reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 11 - Report of Income Tax Withheld › Section 35-3-11-11-102

Current through June 25, 2024
An employer who has become liable to file a return under a
					 particular filing period (monthly or quarterly) must continue on that basis
					 until a final return is filed or permission to change has been granted by the
					 Commissioner.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 11 - Report of Income Tax Withheld › Section 35-3-11-11-103

Current through June 25, 2024
The return of a governmental employer should be made by
					 the person designated for that purpose or having control over payment of wages.
					 If a consolidated return and remittance of the tax withheld cannot be made by
					 the employer because of the complexity of his organization, he may designate
					 certain branch offices or divisions as withholding agents. These agents would
					 then perform the actual withholding and remitting. However, regardless of any
					 internal arrangements which may be established by these "complex employers",
					 the legal responsibility and liability under the law still rest with the home
					 office. In such cases, each division or agency filing a return shall have a
					 separate registration and identification number.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 11 - Report of Income Tax Withheld › Section 35-3-11-11-104

Current through June 25, 2024
Preprinted withholding tax coupon booklets are mailed to
					 employers (Form 62-400) for quarterly and (Form 62-405) for monthly fliers and
					 these forms should be used in filing returns. Should an employer fail to
					 receive a form, he should tender the tax withheld so as to assure that the
					 return be postmarked not later than the regular due date. Such remittance
					 should be accompanied by a letter from the employer stating failure to receive
					 a reporting form, giving employer identification number, reporting period, and
					 stating name and current mailing address of the employer. Failure to receive a
					 reporting form does not relieve the employer of his obligation to pay the tax
					 by the regular due date. The last report filed by the employer who either goes
					 out of business or otherwise ceases to pay wages subject to withholding must be
					 marked "final return".
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 12 - Payment of Income Tax Withheld › Section 35-3-11-12-100

Current through June 25, 2024
All moneys withheld in accordance with the provisions of
					 the Mississippi Income Tax Withholding Act of 1968, as amended, shall be deemed
					 to be held by the employer in trust for the State of Mississippi, and shall be
					 recorded by the employer in a ledger account so as to clearly indicate the
					 amount of tax so withheld, and that such amount is the property of the State of
					 Mississippi.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 12 - Payment of Income Tax Withheld › Section 35-3-11-12-101

Current through June 25, 2024
Quarterly or monthly returns must be filed by each
					 employer with the Commissioner on forms made available by the Commissioner for
					 that purpose, and such returns must be accompanied with a remittance from the
					 employer for the full amount of the tax withheld by him for that
					 quarter.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 12 - Payment of Income Tax Withheld › Section 35-3-11-12-102

Current through June 25, 2024
Any employer who fails either to withhold the required tax
					 or pay it to the Commissioner as specified, or both, is liable to the state for
					 the full amount of all taxes on the income paid by him to his employees for the
					 period for which he failed to report or turn over the same, together with all
					 interest and penalties accrued. Any employer who fails to deduct, withhold or
					 remit moneys or to furnish to any individual information statements, or
					 maintain records as required is guilty of a misdemeanor.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 13 - Reports of Withholding-Correcting Mistakes › Section 35-3-11-13-100

Current through June 25, 2024
If more than the correct amount of tax is paid to the
					 Commissioner, proper adjustment may be made on the first monthly or quarterly
					 return filed after the error is discovered. If less than the correct amount of
					 tax is paid to the Commissioner, an amended report with remittance must be
					 filed immediately. If a mistake in income tax withholding cannot be adjusted on
					 a return for a subsequent period of the same calendar year, the Commissioner
					 should be consulted for the proper method of correction.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 13 - Reports of Withholding-Correcting Mistakes › Section 35-3-11-13-101

Current through June 25, 2024
The employer is authorized to deduct the amount of the
					 under-collection from later payments to the employee, if none or less than the
					 correct amount of the tax is deducted from any wage payment. However, the
					 employer is liable to the Commissioner for any underpayment. Reimbursement of
					 the employer is a matter of settlement between the employer and the employee.
					 The over-collection shall be repaid to the employee, if more than the correct
					 amount of tax is deducted from any wage payment. Every over-collection for
					 which the employer does not have evidence of repayment to the employee must be
					 reported and paid to the Commissioner with the return for the filing period in
					 which the over-collection was made.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 14 - Wage and Tax Statements and Reports › Section 35-3-11-14-100

