March 23, 2021
The Mississippi Department of Revenue has issued a notice explaining that Mississippi will follow the federal extension to file 2020 individual income tax returns. The due date is extended from April 15, 2021 to May 17, 2021. The extension applies only to the filing of individual income tax returns and the payment of taxes due. Penalties and interest will not accrue on returns filed and payments made on or before May 17, 2021. The Department also noted that the extension does not apply to quarterly estimated payments due on April 15, 2021. (Notice 80-21-002, Miss. Dept. Rev., 03/22/2021.)
March 3, 2021
Mississippi is trending towards ending personal income tax and increasing state sales tax. If the proposal is passed, the bill would immediately eliminate income tax for people making less than $50,000 a year (or $100,000 for married filers), and income tax would be completely phased out by 2030. Further, the general sales tax rate would jump to 9.5% from 7% effective July 1 of this year.
April 3, 2020
Mississippi’s Department of Revenue has extended the deadline to file and pay the 2019 individual income tax and corporate income tax to May 15, 2020. Withholding tax payments for the month of April are extended until May 15, 2020. This extension does not apply to Sales Tax, Use Tax, or any other tax types – those returns should be filed and paid on the normal due date.