Following an announcement by the IRS that the federal tax filing deadlines for corporations and individuals would be extended from April 15, 2020, to July 15, 2020, several states have also announced extensions due to hardships currently being faced by individuals and businesses as a result of the COVID-19 pandemic. Mississippi recently joined that list by issuing Notice 2020-01 on March 23, 2020.
This Notice confirmed that Mississippi would be extending the deadlines to file and pay individual and corporate income taxes from April 15, 2020, to May 15, 2020. While this does not coincide with the federal extension, which was for three months, this still offers very welcome relief to Mississippi taxpayers.
The State of Mississippi has a fiscal year-end of June 30th and is required under state law to maintain a balanced budget. Extending the deadline past the year-end to conform to the federal deadline would have been nearly impossible.
This extension applies to any taxpayer that would otherwise be required to file a return on April 15, 2020.
First quarter estimated tax payments will be due on May 15, 2020. The deadline for filing and paying franchise tax has also been extended to May 15, 2020. Corporations are required to file a combined income and franchise tax return in Mississippi, so the deadlines are the same. The extension also applies to withholding tax payments for the month of April. Deadlines for all other tax types remain unaffected.
A number of other states have also announced filing deadline extensions. However, there are still several states that have yet to make any changes. The AICPA is tracking all state announcements and updating them daily here.
The full Mississippi notice can be found here.
HORNE will continue to serve our clients throughout the COVID-19 pandemic and provide any assistance needed. Please feel free to contact me or a member of the HORNE Tax team if you have any questions.