Current through June 25, 2024
On or before the date prescribed by the Commissioner, each
					 employer must transmit to the Commissioner in the format and manner prescribed
					 all wage and tax statements (Form W-2 or other withholding statements) and
					 reports for the year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 15 - Statement Furnished Employees › Section 35-3-11-15-100

Current through June 25, 2024
Each employer, on or before January 31 of each year or
					 within thirty (30) days after termination of the employment, shall furnish each
					 employee, whose wages were subject to withholding whether or not tax was
					 withheld on such payments, a withholding statement in duplicate showing:
1. Total wages paid.
2. Amount of Mississippi income tax
				  withheld.
3. Amount of federal
				  income tax withheld.
4. Name and
				  address of employee.
5. Social
				  Security number of employee.
6.
				  Name, address and Mississippi identification number of employer.
7. Period of employment - calendar year
				  unless indicated otherwise.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 15 - Statement Furnished Employees › Section 35-3-11-15-101

Current through June 25, 2024
Wages should include all remuneration paid to the
					 employee, whether paid in cash or otherwise. Wages should be reported on form
					 W-2 and should provide the same level of detail as prescribed by the Internal
					 Revenue Service and such other information as required by the Commissioner.
					 Each statement should identify wages regardless of source, as well as on a
					 state by state basis. The withholding for each state should be identified as
					 well.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 15 - Statement Furnished Employees › Section 35-3-11-15-102

Current through June 25, 2024
The withholding statement for each employee should be
					 prepared on Federal Form W-2. The original state copy should be filed with the
					 Commissioner in the format and manner prescribed. Two copies should be given to
					 the employee (one of which is required to be attached to the individual income
					 tax return filed by the employee and the other retained by the employee); and a
					 copy should be retained by the employer.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 15 - Statement Furnished Employees › Section 35-3-11-15-103

Current through June 25, 2024
If it becomes necessary to correct Form W-2 after it has
					 been given to an employee, a corrected statement should be issued to the
					 employee and a copy mailed to the Commissioner, such copy to be clearly marked
					 "corrected by employer."
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 16 - Determination of Income Tax to be Withheld › Section 35-3-11-16-100

Current through June 25, 2024
The amount of income tax to be withheld must be determined
					 in accordance with withholding tables prepared by the Commissioner. Withholding
					 tables show amounts to be withheld for daily, weekly, biweekly, semi-monthly,
					 and monthly payroll periods.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 16 - Determination of Income Tax to be Withheld › Section 35-3-11-16-101

Current through June 25, 2024
Employers using electronic data processing equipment for
					 payroll computations may use special formulas adapted to the machines, if the
					 result will be consistent with the withholding tables prepared by the State Tax
					 Commission. A computer payroll accounting flowchart is furnished in the Income
					 Tax Withholding Tables Booklet.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 17 - Registration of Employers › Section 35-3-11-17-100

Current through June 25, 2024
The Mississippi Income Tax Withholding Act of 1968, as
					 amended, became effective as of January 1, 1969. All employers subject to the
					 provisions of the act on that date are required to be registered for
					 withholding. All new employers must register in time to begin withholding from
					 the inception of their business. Form 60-007 must be completed by each employer
					 subject to the provisions of the act. Application for registration may be
					 obtained by writing to the Withholding Tax Section, Income Tax Division, State
					 Tax Commission, Post Office Box 960, Jackson, Mississippi 39205. All
					 information requested thereon must be furnished in detail.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 17 - Registration of Employers › Section 35-3-11-17-101

Current through June 25, 2024
The Identification Number assigned by the Internal Revenue
					 Service for federal income tax withholding purposes is likewise used for state
					 withholding purposes and such number becomes the identification number of the
					 employer. In making application for registration, the employer should indicate
					 his federal I.D. number on his registration application. If a federal I.D.
					 number has not been applied for or assigned, the Mississippi application should
					 not be delayed, but such number should be furnished as soon thereafter as
					 possible.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 17 - Registration of Employers › Section 35-3-11-17-102

