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period, you must notify our Bankruptcy Section immediately at

ROUND TO THE NEAREST DOLLAR

601-923-7393; due to the automatic stay provisions of the U.S.

Bankruptcy Code the installment agreement may be void at

the time you file your bankruptcy case.

All dollar amounts should be rounded to the nearest whole

dollar (no pennies). Round down to the next lower dollar

amounts under $.50 and round up to the next higher dollar

DECLARATION OF ESTIMATED TAX

amounts of $.50 and over. For example: $2.15 becomes

$2.00; $4.75 becomes $5.00; and $3.50 becomes $4.00.

Generally, you must file a Declaration of Estimated Tax, Form

80-106, for the income tax year if you do not have at least 80

WHAT TAX RECORDS DO I NEED TO KEEP?

percent (80%) of your annual Mississippi income tax liability

prepaid through withholding and if your annual tax liability

exceeds $200.

Keep a copy of your return with all attachments. Also, keep

the original or a copy of any schedules or statements you used

to prepare your return. Keep your records that support an item

Quarter

Due Date

of income or a deduction appearing in a tax return until the

First Quarter

April 15th

statute of limitations for the return expires. The statute of

Second Quarter

June 15th

limitations is generally three years from the date the return

Third Quarter

September 15th

was due or filed, whichever is later.

Fourth Quarter

January 15th

Save any records concerning property, home, stocks, and

business property you bought and may sell later. The records

Estimate payments may be filed on-line through TAP. From

kept should show the purchase price, date and related cost.

the TAP home page, click on “Make an Estimated Payment”.

For real property, keep records showing the cost and date of

Your name, SSN/ITIN and contact information will be needed

improvements.

in order to make an estimated payment.

Your return may be audited by the IRS or the Department of

Underestimating the required amount of tax or failure to file

Revenue. If audited, the law requires you to show proof of

estimated tax returns and pay the tax within the time

your income, expenses, and cost of assets. In the case of an

prescribed will result in an assessment of interest at the rate

audit by the IRS, the statute of limitations for adjusting income

of 7/10

of 1% per month on underpayment of tax from the

tax return is extended for three additional years beginning with

date payment is due until paid (see exception below). Form

the date the audit is disposed of by the IRS.

80-320, Interest and Penalty Worksheet, should be used to

determine the amount of underestimated interest due.

TAX RATES

Exceptions: You will not have to pay the underestimated

interest if either of the following applies:

Income Tax: 3% on the first $5,000 of taxable income, 4%

on the next $5,000 of taxable income and 5% on taxable

 Gross income from farming or fishing is at least two-thirds

income in excess of $10,000.

of total gross income and (a) the estimate tax paid by the

15th day of the first month after the close of the income

year or (b) the income tax return is filed by the first day of

AMENDED RETURN

the third month following the close of the income year and

tax shown as due is paid.

File an amended return to:

 Filing requirements met after the payment due date.

 make adjustment to tax;

Compute the interest in the applicable columns and

 claim a refund due to an adjustment to tax;

provide the explanation on page 2 of Form 80-320.

 report federal adjustments (1040X), and;

 report IRS audit adjustments.

INTEREST AND PENALTY PROVISIONS

When to File: A taxpayer may apply to the Commission for



revision of any return filed at any time within 3 years of the due

Late Payment: Interest and penalty are charged on taxes

date; or, if an extension was granted, 3 years from the date

paid late even if an extension of time to file is granted. The

the return was filed. The 3 year period is not applicable to an

interest is at the rate of 7/10

of 1% per month from the

IRS audit; however, no additional assessment or refund will

due date until paid. The penalty imposed for failure to pay

be made more than 3 years after the date the IRS disposes of

the tax when due is 1/2% per month not to exceed 25% in

the tax liability in question.

the aggregate. Late payment interest and penalty apply to

any unpaid tax after April 15.

Internal Revenue Service Audit (RAR):

To document



adjustments made as a result of an IRS audit, the Revenue

Failure to File: The penalty for failure to file a return is

Agent Report should be attached to the Mississippi amended

imposed after October 15. The penalty is 5% per month

return. If the amended return is filed within 30 days of the

not to exceed 25% in the aggregate. The penalty is based

finalized IRS audit, penalties will not be assessed.

on the balance due on the return. Such failure to file a

return penalty shall not be less than $100.

Amended Federal: To document adjustments made as a

result of an amended federal return, a copy of the amended

Form 80-100-16-8-1-000 - Income Tax Instructions - Resident, Non-Resident And Part-Year Resident Page 19

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