The Mississippi Corporate Income and Franchise Tax Return is used by corporations and certain business entities to report their Mississippi franchise tax, Mississippi income tax, payments, credits, penalties, overpayments, corporate details, officer information, affiliated entities, and filing status for the tax year. The return helps determine whether the corporation owes additional tax, has already paid enough through estimated payments or credits, or is due a refund or credit toward the next year. It also collects important business identification details such as the FEIN, Mississippi Secretary of State ID, legal name, address, county code, NAICS code, filing type, and Mississippi business activity. Corporations use this return to report taxable capital, net taxable income, franchise tax, income tax, available credits, prior-year overpayments, extension payments, pass-through entity tax credits, late payment charges, and any final balance due or overpayment. The form also asks for corporate ownership and management details, amendment reasons, IRS audit information, related business entities, and required signatures from the officer and paid preparer when applicable.
How To File The Mississippi Corporate Income And Franchise Tax Return
Complete the return for the correct tax year and make sure all business identity fields match the records used with Mississippi tax and Secretary of State filings. Enter dollar amounts rounded to the nearest whole dollar where the form requires it, especially in the franchise tax section. Attach any required supporting schedules, such as the franchise tax computation, income schedules, credit schedules, K-1s for electing pass-through entity tax credits, estimated tax penalty schedule, and any other documents needed to support the amounts entered. If the return is amended, final, nonprofit, multistate, direct accounting, fee-in-lieu, or part of a combined income tax return, mark the correct boxes and complete the related sections. The return must be signed by an authorized officer. If a paid preparer completes the return, the preparer must also sign and provide the requested information. If filing by mail, send the completed return to the Department of Revenue, P.O. Box 23191, Jackson, MS 39225-3191.
How To Complete The Return
Taxpayer And Filing Information
Tax Year Beginning: Enter the first day of the corporation’s tax year using the month, day, and year format.
Tax Year Ending: Enter the last day of the corporation’s tax year using the month, day, and year format.
FEIN: Enter the corporation’s Federal Employer Identification Number.
Mississippi Secretary Of State ID: Enter the business identification number assigned by the Mississippi Secretary of State.
Legal Name And DBA: Enter the corporation’s legal name. If the business operates under a different trade name, also enter the DBA name.
Address: Enter the corporation’s mailing address.
City, State, And Zip +4: Enter the city, state, and full ZIP code, including the additional four digits if available.
County Code: Enter the Mississippi county code that applies to the corporation’s business location or reporting requirement.
NAICS Code: Enter the North American Industry Classification System code that best describes the corporation’s main business activity.
Amended Return: Check this box if the return corrects or changes a return that was already filed.
Final Return: Check this box if this is the corporation’s last Mississippi corporate income and franchise tax return.
Non Profit: Check this box if the entity is filing as a nonprofit organization.
100% Mississippi: Check this box if all business activity and income are treated as Mississippi activity.
Multistate Apportioning: Check this box if the corporation operates in more than one state and uses apportionment to determine Mississippi income.
Multistate Direct Accounting: Check this box if the corporation operates in more than one state and uses direct accounting to determine Mississippi income.
Franchise Tax
Line 1: Taxable Capital: Enter the taxable capital amount from Form 83-110, line 18.
Line 2: Franchise Tax: Enter the franchise tax due. The minimum franchise tax is $25.
Fee-In-Lieu: Mark or complete this area if the corporation is subject to fee-in-lieu treatment instead of the standard franchise tax calculation.
Line 3: Franchise Tax Credit: Enter the franchise tax credit from Form 83-401, line 1.
Line 4: Net Franchise Tax Due: Subtract line 3 from line 2 and enter the result. This is the net franchise tax after credits.
Income Tax
Combined Income Tax Return: If this return is part of a combined income tax return, enter the FEIN of the reporting corporation.
Line 5: Mississippi Net Taxable Income: Enter Mississippi net taxable income from Form 83-122, line 30, or from Form 83-310, line 5, column C.
Line 6: Income Tax: Enter the income tax due based on the Mississippi net taxable income reported on line 5.
Line 7: Income Tax Credits: Enter income tax credits from Form 83-401, line 3, or from Form 83-310, line 5, column B.
Line 8: Net Income Tax Due: Subtract line 7 from line 6 and enter the result.
Payments And Tax Due
Line 9: Total Franchise And Income Tax: Add line 4 and line 8. Enter the total tax before payments and refundable credits.
Line 10: Overpayments From Prior Year: Enter any prior-year overpayment that was credited to this tax year.
Line 11: Estimated Tax Payments And Payment With Extension: Enter estimated tax payments made for the year plus any payment submitted with an extension.
Line 12: Credit For Tax Paid On An Electing Pass-Through Entity Tax Return: Enter the credit from Form 84-161, line 3D. Attach the K-1s received from electing pass-through entities.
Line 13: Total Payments: Add line 10, line 11, and line 12. Enter the total payments and credits.
Line 14: Net Total Franchise Tax And/Or Income Tax: Subtract line 13 from line 9. Enter the result if tax remains due before penalties and interest.