Current through June 25, 2024
Once an employer has made application for withholding
					 registration, the employer is registered as a withholding agent for the State
					 of Mississippi and should begin immediately to withhold Mississippi income tax
					 applicable to the payment of wages to his employees. The Commissioner will mail
					 to the employer, approximately thirty (30) days before the due date, all
					 reports, including instructions, that must be submitted after the close of the
					 filing period. A report should be filed with the Commissioner for each monthly
					 or quarterly filing period, Form 62-405 for monthly and 62-400 for quarterly,
					 which would be in the preprinted coupon booklet. In the event no tax is due, a
					 negative return nonetheless should be filed. For additional information on
					 filing of returns and payment of tax refer to Regulations 1111 and
					 1112.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 18 - Withholding Exemption Certificates › Section 35-3-11-18-100 - On commencement of employment

Current through June 25, 2024
On or before the date on which an individual commences
					 employment with an employer, the individual shall furnish the employer with a
					 signed withholding exemption certificate (Form 62-420) relating to the amount
					 of withholding exemption to which he is entitled. The employer is required to
					 request a withholding exemption certificate from each employee, but if the
					 employee fails to furnish such certificate, such employee shall be considered
					 as claiming no withholding exemption and the employer is required to withhold
					 on that basis.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 18 - Withholding Exemption Certificates › Section 35-3-11-18-101 - Change in exemptions

Current through June 25, 2024
If, on any day during the calendar year, the amount of
					 withholding exemption to which the employee is entitled is increased or
					 decreased, an amended certificate should be filed by the employee with his
					 employer within ten (10) days from the date of such change. Exemption
					 certificates filed by the employee shall remain in force until amended by the
					 employee.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 18 - Withholding Exemption Certificates › Section 35-3-11-18-102 - More than one employer

Current through June 25, 2024
If an employee has more than one employer at the same
					 time, he may claim his exemptions with only one employer.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 18 - Withholding Exemption Certificates › Section 35-3-11-18-103 - Excessive exemption

Current through June 25, 2024
The employer is not required to ascertain whether or not
					 the amount of exemption claimed by the employee is greater than the amount of
					 exemption to which the employee is entitled, provided the exemption claimed is
					 not in excess of that authorized by law. If, however, the employer has reason
					 to believe that the amount of withholding exemption claimed by the employee is
					 greater than the amount to which the employee is entitled, the State Tax
					 Commission should be so advised.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 18 - Withholding Exemption Certificates › Section 35-3-11-18-104 - Amount of exemption › Section 35-3-11-18-104.01 - The amount of exemption to which an individual is entitled is as follows

Current through June 25, 2024
1. Single
					 individuals-for Calendar year 1981 and thereafter$6,000
2. Married individuals-for Calendar year 1981
					 and thereafter$9,500
In instances where husband and wife are both employed,
						the joint personal exemption plus any allowable additional exemptions
						(dependents, blindness or age) may be divided between the spouses, in multiples
						of $500, in any manner they may choose so long as the total amount of
						exemptions claimed by both spouses does not exceed the amount of exemption
						authorized by law. Effective, however, January 1, 1979, Section
						27-7-21
						provides that married individuals electing to file separate returns (two
						returns) must, on filing of such returns, divide the exemptions equally between
						the two spouses. If married individuals contemplate filing two separate
						returns, they should equally divide the exemptions in completing the Employee
						Withholding Exemption Certificate as filed with their respective employers.
						Married individuals who contemplate filing a joint or combined return (one
						return) may continue to divide the exemption between them in any manner they
						choose.
3.
					 Head-of-family-for Calendar year 1981 and thereafter$9,500 See Section
					 27-7-21 for
					 definition of head-of-family.
4.
					 Dependents-for Calendar year 1979 and thereafter-$1,500 An additional exemption
					 may be claimed for each dependent of the taxpayer if such dependent qualifies
					 as a dependent for federal income tax purposes, except for the one dependent
					 that qualifies a taxpayer for the head of family status. Dependents do not
					 include taxpayer and spouse. Married individuals may divide the number of their
					 dependents between them in any manner they choose. See, however, the warning
					 under paragraph (2) relating to married individuals filing separate returns
					 (two returns).
5. Age 65 and
					 over-for Calendar year 1979 and thereafter-$1,500 An additional exemption may
					 be claimed by either taxpayer or spouse or both if either or both have reached
					 the age of 65 before the close of the taxable year. No additional exemption is
					 authorized for dependents by reason of age.
6. Blind-for Calendar year 1979 and
					 thereafter-$1,500 An additional exemption may be claimed by either taxpayer or
					 spouse or both if either or both are blind. No additional exemption is
					 authorized for dependents by reason of blindness.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 20 - Records to be Kept by Employer › Section 35-3-11-20-100

