Appropriations Act of 2021, it explicitly reversed the IRS’s earlier position that expenses paid with non-taxable forgiven PPP loan proceeds could not be deducted. As a result of this legislation, the IRS recently issued Revenue Ruling 2021-2 confirming that the act reversed its prior guidance in Notice 2020-32 and
In a Monday press conference on Facebook Live, Mississippi Governor Tate Reeves laid out an ambitious plan to eliminate the state’s individual income tax in the upcoming legislative session starting in January. The tax, levied at a maximum rate of 5%, was trimmed in 2016 when the Legislature eliminated the 3% tax bracket levied on
This morning the Mississippi Department of Revenue issued a notice reversing course and setting Mississippi’s income tax filing deadlines for July 15 to coincide with the federal due dates. This applies to individual, corporate and fiduciary returns, and covers return extensions as well as estimated payments for both Q1 and Q2. We now have an
Mississippi Department of Revenue reminds taxpayers that income tax returns are due May 15 and the state does not follow federal dates.
For additional information, please contact John Fletcher and Bob Box from our team in Mississippi.
Reposted from Mississippi Lt. Gov. Delbert Hosemann’s Facebook page:
COVID-19 Update: By agreement of Lieutenant Governor Delbert Hosemann and Speaker of the House Philip Gunn, the Mississippi Legislature will reconvene the 2020 legislative session on Monday, May 18.
The Legislature recessed its 125-day session temporarily on March 18, following the governor’s issuance of a
The Mississippi Secretary of State’s office has now issued its new Remote Notarization Order Guidance following Mississippi Governor Tate Reeves’ Executive Order 1467, which modified the in-person requirement for notarization temporarily.
According to the new Remote Notarization Order Guidance, effective immediately, and continuing throughout the period of the State of Emergency Proclamation as declared