reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-300

Current through June 25, 2024
Vendors may withdraw product from bailment; however, for
					 the purposes of warehouse administration, all removals must be approved 24
					 hours in advance of removal and will occur during normal LDC Warehouse
					 receiving hours. The vendor must provide in writing the item code, name,
					 description, and quantity of the product being removed, as well as the motor
					 carrier picking up the product from the LDC Warehouse and the product
					 destination. The division will load the product onto the truck. The carrier's
					 driver will observe the loading. Both the Division representative and the
					 driver must sign the Bill of Lading and a copy of the document will be provided
					 to the vendor. The Division will adjust the bailment inventory records and will
					 charge the vendor a handling fee to cover the cost of the requested
					 withdrawal.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-400

Current through June 25, 2024
The Division will charge for certain services. Charges may
					 include, but will not be limited to, the following services:
1. Labeling
2. Re-packing
3. Damage Re-packing
4. Reloading for shipping
5. Split case handling
6. Bailment fees
7. Unloading product received on
				  slip-sheets
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-401

Current through June 25, 2024
Vendors must comply with Federal laws, guidelines, and
					 regulations.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-402

Current through June 25, 2024
Prior to using the LDC Warehouse, each vendor will be
					 required to execute the bailment agreement and designate an
					 agent.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-403

Current through June 25, 2024
The Division will not carry insurance on the vendor's
					 inventory in bailment nor be responsible for any loss. Vendor's agents will be
					 provided inventory reports to assist vendors in determining the value of their
					 inventory. This report may be obtained from the NABCA.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-404

Current through June 25, 2024
Claims by vendor must be presented in writing to the
					 Division within thirty (30) days after vendor's claim arises.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 10 - Bailment Procedures - Policies and Procedures of Mississippi Alcoholic Beverage Control Bailment Warehouse System › Section 35-2-04-10-405

Current through June 25, 2024
The Division may submit to the vendor and/or the vendor's
					 agent, or may require the vendor or vendor's agent to submit to the Division,
					 other documents necessary to conduct its operations.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 11 - Retail Pickup from Distilleries and Native Wineries › Section 35-2-04-11-100

Current through June 25, 2024
Miss. Code Section
					 67-1-41(10)
					 allows retail permittees to pick up native wines and spirits sold by the
					 Department, so that those alcoholic beverages may be delivered to the retail
					 warehouse. The native winery or distillery shall accept the order on behalf of
					 the Department and shall collect and remit all applicable taxes and markups to
					 the Department as if the product had been ordered and delivered through the
					 Liquor Distribution Center (LDC) Warehouse.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 11 - Retail Pickup from Distilleries and Native Wineries › Section 35-2-04-11-101

Current through June 25, 2024
Retail permittees may pick up alcoholic beverages directly
					 from a distillery or native winery after first notifying the LDC Warehouse that
					 it will be ordering product from the distillery or native winery. Such
					 alcoholic beverages must be listed by the LDC Warehouse to be eligible for
					 direct pick up.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 11 - Retail Pickup from Distilleries and Native Wineries › Section 35-2-04-11-102

Current through June 25, 2024
Retail permittees shall notify LDC Warehouse via
					 Electronic Mail at retail.pickup@dor.ms.gov prior to the order being placed
					 with the distillery or native winery.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 11 - Retail Pickup from Distilleries and Native Wineries › Section 35-2-04-11-103

Current through June 25, 2024
The native winery or distillery shall provide the retailer
					 with an invoice itemizing the number of bottles and price of each bottle sold
					 to the retailer. The retailer shall maintain this invoice for three (3) years.
					 For months in which the native winery or distillery sells wine to retailers for
					 pickup after providing notice to the LDC Warehouse, the native winery or
					 distillery shall file a monthly report through TAP itemizing the number of
					 bottles sold and price of each bottle sold to retailers under this regulation.
					 A copy of all invoices showing such sales will be attached to the TAP filing.
					 The native winery or distillery will not be required to file a monthly report
					 if no such sales are made during that month.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 04 - Enforcement › Chapter 11 - Retail Pickup from Distilleries and Native Wineries › Section 35-2-04-11-104

Current through June 25, 2024
Retail permittees shall abide by all restrictions on
					 transporting alcoholic beverages, including but not limited to those as stated
					 under Miss. Code Section
					 27-71-15,
					 Transportation.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 01 - Applicant Requirements › Section 35-2-05-01-100

