Addendum – Estimated Tax Payments: Just after our article went to press, we received some informal guidance from the DOR regarding estimated tax payments that presents a bit of a conundrum for those considering the PTE election. As explained below, it may be necessary to make duplicate estimated payments at both the entity and partner/member … Continue Reading
This year, a number of state legislatures considered and passed legislation that creates a pass-through entity (PTE) tax as a workaround to the $10,000 cap on the state and local tax (SALT) itemized deduction. Nearly 30 states have enacted a PTE tax. Mississippi is one of the more recent states to join the ranks. Beginning … Continue Reading
Mississippi recently passed a SALT cap workaround in the form of a flow-through entity election. Consistent with the roughly 26 other states having adopted similar schemes, the Mississippi bill presents several grey areas and questions that will need to be addressed through Department of Revenue guidance or possible technical corrections. H.B. 1691, signed into law … Continue Reading
In anticipation of the upcoming public hearing on Mississippi’s proposed amendments to its sales tax regulation on Computer Equipment, Software and Services, Jones Walker recently submitted a letter to the Mississippi Department of Revenue summarizing a wide range of questions and issues raised by the proposal. These questions were compiled as a result of discussions … Continue Reading
UPDATE: In response to widespread interest in these changes, the Mississippi Department of Revenue this afternoon scheduled a public hearing on the proposed amendments. The hearing is set for Wednesday, November 3 at 1:30. Interested parties are encouraged to identify specific questions and issues to present to the Department at the hearing. Jones Walker is … Continue Reading
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 … Continue Reading
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. … Continue Reading
This afternoon the Mississippi Department of Revenue issued a notice containing updated information related to multiple extended filing deadlines and audit procedures. Among the changes are the following: Income and franchise tax filing deadlines remain extended to May 15 (no change from prior notice) Sales and use tax return filing deadlines remain unchanged, but interest … Continue Reading
In December 2017, the Mississippi Department of Revenue finalized a new sales and use tax regulation addressing remote sellers and establishing a $250,000 bright-line nexus standard. The department began that process in January 2017 by issuing a proposed regulation and refined it following a public hearing held in February. The regulation positioned the state to take … Continue Reading
“Substantial economic presence” nexus standard formally embodied in regulation. As expected after recently having filed an economic impact statement, the Mississippi Department of Revenue on November 1 filed its final remote seller use tax regulation with the Secretary of State. The new regulation will be effective December 1, 2017, and contains numerous changes from the … Continue Reading
Files Questionable Economic Impact Statement with Secretary of State On Tuesday, the Mississippi Department of Revenue filed an economic impact statement with the Secretary of State addressing its proposed regulation adopting use tax economic nexus standards and remote seller collection obligations. Readers may recall the Department issued the proposed regulation in January and held a … Continue Reading
UPDATE: On October 17, 2017, the Department filed a notice formally withdrawing this proposed amendment to the contractor’s tax regulation. No explanation was given for the withdrawal, and we will monitor future filings in the event a new amendment proposal is made. The Mississippi Department of Revenue’s recent flurry of regulatory activity continues unabated with … Continue Reading
Mississippi Governor Phil Bryant has announced the appointment of Herb Frierson as the Commissioner of the Department of Revenue for Mississippi effective July 1, 2016. Prior to being appointed Commissioner, Mr. Frierson served as a Republican member of the Mississippi House of Representatives, representing District 106. In his future role as Commissioner, Mr. Frierson will oversee the Mississippi … Continue Reading
