Access the latest MSCPA articles plus other news and events.
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BOI Reporting Update & Concerns
FinCEN is now connecting with state societies to understand their pain points associated with filing the beneficial ownership information (BOI) reports. As background, as of July, FinCEN has only received approximately 2.5 million reports of the expected 32.6 million reports for this year. FinCEN is now focusing on raising awareness and also trying to understand any hesitation tax preparers may have in preparing the BOI reports.
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MSCPA & AICPA Continue to Advocate for Accounting as STEM
On August 1, the AICPA and all 54 State CPA Societies, including Mississippi Society of Certified Public Accountants (MSCPA), sent a letter to the Department of Homeland Security (DHS) requesting DHS recognize accounting under the “T” for Technology in Science Technology Engineering Math (STEM) education.
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IRS announces tax relief for taxpayers impacted by severe storms, straight-line winds, tornadoes, and flooding in Mississippi
The Internal Revenue Service (IRS) recently announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on April 8, 2024. These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make tax payments.
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Mississippi Legislative Session 2024
A Report on Legislative Activities for the MSCPA
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AICPA Spring Council Report
The AICPA 2024 Spring Council meeting was held on Tuesday – Thursday, May 21-23 in Orlando, FL. Those in attendance from the MSCPA were Jerry Goolsby, Jan Lewis, Karen Moody, and myself. This meeting had a lot of information that was discussed and provided to Council and stakeholders.
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MSCPA Joins AICPA in Letter to Voice Concerns with BOI Rollout and Request Delay of Enforcement
In a letter addressed to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), MSCPA and the AICPA voiced serious concerns regarding the enforcement of the Beneficial Ownership Information (BOI) reporting requirements.
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Federal Court Holds Corporate Transparency Act (BOI Reporting) Unconstitutional
Judge Liles C. Burke of the U.S. District Court of the Northern District of Alabama recently issued a memorandum opinion and final judgement in National Small Business United v. Yellen.
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MDOR Updates FAQs for PTE Credit for Tax Payments Flow in Multi-Tier Situations & Incentive Credits
MSCPA Taxation Committee met with the Mississippi Department of Revenue (MDOR) in mid-December to discuss various topics and issues requested from the membership.
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IRS Continues to Make Improvements to Help Taxpayers
The Internal Revenue Service (IRS) announced that it expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.
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IRS Announces Delay in Form 1099-K Reporting Threshold for Third-Party Platform Payments for 2023 & Announces Plans for Threshold of $5,000 in 2024 to Phase Implementation
Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.
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