Current through June 25, 2024
Prior to obtaining a permit, native wine applicants must
					 satisfy the department that they meet the requirements of Miss. Code Ann.
					 Section
					 67-1-57.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 01 - Applicant Requirements › Section 35-2-05-01-101

Current through June 25, 2024
No person holding any permit issued under the provisions
					 of this chapter shall engage in any business or activity authorized by such
					 permit unless such person shall qualify so to do by complying with all statutes
					 of the United States of America, and all regulations issued pursuant thereto,
					 which are applicable or shall pertain to such business or activity, and shall
					 continue to be so qualified at all times while engaging in such business or
					 activity. As a prerequisite to the issuance of any permit under this chapter,
					 the applicant shall first obtain the required federal occupational stamp for
					 the type of business for which the permit has been applied.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 01 - Applicant Requirements › Section 35-2-05-01-102

Current through June 25, 2024
Failure of a permittee to maintain the qualifications
					 necessary for the issuance of a permit, including failure to pay any taxes due
					 the State, may result in the revocation or suspension of a
					 permit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 02 - Production › Section 35-2-05-02-100

Current through June 25, 2024
In order to be classified as a Mississippi native wine at
					 least 51% of the finished product by volume shall have been obtained from
					 grapes or other sources produced in Mississippi and defined in Miss. Code Ann.
					 Section
					 67-5-5.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 02 - Production › Section 35-2-05-02-101

Current through June 25, 2024
A holder of a Class 3 Native Wine Manufacturer's Permit
					 shall be allowed to import bulk and/or fortified wines into this state for use
					 in blending with native wines. In addition, permit holders shall make available
					 to the Department or its representatives all records required by the Federal
					 Government, showing the volume of bulk and/or fortified wines imported for
					 blending or fortifying purposes. The Department shall satisfy itself that the
					 volume of the wines imported does not exceed the volume the permit holder would
					 reasonably be expected to produce from grapes planted in his vineyard, taking
					 into consideration that fifty-one percent (51%) of the wine must be produced
					 from grapes, fruits, berries, honey or vegetables grown and produced in
					 Mississippi.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 02 - Production › Section 35-2-05-02-102

Current through June 25, 2024
Persons holding a Class 3 Native Wine Manufacturer's
					 (Producer's) Permit issued pursuant to Miss. Code Ann. Section
					 67-1-51
					 shall be required to have the words Mississippi Native Wine clearly printed on
					 the label of each bottle.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 02 - Production › Section 35-2-05-02-103

Current through June 25, 2024
All native wines produced under permits issued pursuant to
					 Miss. Code Ann. Section
					 67-1-51
					 shall be produced in accordance with the sanitary codes and production
					 standards required by applicable federal statutes and regulations of the
					 Alcohol and Tobacco Tax and Trade Bureau and the Food and Drug Administration
					 of the United States Government.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 03 - Taxation › Section 35-2-05-03-100

Current through June 25, 2024
Permittees shall pay the annual tax levied pursuant to
					 Miss. Code Ann. Section
					 27-71-5
					 on all wine produced in a given year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 03 - Taxation › Section 35-2-05-03-101

Current through June 25, 2024
Permittees shall pay the tax levied pursuant to Miss. Code
					 Ann. Section
					 27-71-7
					 on all wine sold in a given year unless that wine is sold for export and sale
					 outside this State or if the wine is given away as free samples pursuant to
					 Miss. Code Ann. Section
					 67-5-13.
					 This tax shall be remitted monthly.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 03 - Taxation › Section 35-2-05-03-102

Current through June 25, 2024
Permittees must provide electronic statements to the
					 Department each month showing:
1. All
				  sales made to consumers at the native winery or in its vicinity;
2. The gallonage produced during the month;
				  and
3. Gallonage sold or exported
				  for sale during the month.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 03 - Taxation › Section 35-2-05-03-103

Current through June 25, 2024
Permittees who import bulk or fortified wines from outside
					 this State to be mixed with native wines shall not pay any excise tax on the
					 imported wine.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 04 - Retail Operations › Section 35-2-05-04-100

