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Tag Archives: taxes

It’s a taxing season for CPA firms

With less than two weeks left before tax filing deadline, CPA offices across Mississippi are feeling the crush. These pros, however, have learned to cope with the yearly pressures of tax season. They also took time to discuss changes and trends they’ve observed this year. Jessica Cooley with the Jackson metro area firm of GranthamPoole says the firm’s work/life balance ...

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JOHN SCOTT: Tax code, meet today’s reality

As springtime blooms and a seemingly never-ending winter fades, a noteworthy but broadly overlooked set of tax proposals was released by the House Ways and Means Committee in Washington. These serve as an opening bid on how Republicans view the future of the Internal Revenue Code. They are interesting as much for what they say implicitly as they are for ...

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State to end sales tax on interest paid on store-financed merchandise

Toting the note just got easier for Mississippi car dealers and other merchants who finance their customers’ purchases. Gov. Phil Bryant’s signing of House Bill 260 Tuesday puts a July 1 end to sales taxes on interest and other finance charges at buy-here-pay-here retail locations, including auto dealerships and furniture and appliance stores that arrange installment payments on items they ...

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DOR: State’s general fund stands to lose more than $100 million annually through the new tax apportionment rules

A bill to limit how and when the Mississippi Department of Revenue can use a market-based taxing method in calculating the tax bills of multistate businesses in the state passed the Legislature Tuesday morning. Legislators also put limits on the DOR’s authority to demand multistate companies provide combined tax returns. The DOR has insisted on authority to seek combined returns ...

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Business inventory tax, proclaimed as a jobs creation tool, projected to cost state $7M this year, then $126M in FY 2017

With fiscal 2014’s arrival, Mississippi’s businesses can begin enjoying the rewards of a hard-fought victory achieved in 2012 with passage of a phased-in state income tax credits for businesses that pay inventory taxes to cities and counties. Legislative wrangling ended with establishing the tax credits in place of an actual end to the inventory tax, an outcome cities, counties and ...

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Bill to renew Mississippi tourism sale tax rebates in home stretch

A proposed three-year renewal of Mississippi’s tourism incentives includes a provision designed to spur development of a convention center hotel in Jackson and perhaps Biloxi. Convention hotels would be eligible for sales tax rebate of up to 80 percent over 15 years under two conditions: the properties are built within 1,000 feet of an existing convention complex and the local ...

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Mississippi Supreme Court casino ruling opens door to spreading tax credits to affiliates

Look for gaming operators and other corporate entities in Mississippi to file amended income tax returns based on a February state Supreme Court ruling that Isle of Capri Casinos can spread its tax credits among affiliate operations. The court ruled against the state Department of Revenue in its appeal of a 2012 Harrison County Chancery Court decision in favor of ...

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Uniformity eludes states' multistate business taxing methods

Mississippi is an “all or nothing” state when it comes to designating the source of taxing the revenue a multistate corporation makes through the sales of services. Here’s an explanation from attorney Richard Henchman, VP of legal & sate projects for The Tax Foundation, based in Washington, D.C.: “The historical approach is Cost of Performance (CoP), or Income-Producing Activity (IPA). ...

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Business tax bills seek limits on DOR in taxing options

Some members of the Mississippi Legislature fear last summer’s state Supreme Court ruling that bumped the one-year Mississippi tax bill of Atlanta’s Equifax Credit Information Services from zero to over $700,000 will tarnish the state’s “business friendly reputation.” To undo the perceived damage, two Republican-sponsored bills designed to make it harder for the state to assess taxes on multistate businesses ...

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TAXES — It’s time for businesses of all sizes to start gathering records before filing

It’s a new year and time to get down to the nuts-and-bolts of tax season. Best advice? IRS spokesperson Dee Harris Stepter said, “Of course, what everyone should be doing is getting their records together so they can be ready to file.” The IRS will begin accepting 2013 business tax returns on Jan. 13. That goes for both electronically-filed and ...

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