Information current as of April 30, 2021.
COVID-19 has changed life across the globe. Many taxing jurisdictions are taking mitigating actions to create social distance and aid taxpayers. The following is a running list of actions by jurisdiction, which generally result in additional time to file and/or pay. Further, many jurisdictions have closed their offices to in-person use by taxpayers and suspended their audit and administrative functions. This alert doesn’t cover similar waivers from local-level taxing authorities. These developments continue to quickly evolve; check with your BKD Trusted Advisor™ or visit our COVID-19 Resource Center for current information as needed.
Information Specific to Mississippi
- Mississippi announced it will follow the federal extension to file the 2020 individual income tax returns from April 15, 2021, to May 17, 2021. This extension only applies to the filing of the individual income tax return and payment of tax due. Penalty and interest won’t accrue on the returns filed and payments made on or before May 17, 2021. This extension doesn’t apply to the quarterly estimated payments due on April 15, 2021.
- Mississippi DOR, Notice 80-21-002; March 22, 2021.
- Mississippi legislation will allow income tax deductions for Back to Business Mississippi Grant Program-eligible expenses. These are eligible deductions for federal purposes and are paid for through grant or loan amounts from the Paycheck Protection Program as authorized under the Coronavirus Aid, Relief, and Economic Security Act; 2021 Consolidated Appropriations Act; COVID-19 Economic Injury Disaster Loan Program; 2020 COVID-19 Mississippi Business Assistance Act; or the Rental Assistance Grant Program.
- Mississippi H.B. 1446, enacted April 14, 2021, and effective as of March 27, 2020.