Current through June 25, 2024
A permit shall not be denied based solely on the fact that
					 the proposed winery is located in a county which is considered dry under Miss.
					 Code Ann. Section
					 67-1-1 et.
					 seq.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 04 - Retail Operations › Section 35-2-05-04-101

Current through June 25, 2024
A native winery may make sales to consumers at the
					 location of the winery or in its general vicinity. The location of said sales
					 must be pre-approved by the Department.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 2 - Alcohol Beverage Control › Subpart 05 - Native Wine › Chapter 04 - Retail Operations › Section 35-2-05-04-103

Current through June 25, 2024
Native wine retailers may make sales of native wines
					 during the same hours as that allowed for package retailers. Provided, however,
					 the governing body of any location may petition the Department to permit sales
					 by native wine retailers located within their jurisdiction at other times. Upon
					 receipt of a petition, or upon its own motion, the Department shall consider
					 the same and set whatever hours of sale it deems appropriate. A certified copy
					 of the resolution of the governing authority requesting permission must
					 accompany all such petitions.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-100 - Gross income

Current through June 25, 2024
"Gross income"
means all income from whatever
					 source derived, unless excluded by law and includes income realized in any
					 form, whether in money, property or services. Gross income includes
					 compensation for personal and professional services, wages, fees, business
					 income, profits from sales, rentals and dealings in property, interest,
					 dividends and gains, profits and income derived from any source whatever,
					 including income from governmental agencies and subdivisions thereof,
					 annuities, reacquired property, securities, insurance premiums, reinsurance
					 premiums, considerations for supplemental insurance contracts, transactions of
					 any business carried on within the state for gain or profit, income from
					 intangibles if such property has acquired a business, commercial or actual
					 situs in this state, a partner's distributive share of partnership gross
					 income, income in respect of a decedent, and income from an interest in an
					 estate or trust unless exempt or otherwise excluded, in whole or in part, from
					 tax by law. Gross income, however, is not limited to the items so enumerated.
					 In the case of a taxpayer reporting net income under this act on a basis of
					 receipts and disbursements, there should be included in gross income only
					 actual and constructive receipts of income. Taxpayers reporting on the accrual
					 basis must include in gross income amounts received by them or accrued to
					 them.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-101

Current through June 25, 2024
In a manufacturing, merchandising or mining
					 business,
"gross income"
means the total sales, less the cost of
					 goods sold, plus any income from investments and from incidental or outside
					 operations or sources.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-102 - Net income

Current through June 25, 2024
"Net income"
means gross income less allowable
					 business expenses. The business deductions are in general, though not
					 exclusively, expenditures, other than capital expenditures, in connection with
					 the production of income
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-103 - Taxable income

Current through June 25, 2024
"Taxable income"
with respect to individuals,
					 estates and trusts, means total gross income less allowable expenses incurred
					 in connection with the taxpayer's trade or business, allowable personal
					 deductions and applicable personal and additional exemptions. Taxable income
					 with respect to corporations, associations and partnerships, means total gross
					 income less allowable expenses and contributions.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-104 - Domestic taxpayer

Current through June 25, 2024
"Domestic taxpayer"
, when applied to any
					 corporation, association, and partnerships, means created, organized or
					 domesticated under the laws of the State of Mississippi. The fact that a
					 domestic taxpayer moves its principal place of business without the state does
					 not preclude its classification as a domestic organization for income tax
					 purposes.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-105 - Foreign taxpayer

Current through June 25, 2024
"Foreign taxpayer"
, when applied to any
					 corporation or association, including partnerships, means created or organized
					 under the laws of a state other than Mississippi. The fact that a foreign
					 taxpayer carries on its business or occupation in Mississippi does not set
					 aside the foreign construction of the corporation, association or
					 partnership.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-106 - The term "farm"

Current through June 25, 2024
The term "farm"
embraces the farm in the
					 ordinary accepted sense, and includes, but is not limited to stock, dairy,
					 poultry, fish, fruit and truck farms; also plantations, and all land used for
					 farming operations. All individuals, partnerships or corporations that
					 cultivate, operate or manage farms for gain or profit, either as owners or
					 tenants, are designated as farmers. A fish farm is an area where fish are grown
					 or raised, as opposed to merely caught or harvested; that is, an area where
					 they are artificially fed, protected, cared for, etc.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-107

