Mississippi Business Form Help
The following information has been provided to assist in the preparation of Mississippi Business returns.
Form 83-105, Mississippi Corporate Income and Franchise Tax Return
Every corporation domesticated or qualified to do business in Mississippi must file a return even if the corporation is inactive or not otherwise engaged in business.
Form 83-105A, Mississippi Corporate Income and Franchise Tax Return Additional Pages, is used when additional space is needed when filing Form 83-105, Mississippi Corporate Income and Franchise Tax Return, Corporate Affiliation Schedule.
Form 83-110, Mississippi Corporate Franchise Tax Schedule, must be completed by all corporations to indicate the amount of capital of the corporation.
Calculated amounts are pulled from Financials – Balance Sheet. Worksheets are provided and must be used for entering deferred taxes, deferred gains, contingent liabilities, all true reserves, and other elements, and holding company exclusions. These worksheets will automatically be attached as a PDF file to the electronically filed return.
If not 100% Mississippi, amounts will pull from the Multistate Apportionment Information form.
A worksheet is provided for entering any capital exemption. This worksheet will automatically be attached as a PDF file to the electronically filed return.
Form 83-115, Mississippi Corporate Income Declaration for Electronic Filing
Form 83-120, Mississippi Balance Sheet Per Books
Amounts are pulled from Financials – Balance Sheet.
Amounts are pulled Federal Form 1120, Schedule M-1.
Amounts are pulled Federal Form 1120, Schedule M-2.
Form 83-122, Mississippi Net Taxable Income Schedule
A worksheet is provided for entering other additions required by law. This worksheet will automatically be attached as a PDF file to the electronically filed return. Income (loss) from partnership, S corporation or trust is pulled from Form 1065, Schedule K-1 and Form 1041, Schedule K-1 entered on the federal return.
A worksheet is provided for entering additional depreciation due to a difference in the depreciable base for federal and state purposes and other deductions. These worksheets will automatically be attached as a PDF file to the electronically filed return.
Amounts in this section will calculate when Form 83-125, Mississippi Business Income Apportionment Schedule, has been completed.
A worksheet is provided for entering other adjustments. This worksheet will automatically be attached as a PDF file to the electronically filed return.
Mississippi income (loss) from partnership, S corporation or trust is pulled from Form 1065, Schedule K-1 and Form 1041, Schedule K-1 entered on the federal return. Adjust these amounts to match Mississippi K-1 amounts.
Form 83-124, Mississippi Direct Accounting Income Statement
Worksheets are provided for entering cost of goods sold and/or operations, dividends, allocable capital gain, allocable net gain (loss), and other income (loss). These worksheets will automatically be attached as a PDF file to the electronically filed return.
Worksheets are provided for entering taxes and other deductions. These worksheets will automatically be attached as a PDF file to the electronically filed return.
Worksheets are provided for entering non-allocable business income (loss) and non-allocable general and administrative expenses. These worksheets will automatically be attached as a PDF file to the electronically filed return.
A worksheet is provided for entering adjustments. This worksheet will automatically be attached as a PDF file to the electronically filed return.
A worksheet is provided for entering total company non-allocable business income. This worksheet will automatically be attached as a PDF file to the electronically filed return.
A worksheet is provided for entering total company non-allocable general and administrative expenses. This worksheet will automatically be attached as a PDF file to the electronically filed return.
Form 83-125, Mississippi Business Income Apportionment Schedule
Amounts are pulled from the Multistate Apportionment Information form.
Form 83-150, Mississippi Nonbusiness Income Worksheet, is to be completed only if the corporation has activities in another state and has income, losses, expenses, or deductions which are to be allocated (“nonbusiness”) rather than apportioned.
Form 83-155, Mississippi Net Operating Loss & Capital Loss Schedule
Each row used must contain an NOL year end (column A), income year NOL applied (column C), and amount used in income year (column D).
If an NOL amount for one year end is used in multiple income years, then complete one row for each income year the NOL amount is used. Enter the NOL year end (column A) for each income year an amount is used. The total NOL amount (column B) should only be entered on the first row the NOL year end is entered. The NOL amount (column B) should be left blank for each additional row the NOL year end (column A) is entered.