Current through June 25, 2024
Every employer required to deduct and withhold the tax
					 shall keep and preserve for a period of three (3) years after the date the tax
					 which they relate became due, on the date the tax is paid, whichever is later,
					 the following records and information:
1. Name, address, social security number and
				  period of employment of all employees receiving compensation from the
				  employer.
2. Amounts and dates of
				  all wage payments subject to the Mississippi income tax withholding.
3. Employee's state income tax withholding
				  exemption certificates.
4.
				  Employer's state income tax withholding registration number.
5. In the case of nonresidents, record of
				  allocation of working days in the State of Mississippi.
6. Records of quarterly or monthly returns
				  including dates and amounts of payment.
7. All other wage, tax, and
				  income/information statements and reports required to be filed with the
				  Commissioner.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 20 - Records to be Kept by Employer › Section 35-3-11-20-101

Current through June 25, 2024
In all cases, the employer should maintain such other
					 records in addition to those detailed above which he feels will assist the
					 commission in auditing records or verifying the liability reported. Any
					 employee's copies of the wage and tax statement (Form W-2) which cannot be
					 delivered to the employee after reasonable effort is exerted should be retained
					 by the employer for a three year period.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 21 - Estimated Tax Payments › Section 35-3-11-21-100 - INDIVIDUAL ESTIMATED TAX PAYMENTS

Current through June 25, 2024
1. Every individual
				  taxpayer who does not have at least eighty percent (80%) of his annual tax
				  liability prepaid through withholding must make estimated tax payments if his
				  annual tax liability exceeds two hundred dollars ($200). Every estate or trust
				  with an annual income tax liability in excess of two hundred dollars ($200)
				  must make estimated tax payments. These estimated tax payments must not be less
				  than eighty percent (80%) of the annual income tax liability. Any taxpayer who
				  fails to file the estimated tax return and pay the tax within the time
				  prescribed or underestimates the required amount shall be liable for interest
				  of one percent (1%) per month on underpayment of tax from the date payment is
				  due until paid.
2. The total
				  estimated tax may be paid on or before the fifteenth day of the fourth month of
				  the income year of the taxpayer or, at the election of the taxpayer, the
				  estimated tax may be paid in four equal installments on forms furnished by the
				  Commissioner. The returns and payments are due on or before:
a. The 15th day of the 4th month of the
				  income year,
b. The 15th day of
				  the 6th month of the income year,
c. The 15th day of the 9th month of the
				  income year,
d. The 15th day of the
				  1st month after the close of the income year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 21 - Estimated Tax Payments › Section 35-3-11-21-101 - CORPORATE ESTIMATED TAX PAYMENTS

Current through June 25, 2024
1. Every corporate
				  taxpayer with an annual income tax liability in excess of two hundred dollars
				  ($200) must make estimated tax payments. These estimated tax payments must not
				  be less than ninety percent (90%) of the annual income tax liability. Any
				  taxpayer who fails to file an estimated tax return and pay the tax within the
				  time prescribed or underestimates the required amount shall be liable for
				  penalty of ten percent (10%) plus interest of one percent (1%) per month on
				  underpayment of tax from the date payment is due until paid.
2. The total estimated tax may be paid on or
				  before the fifteenth day of the fourth month of the income year of the taxpayer
				  or, at the election of the taxpayer, the estimated tax may be paid in four
				  equal installments on forms furnished by the Commissioner. The returns and
				  payments are due on or before:
a. The 15th day
				  of the 4th month of the income year,
b. The 15th day of the 6th month of the
				  income year,
c. The 15th day of the
				  9th month of the income year,
d.
				  The 15th day of the 12th month of the income year.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-101