Current through June 25, 2024
A taxpayer is engaged in the
business of
					 farming
" if he cultivates, operates or manages a farm for gain or
					 profit, either as owner or tenant. A taxpayer who receives a rental (either in
					 cash or in kind) which is based upon farm production is engaged in the business
					 of farming. However, a taxpayer who receives a fixed rental (without reference
					 to production) is engaged in the business of farming only if he participates to
					 a material extent in the operation or management of the farm. A person
					 cultivating or operating a farm for hobby, recreation or pleasure rather than a
					 profit is not engaged in the business of farming.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 01 - Definitions › Section 35-3-01-01-109 - Employer

Current through June 25, 2024
The term
"employer"
means any person for whom
					 an individual performs or has performed any service, of whatever nature, as the
					 employee of such person.
1. It is not
				  necessary that the services be continuing at the time the wages are paid in
				  order that the status of the employer exist. Thus, for the purposes of
				  withholding, a person for whom an individual has performed past services for
				  which he is still receiving wages from such person is an "employer."
2. An employer may be an individual, a
				  corporation, a partnership, a trust, an estate, a joint-stock company, an
				  association, or a syndicate, group, pool, joint venture or other unincorporated
				  organization, group or entity. A trust or estate, rather than the fiduciary
				  acting for or on behalf of the trust or estate, is generally the
				  employer.
3. The term "employer"
				  embraces not only individuals and organizations engaged in trade or business,
				  but organizations exempt from income tax, such as religious and charitable
				  organizations, educational institutions, clubs, social organizations and
				  societies, as well as the government of the United States, the State of
				  Mississippi, counties, municipalities, their agencies, instrumentalities and
				  political subdivisions.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-100

Current through June 25, 2024
Every taxpayer must compute taxable income based on their
					 tax year. A tax year is an annual accounting period used by the taxpayer for
					 keeping records and reporting income and expenses. A tax year may be a calendar
					 year, which is a period of twelve (12) consecutive months ending on December
					 31st, or a fiscal year, which is a period of twelve
					 (12) consecutive months ending on the last day of any month except December
					 31st.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-101

Current through June 25, 2024
Miss. Code Ann Section
					 27-7-13(4)
					 provides that if a taxpayer's annual accounting period is not a proper fiscal
					 year ending or if the taxpayer has no annual accounting period or does not
					 maintain books and records that identify an accounting period, that the taxable
					 period will be based on a calendar year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-103

Current through June 25, 2024
Taxpayers required to file an individual income tax return
					 will file using a calendar year tax period unless they have been granted
					 permission by the Commissioner to file otherwise.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-104

Current through June 25, 2024
Pursuant to Miss. Code Ann. Section
					 27-7-43
					 a taxpayer will only be allowed to change an accounting period when it has
					 received approval from the Commissioner. If permission is granted by the
					 federal government to change the accounting period, then state permission is
					 automatic provided the taxpayer attaches a copy of the written federal approval
					 to the first state return filed for the new period. If the Commissioner
					 determines that such change in accounting period results in an understatement
					 of income, the Commissioner will deny the final approval.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-105

Current through June 25, 2024
When the accounting period is changed, it is required that
					 the tax on the first return be computed by placing the income on an annual
					 basis. The annualized income is determined by dividing the income for the
					 period by the number of months in the short period and multiplying the result
					 by twelve (12). The tax computed on the annualized taxable income is multiplied
					 by the number of months in the short period and divided by twelve
					 (12).
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-200 - Short Period as a Result of Change in Accounting Period

Current through June 25, 2024
When the accounting period is changed, it is required that
					 the tax on the first return be computed by placing the income on an annual
					 basis. The annualized income is determined by dividing the income for the
					 period by the number of months in the short period and multiplying the result
					 by 12. The tax computed on the annualized taxable income is multiplied by the
					 number of months in the short period and divided by 12.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-300 - Cash Method (Receipts and Disbursements)

Current through June 25, 2024
A taxpayer reporting net income on a basis of receipts and
					 disbursements must include in gross income only actual and constructive
					 receipts of income. Under the accrual basis, a taxpayer must include in gross
					 income amounts received by or accrued to him. He may not deduct items of
					 expense accrued but must wait until such accrued items are paid. This does not
					 apply to deductions for depreciation.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Section 35-3-01-02-301

