Access the latest MSCPA articles plus other news and events.
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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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MSCPA Advocacy Efforts Bring Results During the Pandemic
MSCPA continually works to protect the profession by advocating for favorable legislation and against bills and actions that are detrimental. The pandemic sent our efforts into overdrive as we fought on both the State and Federal levels to protect and ease the burdens on our members and their clients.
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Governor Reeves Announces Department of Revenue Appointment
Governor Tate Reeves announced Chris Graham as his appointment for Commissioner of the Mississippi Department of Revenue (DOR). Chris has a proven history of fighting for our state and handling complex administrative and accounting battles—having served in offices from the Mississippi Legislative Budget Office and Mississippi Ethics Commission to 17 years of legal experience as an attorney.
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MS Back-to-Business Liability Assurance Act Signed by Governor
Legislation that will help protect businesses and healthcare providers against frivolous COVID-19-related claims was signed by Governor Reeves on July 8. A coalition of business groups spearheaded by BIPEC and MEC, of which MSCPA is a member, lead to pass what is known as the “Mississippi Back-to-Business Liability Assurance Act” in SB3049. This important act will preserve both justice and economic recovery in Mississippi by enacting reasonable safeguards against a potential surge of coronavirus lawsuits.
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MDOR EXTENDS TAX FILING AND PAYMENTS TO JULY 15
After continuing to advocate for an extension that coincides with the federal extension, MSCPA notified members via email on May 6 that the Mississippi Department of Revenue (MDOR) revised the filing deadline decision of May 15 and released the following notice extending the tax filing deadline to July 15.
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