Access the latest MSCPA articles plus other news and events.
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MSCPA Meets With MDOR on Members’ Issues Including Schedule C Verifications
Members of the Taxation Committee and President/CEO Karen Moody held a phone conference with Commissioner Graham and Jan Craig to discuss some of the concerns raised on our CONNECT forum.
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MSCPA Recognizes Outstanding Senior Accounting Majors
In the spring of each year, the MSCPA recognizes seniors majoring in accounting from colleges and universities all across the state of Mississippi.
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MSCPA Honors 2020 Hamp King Award Winner
Hunter Reed of the University of Southern Mississippi was honored at the Spring 2021 School of Accountancy Advisory Board meeting for his selection as the Hamp King Award scholarship winner.
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HB1446 Passes Allowing Expense Deductions for B2B Grants, EIDL Advances, MS Rental Assistance Payments, and PPP#2 Loan Forgiveness
The House and Senate adopted MSCPA’s HB1446 March 28 with MSCPA successfully amending the bill to include the deductions of expenses for EIDL advances(grants) and MS Rental Assistance Payments, in addition to MS Back To Business (B2B) grants for Mississippi purposes. The Governor signed the bill on April 14.
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MDOR Provides Guidance on Pressing Tax Issues
Due to the numerous questions received from our members regarding the tax treatment of various COVID-related relief provided by Federal and State Governments, MSCPA sent an inquiry to the MS Department of Revenue to request guidance on how MDOR interprets the taxability of such COVID-related relief and whether the related expenses would be deductible.
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Tax Day for Individuals Extended to May 17: Treasury, IRS, MDOR Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
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Update on Mississippi Income Tax Repeal Bill
The Senate, on March 16, refused to consider House Bill 1439, the Mississippi Tax Freedom Act, which killed it due to a legislative deadline.
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MDOR Guidance on Federal Unemployment Exclusion in the American Rescue Plan Act
The American Rescue Plan Act enacted on March 11, 2021, provided an exclusion from income of up to $10,200 of unemployment compensation paid in 2020.
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CPA Evolution Update
CPA Evolution is a joint initiative of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA).
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HB1446 Introduced to Address Deduction for B2B MS Grant Program Eligible Expenses
As a result of our advocacy efforts, MSCPA was successful in getting HB1446 introduced which will allow deduction for Back to Business (B2B) Mississippi Grant Program eligible expenses.
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