Current through June 25, 2024
Bad debts do not constitute a loss as such under the
					 receipts and disbursements method. The expenses, liabilities or credits of one
					 year cannot be used to reduce the income of a subsequent
					 year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 02 - Accounting Periods › Accrual Method › Section 35-3-01-02-400

Current through June 25, 2024
Under the accrual basis, a taxpayer must include in
						gross income amounts received by or accrued to him.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-100

Current through June 25, 2024
Basis of accounting refers to the methodology under which
					 income and expenses are recognized in financial statements and records. Every
					 taxpayer must use a consistent accounting method to report income and expenses.
					 The manner by which a taxpayer computes the amount of income, gains, losses,
					 deductions and credits, and the tax year for which each item must be reported,
					 constitutes the taxpayer's tax accounting method. The most commonly used
					 accounting methods are the cash basis and the accrual basis.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-101

Current through June 25, 2024
The cash basis (cash receipts and disbursements) is the
					 accounting method used by most individuals. Income is generally reported in the
					 year that it is actually or constructively received in the form of cash, or its
					 equivalent, or other property. Deductions or credits are generally taken for
					 the year in which the related expenditures are actually paid, unless they
					 should be taken in a different period to more clearly reflect income, such as
					 depreciation allowances and prepaid expenses.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-102

Current through June 25, 2024
Bad debts do not constitute a loss as such under the cash
					 receipts and disbursements method. The expenses, liabilities or credits of one
					 year cannot be used to reduce the income of a subsequent
					 year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-103

Current through June 25, 2024
The accrual basis is the accounting method that records
					 revenues and expenses when they are incurred, regardless of when cash is
					 exchanged. Expense are deductible on the accrual basis in the year incurred,
					 regardless of when payment is made. The purpose of an accrual method is to
					 match income and expenses in the correct year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-104

Current through June 25, 2024
The net income shall be determined in accordance with the
					 accounting basis employed by the taxpayer, whether it be a fiscal year or a
					 calendar year and in accordance with the method of accounting employed whether
					 it be cash or accrual. The accounting method used by a taxpayer must clearly
					 reflect income and expenses. The taxpayer's method of accounting must be
					 consistent; no method of accounting is regarded as clearly reflecting income
					 unless all items of gross profit and deduction are treated with consistency
					 from year to year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-105

Current through June 25, 2024
The initial return may be filed in accordance with the
					 basis and method elected by the taxpayer as long as it is in keeping with
					 generally accepted principles, is in accordance with the basis and method of
					 accounting regularly used by the taxpayer, and reflects the taxpayer's correct
					 income. Arbitrary changes in the basis or method of accounting employed by the
					 taxpayer are not permitted except in cases where such changes have been
					 approved in advance by the Commissioner.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-106

Current through June 25, 2024
Where no accounting basis has been established by the
					 taxpayer, or where the method employed does not clearly reflect income, the
					 Commissioner shall prescribe a method that will clearly reflect income, and the
					 taxpayer for whom the method is prescribed shall be bound by the same until
					 such time as it is shown to the satisfaction of the Commissioner that a method
					 proposed by the taxpayer will reflect such income with equal results.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 03 - Accounting Basis and Methods › Section 35-3-01-03-107

Current through June 25, 2024
The expenses, liabilities or credits of one year cannot be
					 used to reduce the income of a subsequent year. If a taxpayer does not within
					 any year properly deduct their expenses, losses, interest, taxes or other
					 charges, they cannot deduct them from the income of the next or any succeeding
					 year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 04 - Inventories › Section 35-3-01-04-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures relating to inventories as are not deemed contrary to
					 the context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 05 - Hobby Losses › Section 35-3-01-05-100

Current through June 25, 2024
The Commissioner will follow federal rules, regulations and
					 revenue procedures relating to Contractors as are not deemed contrary to the
					 context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 06 - Period When Deduction Taken › Section 35-3-01-06-100

Current through June 25, 2024
The expenses, liabilities or credits of one year cannot be
					 used to reduce the income of a subsequent year. If the taxpayer does not within
					 any year deduct certain of his expenses, losses, interest, taxes or other
					 charges, he cannot deduct them from the income of the next or any succeeding
					 year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 06 - Period When Deduction Taken › Section 35-3-01-06-101

