Access the latest MSCPA articles plus other news and events.
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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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Mississippi Legislative Session 2024
A Report on Legislative Activities for the MSCPA
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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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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 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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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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