Access the latest MSCPA articles plus other news and events.
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Get A Jump Start On Reducing Your 2022 State Tax Liability
CHILDREN’S PROMISE ACT CREDIT
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IRS Announces Tax Relief for Mississippi Water Crisis Victims
A Federal Disaster Declaration, EM3582, was issued on August 30, 2022, for Hinds County due to the water crisis.
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MSCPA Meets with MDOR and Legislators on ERC and PTE Guidance
Pursuant to guidance released on July 28, 2022, members of the Taxation Committee met with the Mississippi Department of Revenue (MDOR) to get questions answered on the Employee Retention Credit (ERC) and the SALT Cap Workaround for Pass-Through Entities (PTE) legislation that passed during the 2022 session.
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COVID Tax Relief:
IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers.
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Update on Deduction of COVID Related Expenses Legislation
The State tax treatment to align with federal are now in effect for the COVID related loans and grants addressed in the 2022 legislation as follows:
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Governor Signs State’s Largest Income Tax Cut
Governor Tate Reeves signed a bill that will reduce the state income tax over four years, beginning in 2023. Mississippi residents will pay lower income taxes as the state enacts it’s largest-ever tax cut.
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Legislation Creates Study Committee on Taxation of Internet-based Software
SB2831 which passed in the Legislative session created the Taxation of Remote and Internet-Based Computer Software Products and Services Study Committee to examine and develop recommendations regarding the taxation of remote and internet-based computer products and services under the Mississippi Sales Tax Law and the Mississippi Use Tax Law.
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Salt Cap Workaround for Pass-through Entities Passes Legislature
By John Fletcher, Partner JONES WALKER LLP
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MSCPA Advocates For State Tax Code Revisions For COVID Funds in 2022 Legislative Season
2021 Filing Season Impacted
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Mandatory Electronic Filing of Form 990-T – MS Form 83-105 Modification Granted
The MSCPA, working with members of the Not-for-Profit Committee, was able to get the State to modify the requirement of an officer’s social security number to be disclosed on Form 83-105.
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