Current through June 25, 2024
A taxpayer who keeps books on a cash basis of accounting
					 may not deduct items of expense accrued but must wait until such accrued items
					 are paid, when they will constitute allowable deductions. This does not apply
					 to deductions for depreciation. Bad debts do not constitute a loss as such
					 under cash basis accounting.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 06 - Period When Deduction Taken › Section 35-3-01-06-102

Current through June 25, 2024
The net income shall be determined in accordance with the
					 accounting basis employed by the taxpayer whether it be a fiscal year or a
					 calendar year and in accordance with the method of accounting employed whether
					 it be cash or accrual.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 06 - Period When Deduction Taken › Section 35-3-01-06-103

Current through June 25, 2024
The initial return may be filed in accordance with the
					 basis and method of accounting regularly used by the taxpayer, and that clearly
					 reflects the taxpayer's income. Arbitrary changes in the basis or method of
					 accounting employed by the taxpayer are not permitted except in cases where
					 such changes have been approved in advance by the Commissioner. Where no
					 accounting basis has been established by the taxpayer, or where the method
					 employed does not clearly reflect income, and the taxpayer for whom the method
					 is prescribed shall be bound by the same until such time as it is shown to the
					 satisfaction of the Commissioner that a method proposed by the taxpayer will
					 reflect such income with equally satisfactory results. In the absence of an
					 established accounting period, the income of the taxpayer shall be computed on
					 the basis of a calendar year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 07 - Installment Sales › Section 35-3-01-07-100

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations
					 and Revenue Procedures relating to installment sales to the extent that such
					 procedures are not deemed contrary to the context and intent of Mississippi
					 Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 08 - Contractors › Section 35-3-01-08-100

Current through June 25, 2024
The Commissioner will follow federal rules, regulations and
					 revenue procedures relating to Contractors as are not deemed contrary to the
					 context and intent of Mississippi Law.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 09 - Income Averaging › Section 35-3-01-09-100

Current through June 25, 2024
Mississippi law does not authorize income averaging for
					 taxpayers having annual fluctuations in income over several years. Income
					 earned, realized or recognized in the taxable year must be reported in full for
					 that year without the benefit of any method of averaging.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 10 - Statute of Limitations › Section 35-3-01-10-100

Current through June 25, 2024
The Commissioner, pursuant to Miss. Code Ann. Section
					 27-7-49
					 has three (3) years from the due date of the return or the date the return was
					 filed, whichever is later, to make a determination of tax overpayment or
					 deficiency. Exceptions to this general rule are:
1. Where a taxpayer has been notified by
				  certified mail prior to the expiration of the three-year examination period
				  that his or her return is being examined. The Commissioner has one year after
				  the expiration of the three-year period to examine records and/or returns, and
				  to assess any additional tax due.
2. Where a taxpayer filed a false or
				  fraudulent return with the intent to evade tax or where a taxpayer had a filing
				  requirement but no tax return was filed.
3. Where the Internal Revenue Service has
				  increased the income of a taxpayer. Assessments of Mississippi income tax
				  resulting from changes made to a taxpayer's federal return by the Internal
				  Revenue Service must be made within three (3) years of the date the Internal
				  Revenue Service disposes of the liability in question. "Disposes of the tax
				  liability in question" means the date the Department of Revenue receives notice
				  from the Internal Revenue Service of the change in the taxpayer's reported
				  taxable income.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 10 - Statute of Limitations › Section 35-3-01-10-101

Current through June 25, 2024
In the case of a taxpayer seeking a refund or a reduction
					 in the amount due on a particular return, a taxpayer must apply within three
					 (3) years from the due date of the return or where an extension was granted,
					 three (3) years from the date the return was filed, provided the return was
					 filed on or before the last day of the extension period authorized by the
					 Commissioner.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 10 - Statute of Limitations › Section 35-3-01-10-102

Current through June 25, 2024
When the Internal Revenue Service has made a change which
					 results in a decrease of a taxpayer's Mississippi income tax liability, the
					 Commissioner will allow the reduction within three (3) years of the date the
					 Internal Revenue Service disposes of the liability in
					 question.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 10 - Statute of Limitations › Section 35-3-01-10-103

Current through June 25, 2024
When the reportable taxable income of a taxpayer has been
					 decreased by the carryback of a net casualty loss deduction or a net operating
					 loss deduction, the three-year examination period is determined by the tax year
					 in which the loss was incurred.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 11 - Extension of Time to File › Section 35-3-01-11-100