Current through June 25, 2024
Gaming establishment means any establishment where gambling
					 games are conducted or operated within this state and any party that provides
					 or is responsible for the payment of cash or other remuneration resulting
					 directly or indirectly from play at gambling games within this state. Gaming
					 establishments include those establishments required to be licensed under the
					 Mississippi Gaming Control Act, establishments which would be licensed under
					 the Mississippi Gaming Control Act but for a federal preemption, and the
					 Mississippi Lottery Corporation.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-102

Current through June 25, 2024
Gaming winnings includes all amounts that are paid, whether
					 in cash or other form, by gaming establishments to patrons which are subject to
					 the withholding and/or reporting requirements of the Internal Revenue Code
					 (IRC) as specified in Miss. Code Ann. Sections 27-7-901 and 27-7-903. Such
					 amounts are not limited to cash or remuneration from play at a gambling game,
					 but include, without limitation, amounts considered prizes, awards, tournament
					 winnings or similar types of compensation. There is no reduction for tax
					 withholdings or other reserves and may not be less than the amount reported for
					 federal tax purposes. This is the amount that is subject to the withholding or
					 reporting requirements of the IRC.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-104

Current through June 25, 2024
The original state copy is filed in accordance with Title
					 35, Part III, Subpart 11 Chapter 14 of the Mississippi Administrative
					 Code.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-105

Current through June 25, 2024
If it becomes necessary to correct Form W-2G after it has
					 been given to a patron, a corrected statement should be mailed to the
					 Commissioner, such copy to be clearly marked "corrected by gaming
					 establishment." In case a withholding statement is lost or destroyed, a
					 substituted copy may be issued marked "reissued by gaming
					 establishment."
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-106 - Multi-period payoffs

Current through June 25, 2024
If a patron is entitled to receive either a lump-sum
					 payment or a series of periodic payments received at least annually, then a
					 levy of 3% is levied on the lump-sum amount in the year it is constructively
					 received. The 3% levy is a liability of the Mississippi gaming establishment
					 which was a party to the wager, regardless of whether it is the paying
					 agent.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-107 - TERMS

Current through June 25, 2024
1. The term "Mississippi gaming
				  establishment" or "gaming establishment" includes any establishment where
				  gambling games are conducted or operated within this state and any party that
				  provides or is responsible for the payment of cash or other remuneration
				  resulting directly or indirectly from play at gambling games within this
				  state.
2. The term "Mississippi
				  gaming winnings" or "gaming winnings" includes all amounts that are paid,
				  whether in cash or other form, by Mississippi gaming establishments to patrons
				  which are subject to the withholding and/or reporting requirements of the
				  Internal Revenue Code (IRC) as specified in sections
				  27-7-901
				  and
				  27-7-903.
				  Such amounts are not limited to cash or remuneration from play at a gambling
				  game, but include, without limitation, amounts considered prizes, awards,
				  tournament winnings or similar types of compensation. For purposes of
				  tournament winnings, the withholding reporting requirements are further
				  explained below.
3. The term "paid"
				  means the gross amount of gaming winnings without respect to any reduction for
				  tax withholdings or other reserves and may not be less than the amount reported
				  for federal tax purposes.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-108 - Tournaments

Current through June 25, 2024
One type of gaming activity that gives rise to gaming
					 winnings subject to the three percent (3%) withholding under sections
					 27-7-901
					 and
					 27-7-903
					 are various types of tournaments operated by Mississippi gaming establishments.
					 For tournaments involving slot machines, bingo and keno, the threshold for
					 withholding and/or reporting under the IRC, and thereby the three percent (3%)
					 withholding under section
					 27-7-901
					 and
					 27-7-903,
					 is the same as the threshold for the game involved; $1,200 not reduced by wager
					 for slots and bingo and $1,500 reduced by wager for keno. In other tournaments,
					 such as poker tournaments, the thresholds for withholding and/or reporting
					 under the IRC, and thereby the three percent (3%) withholding requirement under
					 sections
					 27-7-901
					 and
					 27-7-903,
					 vary depending on the odds involved in the tournament, the amount of the
					 proceeds won and whether there is an entry fee. In regard to these other
					 tournaments, gaming establishments shall withhold and remit based on the
					 attached chart which is incorporated herein by this
					 reference.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-109

