Too often, we are inclined to pay attention to the most recent article or news blurb in obtaining current information. While this is not a bad way to stay up to date on current events, it may not present the whole picture when considering tax issues. In fact, unless you know where to look for the most reliable information, sometimes the findings can seem contradictory.
For example, numerous articles, blogs and emails were recently distributed to companies potentially impacted by Mississippi state tax law highlighting a recent Mississippi Supreme Court ruling that declared deferred revenue should be included in calculating a company’s state franchise tax. That communication neglected to note that state law also changed during the 2014 legislative session, which reversed this treatment going forward. It was stated that, as of July 1, 2014, deferred gains and deferred income would no longer be included in the Mississippi state franchise tax calculation. The legislation did not contain any retroactive application to prior year returns.Continue reading >