Current through June 25, 2024
The Commissioner may grant a reasonable extension of time
					 beyond the statutory due date to file any income or franchise tax return or
					 annual report. The authorized extension of time to file does not extend the
					 time for payment of the income or franchise tax due. Interest and penalty shall
					 apply on any underpayment of tax. Taxpayers having a tax liability who request
					 an extension of time must remit the tax due with the proper Mississippi
					 Application for Extension on or before the due date of their return to receive
					 an automatic extension of time to file their tax returns.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 11 - Extension of Time to File › Section 35-3-01-11-101

Current through June 25, 2024
If no tax liability exists on the due date of the return,
					 the Commissioner will automatically recognize an extension of time authorized
					 and granted by the Internal Revenue Service for the filing of annual income tax
					 returns. Proof of the authorized extension must be maintained with the
					 taxpayer's records. If proof cannot be presented upon request, extension may
					 not be allowed.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 12 - Credit for Income Tax Paid to Another State › Section 35-3-01-12-100

Current through June 25, 2024
Pursuant to Miss. Code Ann. Section
					 27-7-77,
					 Mississippi residents are required to include their total gross income from all
					 sources on their Mississippi income tax return, regardless of where the income
					 was earned or realized. Mississippi residents who earned income in other states
					 and are required to pay an income tax to another state(s) on income that is
					 also subject to Mississippi income tax are allowed a credit for income tax paid
					 to another state against Mississippi tax due. The credit must be claimed in the
					 same taxable year in which the tax is paid to the other state. Non-residents
					 are not allowed this credit.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 12 - Credit for Income Tax Paid to Another State › Section 35-3-01-12-101

Current through June 25, 2024
"Another state" or "other state" means a state in the
					 United States other than Mississippi, a territory of the United States or the
					 District of Columbia. This credit does not apply to taxes paid to any foreign
					 country or to taxes imposed by any city, county or other local taxing
					 jurisdiction.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 12 - Credit for Income Tax Paid to Another State › Section 35-3-01-12-102

Current through June 25, 2024
The amount of the credit is subject to the following
					 limitations:
1. The credit may not
				  exceed the amount of income tax due the State of Mississippi.
2. The credit may not exceed the amount of
				  income tax actually paid to the other state. (Any income tax credits allowed by
				  another state will not be treated as taxes actually paid.)
3. The credit may not exceed an amount
				  computed by applying the highest applicable Mississippi rates to the net
				  taxable income reported to the other state. Highest rates are meant to mean the
				  highest rates at which the net taxable income reported to the other state is
				  taxable by the State of Mississippi.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 12 - Credit for Income Tax Paid to Another State › Section 35-3-01-12-103

Current through June 25, 2024
Copies of withholding statements are not sufficient
					 documentation, as they indicate the amount withheld by the other state not the
					 actual tax liability to the other state. The required documentation, as
					 outlined below, must be attached to the Mississippi Individual Income Tax
					 Return to claim the credit or the credit may be disallowed.
1. The Tax Credit For Income Tax Paid To One
				  Or More Other States form; and
2. A
				  copy of the actual income tax return(s) filed with the other state(s); or
3. Documentation of the amount of
				  tax paid to another state on the taxpayer's behalf by another entity, such as a
				  federal schedule K-1. This will only be accepted in instances where the other
				  state's return is not required to be filed by the taxpayer.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 12 - Credit for Income Tax Paid to Another State › Section 35-3-01-12-104

Current through June 25, 2024
If a taxpayer amends the amount of income tax paid to the
					 other state on which the Mississippi credit was based, the taxpayer must file
					 an amended Mississippi Individual Income Tax Return to recalculate the amount
					 of credit allowed.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 01 - Definitions and Miscellaneous › Chapter 13 - Reporting or Changing Elections-Change in Reporting Methods › Section 35-3-01-13-100

Current through June 25, 2024
Permission must be granted in writing by the Commissioner
					 before any election can be changed. If a taxpayer has an option to make an
					 election and does not knowingly make such election, but reports to Mississippi
					 as though an election had been made, the taxpayer is required to continue
					 filing returns using the same method until granted written permission by the
					 Commissioner to change.