Form 83-305, Mississippi Underestimate of Corporate Income Tax Worksheet
Every corporate taxpayer with an annual income tax liability in excess of $200 must make estimated tax payments. These estimated tax payments must not be less than 90% of the annual income tax liability. Any taxpayer who fails to file an estimated tax return and pay the tax within the time prescribed or underestimates the required amount shall be liable for penalty of 10% plus interest of 1% per month on underpayment of tax from the date payment is due until paid.
The date and amount of payments are pulled from Financials – Income Stm. “MS” should be used as the state code on Financials – Income Stm.
Form 83-180, Mississippi Application for Automatic Six-Month Extension, is used to remit tax due when requesting an extension of time to file.
If more space is needed for affiliated members, use Form 83-180A, Mississippi Application for Automatic Six-Month Extension Additional Pages.
Form 83-180A, Mississippi Application for Automatic Six-Month Extension Additional Pages, is used when additional space is needed when filing Form 83-180, Mississippi Application for Automatic Six-Month Extension.
The reporting corporation of a combined group will file Form 83-310, Mississippi Corporation Summary of Net Income Schedule, as a part of its combination return filing (in addition to the computation of the reporting corporation’s separate company income/loss).
If more space is needed, use Form 83-310A, Mississippi Corporation Summary of Net Income Schedule Additional Pages.
Form 83-310A, Mississippi Corporation Summary of Net Income Schedule Additional Pages, is used when additional space is needed when filing Form 83-310, Mississippi Corporation Summary of Net Income Schedule.
Form 83-401, Mississippi Tax Credit Summary Schedule
Form 84-105, Mississippi Pass-Through Entity Tax Return
Every S corporation domesticated or qualified to do business in Mississippi, and every S corporation engaged in business in Mississippi or having sources of income from Mississippi must file a return even if the corporation is inactive or not otherwise engaged in business.
Every partnership, LLC, or LLP, domestic or foreign, deriving income from property owned within the State of Mississippi or business, trade, profession, or occupation, carried on within the state must file a return.
Form 84-105A, Supplemental Pass-Through Entity Schedule, is used when additional space is needed when filing Form 84-105, Pass-Through Entity Tax Return, Pass-Through Entity Schedule and Q-Sub/Disregarded Entity Schedule.
Form 84-110, Mississippi S-Corporation Franchise Tax Schedule, must be completed by all corporations to indicate the amount of capital of the corporation.
Calculated amounts are pulled from Financials – Balance Sheet. Worksheets are provided and must be used for entering deferred taxes, deferred gains, contingent liabilities, all true reserves, and other elements, and holding company exclusions. These worksheets will automatically be attached as a PDF file to the electronically filed return.
If not 100% Mississippi, amounts will pull from the Multistate Apportionment Information form.
A worksheet is provided for entering any capital exemption. This worksheet will automatically be attached as a PDF file to the electronically filed return.
Form 84-122, Mississippi Net Taxable Income Schedule
A worksheet is provided for entering other additions required by law. This worksheet will automatically be attached as a PDF file to the electronically filed return. Income (loss) from partnership, S corporation or trust is pulled from Form 1065, Schedule K-1 and Form 1041, Schedule K-1 entered on the federal return.
A worksheet is provided for entering additional depreciation due to a difference in the depreciable base for federal and state purposes and other deductions. These worksheets will automatically be attached as a PDF file to the electronically filed return.
Amounts in this section will calculate when Form 83-125, Mississippi Business Income Apportionment Schedule, has been completed.
A worksheet is provided for entering other adjustments. This worksheet will automatically be attached as a PDF file to the electronically filed return.
Mississippi income (loss) from partnership, S corporation or trust is pulled from Form 1065, Schedule K-1 and Form 1041, Schedule K-1 entered on the federal return. Adjust these amounts to match Mississippi K-1 amounts.
The Mississippi Shareholder/Partner Allocation Worksheet is used to see how each amount passed through to the shareholder/partner is adjusted to reflect the Mississippi amount.
