IRS & MS STATE NEWS

Mississippi Sales Tax Holiday to Include School Supplies

The Mississippi Sales Tax Holiday of 2019 will take place between Friday, July 26th and Saturday, July 27th and will include school supplies in addition to clothing and footwear. For further guidelines, please visit the link below:...

IRS to Waive Underpayment Penalty for Some Taxpayers

The IRS recently announced that it will be waiving the penalty fee for taxpayers who paid at least 85 percent of their total tax liability during the year through income withholdings, estimated payments, or a combination of the two. For more information, please visit...

IRS Confirms Tax Season to Begin January 28 Despite Government Shutdown

The IRS recently confirmed it will be processing returns and issuing refunds as usual this year despite the government shutdown. It also encouraged taxpayers and preparers to submit returns electronically for quicker processing. Additional information may be found at...

Mississippi Sales Tax Holiday 2018

The Mississippi Sales Tax Holiday will take place between 12:01 A.M. Friday, July 27, 2018, and 11:59 P.M. Saturday, July 28, 2018. During this time, sales tax will be waived for clothing and footwear items individually priced below $100. For more information on tax...

IRS Shares Resources for Small Business Owners

Last week, the IRS highlighted resources for small business owners and the self-employed in honor of National Small Business Week. A few of the showcased tools included an IRS e-newsletter with small business tax tips, an online Small Business and Self-Employed Tax...

Regulations Soon Issued for Carried Interest Limitations

The IRS announced it will be releasing regulations clarifying limitations around carried interests in S corporations in light of the new tax law. For more information, please visit the link to the IRS website below:...

Interest on Home Equity Loans

The IRS recently advised taxpayers that in many cases, the interest paid on their home equity loans is still deductible under the new tax law. For more details, please visit the link below:...

Prepaid Property Taxes May Be Deductible if Paid in 2017

The IRS published an advisory in response to numerous questions from the tax community concerning the deductibility of prepaid real property taxes for 2017. For more information, please visit the link below:...

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