Access the latest MSCPA articles plus other news and events.
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HOUSE BILL 1723: Credits Available for Contributions to Food Bank Charitable Organizations (FBCO)
Effective Date: July 1, 2023 House Bill 1723 of the 2023 Regular Session allows for a tax credit for voluntary cash contributions to eligible charitable food bank organizations (FBCO). This credit is available to taxpayers.
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MSCPA Supports Calling for an Extension and Expansion in Beneficial Ownership Reporting Requirements
The Mississippi Society of Certified Public Accountants has joined AICPA and dozens of other state CPA societies to ask the Financial Crimes Enforcement Network (FinCEN) to extend and expand the deadline for beneficial ownership information (BOI) reporting requirements, specifically for Reporting Companies Created or Registered in 2024. The beneficial ownership information (BOI) reporting requirement requires small businesses, including small CPA firms and LLCs, to report information on the “owner” of an entity.
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House Bill 1733: Revised Depreciation Methods
For the purposes of computing income tax for tax years beginning after December 31, 2022, a taxpayer may treat specified research or experimental expenditures that are paid or incurred by the taxpayer during the tax year in connection with the taxpayer’s trade or business as expenses that are not chargeable to the capital account.
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HOUSE BILL 1671: Credits Available for Contributions to Eligible Transitional Housing Organizations (ETHO)
House Bill 1671 of the 2023 Regular Session allows for a tax credit for voluntary cash contributions to eligible transitional home organizations (ETHO). This credit is available to both Individual and Business taxpayers.
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SENATE BILL 2077: Charities Audit Threshold
This bill passed during the 2023 Legislative Session is significant to members and clients. Beginning July 1, 2023, the new filing threshold for audited financial statements has been increased from $500,000 to $750,000 for those charitable organizations receiving monetary donations.
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MSCPA Visits Capitol Hill to Discuss Issues Important to the Accounting Profession
Last month, MSCPA members met with our Representatives and Senators or their staff on issues important to the accounting profession during the AICPA Spring Council meeting in Washington, D.C.
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MS Moves Forward with Remote Software Sales Tax Legislation
SB2449 was signed by the Governor and will become effective July 1, 2023.
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Governor Signs MSCPA Pass-Through Entity HB1668
Governor Tate Reeves signed the MSCPA’s pass-through entities technical corrections bill on March 23, 2023.
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AICPA Expresses Strong Support for Bipartisan, Bicameral Supply Chain Disruptions Relief Act
LIFO Issue
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MDOR Issues Revised PTE Guidance
EPTE FAQ
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