On April 20, 2021, Mississippi Governor Tate Reeves signed H.B. 1139 (2021), which eliminates the requirement for certain tax types and taxpayers to remit 75% of estimated taxes by June 25th each year. Under H.B. 1139, taxpayers with an average monthly tax liability of at least $50,000 for the preceding calendar year no longer have to make the 75% estimated payment by June 25th for the following taxes:
- Withholding Tax for Employers under Miss. Code Ann. § 27-7-309
- Sales Tax for Taxpayers under Miss. Code Ann. § 27-65-33
- Use Tax for Taxpayers under Miss. Code Ann. § 27-67-171
For taxpayers where the accelerated estimated payments are no longer required for the above-mentioned tax types, taxpayers must follow the traditional payment methods. In most cases, taxpayers will be required to file and pay applicable taxes monthly.2
For more information on Mississippi’s estimated tax payments, please contact a Ryan National Tax professional to assist you.
1 Mississippi H.B. 1139 (2021).
2 See Miss. Code Ann. § 27-7-309; Miss. Code Ann. § 27-65-33; Miss. Code Ann. § 27-67-17.
TECHNICAL INFORMATION CONTACTS:
Mark L. Nachbar
Principal
Ryan
213.627.1719
mark.nachbar@ryan.com
Lindsay Higgins
Manager
Ryan
781.359.3800
lindsay.higgins@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.