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations,
					 and Revenue Procedures relating to gaming winnings 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 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Tournament Reporting and Withholding › Section 35-3-11-22-110 - Tournament Reporting and Withholding

Current through June 25, 2024
Click Here To View
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Footnote:
* Proceeds are reduced by the wager (entry fee
						paid).
* If the entry fee is paid by the participant, only a W2G
						can be issued (tournament contributions by the company are irrelevant).
* Reporting and withholding is not triggered until the
						participant cashed out (final round).
* For reporting and withholding requirements under the
						IRC on gambling winnings of non resident aliens, see instructions to IRS Form
						1042S and IRS Publication 515 or any replacement thereof The gaming
						establishment should substitute a 1042S for the W2G or 1099 MISC.
Examples:
* Patron pays tournament entry fee and wins satellite
						tournament. Patron receives no cash but does move on to next round. W2G
						reporting and withholding is only triggered when patron cashes out. The
						reportable amount is reduced by the entry fee (subject to above
						flowchart).
* Patron pays tournament entry fee and wins tournament.
						Patron receives no cash but does receive a paid (comp'd) entry fee to a third
						party tournament. Patron gets a W2G for the value of the comp reduced by the
						original paid entry fee. Gaming establishments may have to gross up the W2G for
						Mississippi withholding tax purposes.
* Gaming establishment comps a tournament entry fee for a
						patron. A 1099 MISC must be issued for any payout of $600 or more. The
						reportable amount is not reduced by the comp'd entry fee.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-201

Current through June 25, 2024
According to Miss. Code Ann. Section 27-7-901, there is a
					 three percent (3%) tax levy of the amount of gaming winnings received from
					 gaming establishments licensed by the Mississippi Gaming Control Act which
					 shall be withheld and remitted by the gaming establishment.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-202

Current through June 25, 2024
According to Miss. Code Ann. Section 27-7-903, there is a
					 three percent (3%) tax levied of the amount of gaming winnings received from
					 gaming establishments not licensed by the Mississippi Gaming Control Act. The
					 Department of Revenue may enter into tax collection agreements regarding this
					 tax with the gaming establishment.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-203

Current through June 25, 2024
The gaming establishment must register to withhold
					 Mississippi income tax in the same manner as stated in Title 35, Part III,
					 Subpart 11 Chapter 17 of the Mississippi Administrative Code, Registration of
					 Employers. The withholding account used to report the withholding on wages
					 cannot be used to report withholding on gaming winnings. A separate account for
					 withholding on gaming winnings must be obtained from the withholding division
					 of the Mississippi Department of Revenue. A monthly return must be filed and
					 the tax paid on or before the 15th day of the month following the month for
					 which such amounts were withheld.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-204

Current through June 25, 2024
Gaming establishments are not required to complete the
					 Mississippi withholding exemption certificate form for gaming winnings.
					 However, the gaming establishment must keep the following records and
					 information for three (3) years after the date the tax becomes due or is paid,
					 whichever is later:
1. Total gaming
				  winnings paid.
2. Amount of
				  Mississippi income tax withheld.
3.
				  Name, address and social security or identification number of the party in
				  receipt of gaming winnings.
4.
				  Name, address and Mississippi identification number of the gaming
				  establishment.
5. Payment period --
				  calendar year unless indicated otherwise.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-205

Current through June 25, 2024
Each gaming establishment, in the form and manner
					 prescribed by the Commissioner, shall prepare Federal Form W-2Gs, or other
					 federal forms which are used to report income for federal tax purposes with the
					 preceding information for those patrons whose gaming winnings were subject to
					 Mississippi withholding. If the federally prescribed information return does
					 not allow for the recording of both state income and state tax withholdings,
					 then a W-2G should be completed and attached as part of the
					 filing.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-206

Current through June 25, 2024
The original state copy is filed in accordance with Title
					 35, Part III, Subpart 11 Chapter 14 of the Mississippi Administrative
					 Code.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-207

Current through June 25, 2024
If it becomes necessary to correct Form W-2G after it has
					 been given to a patron, a corrected statement should be mailed to the
					 Commissioner, such copy to be clearly marked "corrected by gaming
					 establishment." In case a withholding statement is lost or destroyed, a
					 substituted copy may be issued marked "reissued by gaming
					 establishment."
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-208