Form 84-124, Mississippi Direct Accounting Income Statement
Worksheets are provided for entering cost of goods sold and/or operations, dividends, allocable capital gain, allocable net gain (loss), and other income (loss). These worksheets will automatically be attached as a PDF file to the electronically filed return.
Worksheets are provided for entering taxes and other deductions. These worksheets will automatically be attached as a PDF file to the electronically filed return.
Worksheets are provided for entering non-allocable business income (loss) and non-allocable general and administrative expenses. These worksheets will automatically be attached as a PDF file to the electronically filed return.
A worksheet is provided for entering adjustments. This worksheet will automatically be attached as a PDF file to the electronically filed return.
A worksheet is provided for entering total company non-allocable business income. This worksheet will automatically be attached as a PDF file to the electronically filed return.
A worksheet is provided for entering total company non-allocable general and administrative expenses. This worksheet will automatically be attached as a PDF file to the electronically filed return.
Form 84-125, Mississippi Business Income Apportionment Schedule
Amounts are pulled from the Multistate Apportionment Information form.
Form 84-131, Mississippi Schedule K, will populate from each owner’s/partner’s Form 84-132, Mississippi Schedule K-1. If more than five Form 84-132 are present, Form 84-131A, Mississippi Schedule K Additional Pages, will reflect these amounts.
Form 84-131A, Mississippi Schedule K Additional Pages, is used as additional space for Form 84-131 and will populate from each owner’s/partner’s Form 84-132, Mississippi Schedule K-1.
Form 84-132, Mississippi Schedule K-1
Check the box labeled “Composite” to include this owner/partner in the composite return.
If the entity is an S-corporation, check the box labeled “Include shareholder on Form 84-380, Mississippi Non-Resident Income Tax Agreement” to create a Form 84-380 for this shareholder.
Calculated amounts take the amounts from each owner’s/partner’s federal K-1, apply the Mississippi apportionment ratio, and then adjust using the owner’s/partner’s share of the adjustments shown on the Mississippi Shareholder/Partner Allocation Worksheet attached to Form 84-122, Mississippi Net Taxable Income Schedule.
Form 84-150, Mississippi Nonbusiness Income Worksheet, is to be completed only if the corporation has activities in another state and has income, losses, expenses, or deductions which are to be allocated (“nonbusiness”) rather than apportioned.
A space to enter an allocation code is provided for each directly allocable item. The default code is for Ordinary Business Income (Loss). These codes will be used to allocate the amounts on each Form 84-132, Mississippi Schedule K-1. Total allocated amounts can be seen on the Mississippi Shareholder/Partner Allocation Worksheet attached to Form 84-122, Mississippi Net Taxable Income Schedule.
Form 84-155, Mississippi Net Operating Loss & Capital Loss Schedule
Each row used must contain an NOL year end (column A), income year NOL applied (column C), and amount used in income year (column D).
If an NOL amount for one year end is used in multiple income years, then complete one row for each income year the NOL amount is used. Enter the NOL year end (column A) for each income year an amount is used. The total NOL amount (column B) should only be entered on the first row the NOL year end is entered. The NOL amount (column B) should be left blank for each additional row the NOL year end (column A) is entered.
All nonresident shareholders of Mississippi S corporations are required to execute an agreement (a) to file a return and to make timely payment of all taxes imposed on the shareholder by the state of Mississippi with respect to the income of the S corporation, and (b) to be subject to personal jurisdiction in this state for purposes of the collection of income taxes, together with related interest and penalties, imposed on the shareholder by this state with respect to the income of the S corporation.
Form 84-380, Mississippi Non-Resident Income Tax Agreement, should be filed with the S corporation and maintained by the S corporation as part of its permanent tax files. This form should not be sent with the pass-through entity return.
Form 84-401, Mississippi Tax Credit Summary Schedule
Two fields are provided for each row in the “CREDIT USED THIS YEAR” column. The top field is the total credit used and will be passed through to every Form 84-132, Mississippi Schedule K-1. The bottom field will calculate the amount of income tax credits passed through to owners/partners filing a composite return.
Mississippi Form 4562 is provided for each federal Form 4562 to reflect the amount of Mississippi depreciation.