Line 15: Interest And Penalty On Underestimated Income Tax Payments: Enter the amount from Form 83-305, line 19.
Line 16: Late Payment Interest: Enter interest due for late payment, if applicable.
Line 17: Late Payment Penalty: Enter the penalty due for late payment, if applicable.
Line 18: Late Filing Penalty: Enter the penalty due for filing late. The minimum income tax penalty is $100.
Line 19: Total Balance Due: If line 9 is larger than line 13, add line 14 through line 18 and enter the total amount owed.
Line 20: Total Overpayment: If line 13 is larger than line 9 plus line 15, subtract line 9 and line 15 from line 13. Enter the overpayment amount.
Line 21: Overpayment Credited To Next Year: Enter the amount from line 20 that the corporation wants applied to next year.
Line 22: Overpayment To Be Refunded: Subtract line 21 from line 20 and enter the amount to be refunded.
Part I: Corporate Information
Part I, Line 1: Publicly Traded Corporation: Check Yes or No to show whether the corporation is publicly traded.
Part I, Line 1: Trading Symbol: If the corporation is publicly traded, enter the stock or trading symbol.
Part I, Line 2: Final Return Reason: If this is a final return, enter the reason the corporation is filing a final return.
Part I, Line 2: Date Effective: Enter the effective date of the final return event.
Part I, Line 3: Sold, Merged, Or Converted Corporation: Complete this section if the corporation was sold, merged, or converted to a Single-Member LLC.
Part I, Line 3: Name, Address, And FEIN Of New Corporation Or SMLLC Owner: Enter the name, address, and FEIN of the new existing corporation or the owner of the Single-Member LLC.
Part I, Line 4: Amended Return Reason: If this is an amended return, check the reason for the amendment.
Part I, Line 4: Mississippi Correction: Check this box if the amendment is due to a Mississippi correction.
Part I, Line 4: Federal Correction: Check this box if the amendment is due to a federal correction.
Part I, Line 4: Other: Check this box if the amendment is for another reason.
Part I, Line 5: IRS Audit: Check this area if the company has been audited by the IRS.
Part I, Line 5: IRS Audit Years: If the company has been audited, enter the tax year or years involved.
Part I, Line 6: Principal Business Activity In Mississippi: Describe the corporation’s main business activity in Mississippi.
Part I, Line 6a: County Location In Mississippi: Enter the Mississippi county where the corporation’s main business activity is located.
Part I, Line 7: Principal Product Or Service In Mississippi: Enter the main product sold or service provided by the corporation in Mississippi.
Part I, Line 8: Contact Person For This Return: Enter the name of the person who can answer questions about the return.
Part I, Line 8a: Location And Phone Number: Enter the contact person’s location and phone number.
Part II: Corporate Officer Information
Officer Name And Title: List each owner, officer, director, or partner who has responsibility for the fiscal management of the organization. Include the person’s name and title.
SSN: Enter the Social Security number for each listed person when required.
Address: Enter the mailing address for each listed person.
Ownership Percentage: Enter each listed person’s ownership percentage, if applicable.
Part III: Corporate Affiliation Schedule
Entity Name: List each entity owned by or affiliated with the corporation.
FEIN: Enter the Federal Employer Identification Number for each listed affiliated entity.
Address: Enter the address of each affiliated entity.
Entity Type: Enter the type of entity, such as corporation, partnership, LLC, or other applicable classification.
Supplemental Schedule: Use the supplemental corporate affiliation schedule if more space is needed to list all owned or affiliated entities.
Preparer Discussion Authorization And Signatures
Check Box If Return May Be Discussed With Preparer: Check this box if the corporation authorizes the tax department to discuss the return with the paid preparer.
Declaration Statement: By signing, the officer confirms under penalty of perjury that the return and all attached schedules and statements are true, correct, and complete to the best of the officer’s knowledge.
Officer Signature And Title: An authorized officer must sign the return and provide the officer’s title.
Date: Enter the date the officer signs the return.
Business Phone: Enter the corporation’s business phone number.
Paid Preparer Signature: If a paid preparer completed the return, the preparer must sign here.
Paid Preparer Date: Enter the date the paid preparer signs the return.
Paid Preparer Address: Enter the paid preparer’s business address.
Paid Preparer PTIN: Enter the paid preparer’s Preparer Tax Identification Number.
Paid Preparer Phone: Enter the paid preparer’s phone number.
Paid Preparer City, State, And Zip Code: Enter the preparer’s city, state, and ZIP code.
Mail Return To: Mail the completed return to Department of Revenue, P.O. Box 23191, Jackson, MS 39225-3191, if filing by mail.
Supplemental Corporate Affiliation Schedule
Entity Name: Enter the name of each additional entity owned by or affiliated with the corporation.
FEIN: Enter the FEIN for each additional entity.
Address: Enter the address for each additional entity.
Entity Type: Enter the entity type for each additional entity.
Supplemental Page: Enter the current supplemental page number.
Of: Enter the total number of supplemental pages included.