Current through June 25, 2024
Multi-period payoffs
: If a patron
					 is entitled to receive either a lump-sum payment or a series of periodic
					 payments received at least annually, then a levy of 3% is levied on the
					 lump-sum amount in the year it is constructively received under the
					 constructive receipt doctrine. The constructive receipt doctrine does not apply
					 to lottery winnings. The 3% levy is a liability of the Mississippi gaming
					 establishment which was a party to the wager, regardless of whether it is the
					 paying agent.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-209

Current through June 25, 2024
The Commissioner will follow Federal Rules, Regulations,
					 and Revenue Procedures relating to gaming winnings 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 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-301

Current through June 25, 2024
Lottery proceeds of six hundred dollars ($600.00) or more
					 are subject to withholding under Miss. Code Ann. Section
					 27-115-43.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-302

Current through June 25, 2024
Keno gaming winnings of one thousand five hundred dollars
					 ($1,500.00) or more, reduced by wager, are subject to withholding. Keno
					 tournaments have the same threshold amount prior to becoming subject to
					 withholding.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-303

Current through June 25, 2024
Slot or Bingo gaming winnings of one thousand two hundred
					 ($1,200.00) or more, not reduced by wager, are subject to withholding. Slot or
					 Bingo tournaments have the same threshold amount prior to becoming subject to
					 withholding.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 22 - Withholding on Gambling Winnings › Section 35-3-11-22-304

Current through June 25, 2024
The thresholds for withholding vary for tournaments, other
					 than those for slots, Bingo, or Keno, such as poker tournaments, depending on
					 the odds involved in the tournament, the amount of the proceeds won and whether
					 there is an entry fee. In regard to these other tournaments, gaming
					 establishments shall withhold and remit based on this chart:
Tournament Reporting and Withholding
Click
					 Here To View Image
Footnote:
* Proceeds are reduced by the wager (entry fee
					 paid).
* If the entry fee is paid by the participant, only a W-2G
					 can be issued (tournament contributions by the company are irrelevant).
* Reporting and withholding is not triggered until the
					 participant cashed out (final round).
* For reporting and withholding requirements under the IRC
					 on gambling winnings of nonresident aliens, see instructions to IRS Form 1042-S
					 and IRS Publication 515 or any replacement thereof. The gaming establishment
					 should substitute a 1042-S for the W-2G or 1099 MISC.
Examples:
* Patron pays tournament entry fee and wins satellite
					 tournament. Patron receives no cash but does move on to next round. W-2G
					 reporting and withholding is only triggered when patron cashes out. The
					 reportable amount is reduced by the entry fee (subject to above
					 flowchart).
* Patron pays tournament entry fee and wins tournament.
					 Patron receives no cash but does receive a paid (comp'd) entry fee to a third
					 party tournament. Patron gets a W-2G for the value of the comp reduced by the
					 original paid entry fee. Gaming establishments may have to gross up the W-2G
					 for Mississippi withholding tax purposes.
* Gaming establishment comps a tournament entry fee for a
					 patron. A 1099 MISC must be issued for any payout of $600 or more. The
					 reportable amount is not reduced by the comp'd entry fee.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 23 - Transfer of Assessments › Section 35-3-11-23-101

Current through June 25, 2024
For purposes of this chapter, the term "employer" means a
					 person doing business in, or deriving income from sources within the state, who
					 has control of the payment of wages to an individual for services performed, or
					 a person who is the officer or agent of the person having control of the
					 payment of wages. "Employer" is further defined under Title 35, Part III,
					 Subpart 11, Chapter 05 of the Miss. Admin. Code.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 23 - Transfer of Assessments › Section 35-3-11-23-102

Current through June 25, 2024
The term "person" means and includes individuals,
					 fiduciaries, corporations, partnerships, associations, the state and its
					 political subdivisions, and the federal government, its agencies and
					 instrumentalities.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 23 - Transfer of Assessments › Section 35-3-11-23-201

Current through June 25, 2024
Persons owning stock of ten percent (10%) or more of a
					 total corporation or ten percent (10%) interest or more in a limited liability
					 company (LLC) with thirty-five (35) or less owners, and are exercising
					 responsibility for fiscal management at the time that the tax was withheld or
					 required to be withheld are liable for the taxes due.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 23 - Transfer of Assessments › Section 35-3-11-23-202

Current through June 25, 2024
Exercising responsibility for fiscal management includes,
					 but is not limited to, any one of the following activities:
1. A significant involvement in the
				  day-to-day management of the business;
2. the authority to sign business checks or
				  tax returns;
3. the authority to
				  direct payment of business funds to creditors;
4. the authority to pledge business assets as
				  collateral for loans, advances, or lines of credit for the business;
5. the authority to bind the business to
				  contracts;
6. the authority to hire
				  or fire employees who are authorized to perform any act described in three (3)
				  through five (5) of this paragraph;
7. acting as a high ranking officer of the
				  corporation or LLC, including, but not limited to, President, Vice-President,
				  Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
				  Chairman, Vice-Chairman, Director, Controller, Secretary and/or Treasurer;
8. ownership of more than fifty
				  percent (50%) interest in the corporation or LLC unless an operating agreement
				  exists at the time the tax liability is accrued specifying that the taxpayer is
				  not responsible for fiscal management; or
9. participating in decisions regarding the
				  purchase or sale of the business or the authority to participate in decisions
				  regarding the purchase or sale of the business.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 11 - Withholding › Chapter 23 - Transfer of Assessments › Section 35-3-11-23-203

Current through June 25, 2024
The Department must transfer the assessment from the
					 corporation or LLC to the employer or person exercising fiscal management
					 within thirty-six (36) months of when the liability of the corporation or LLC
					 becomes final. A notice will be issued to the transferee, and once received the
					 transferee will have sixty (60) days in which to appeal the transfer of
					 assessment. The transfer is appealable on the issue of the ownership interest
					 and fiscal management requirements only.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 12 - Franchise Tax › Chapter 01 - Loans from Affiliates and Shareholders › Section 35-3-12-01-100

Current through June 25, 2024
Miss. Code Ann. Section
					 27-13-9
					 of the franchise tax law provides for an exclusion from the franchise tax base
					 sums representing debts, notes, bonds and mortgages due and payable, except
					 where notes or debts due are provided by an affiliated company as a substitute
					 for stock or paid in capital.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 12 - Franchise Tax › Chapter 01 - Loans from Affiliates and Shareholders › Section 35-3-12-01-101

Current through June 25, 2024
Factors to consider when determining if loans provided by
					 an affiliated company or stockholder are a substitute for stock or paid in
					 capital include:
1. the corporate debt
				  to equity ratio in comparison to the consolidated group's debt to equity ratio
				  if the related companies are in the same or a similar industry;
2. the corporate debt to equity ratio in
				  comparison to the industry standard for the corporation's industry;
3. the ability of the corporation to obtain
				  the loan from the unrelated third party without the relationship of the
				  affiliated company or stockholder if the affiliated company or stockholder
				  actually obtained the funds for the loan from an unrelated third party. The
				  corporation's ability to have obtained the loan from the unrelated third party
				  must be adequately documented; and
4. any other factors the Commissioner
				  determines are relevant.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 3 - Income and Franchise › Subpart 12 - Franchise Tax › Chapter 01 - Loans from Affiliates and Shareholders › Section 35-3-12-01-102

Current through June 25, 2024
If loans by an affiliated company or stockholder are
					 determined to be a substitute for stock or paid in capital, all or a portion of
					 the loan shall be added back to the franchise tax base so as to achieve a debt
					 to equity ratio that reflects an adequately capitalized
					 corporation.
Mississippi Administrative Code › Title 35 - Department of Revenue › Part 4 - Sales and Use Tax › Subpart 01 - Administrative › Chapter 01 - Direct Payment of Sales or Use Tax to the State in Lieu of Payment to Seller › Section 35-4-01-01-101

Current through June 25, 2024
Miss. Code Ann. Section
					 27-65-93
					 provides that the Commissioner may provide for the issuance of a direct pay
					 permit to manufacturers, utilities, construction contractors, companies
					 receiving bond financing, and other taxpayers where in those instances the
					 Commissioner determines that a permit will facilitate and expedite the
					 collection of tax at the proper rates.