Mississippi Corporate Tax and Pass-Through Entity Returns

Transcription

1 MSGen Mississippi Corporate Tax and Pass-Through Entity Returns General Information MS MSGen (0) Secretary of state identification number County of principal business location County of principal Mississippi location (Out-of-state corporations only) Initial return (If different from federal) Authorize discussion with preparer ( = Yes, = No) (If different from federal) Non profit Reason for final return Effective date of final return New company or owner's name (If sold or merged) 9 Address 0 City, state, zip Foreign country (Electronic filing only) FEIN Years audited by IRS Principal business activity in Mississippi (If different from federal) Principal product or service in Mississippi (If different from federal) Contact information for this return: (If different from federal) Name 0 Address City, state, zip Foreign country (Electronic filing only) Phone Officer information General footnote Additional Information (C Corp) 9 9 Publicly traded corporation ticker symbol If part of a combined return: Name of reporting corporation FEIN of reporting corporation Entities owned and affiliated with the corporation 0 Additional Information (S Corp) Disregarded entities owned by corporation 0 CORPORATION / S CORPORATION

2 MSEst Mississippi Estimates Overpayment Application MS MSEst (0) Application of current year overpayment = Refund 00% of overpayment = Apply 00% of overpayment to next year's estimate; refund excess = Apply to first estimate; refund excess = Apply amount specified below to estimates until exhausted; refund excess = Apply to first and second estimates; refund excess = Apply 00% of overpayment to next year's estimates; no refund = Apply equally to each estimate; refund excess Amount for code # or # = Apply amount below Estimates Forms -00 and declaration for next year = Use current year liability; if less than $00 use zero = Use current year liability adjusted by the amount below = Use amounts entered below 9 = Use amounts entered below (If applying overpayment, only use code or ) = Use current year liability even if less than $00 Amount for code # Amounts for code #,#9 or next year estimates paid: st payment nd payment rd payment th payment Number of estimates desired Amount to round up each estimate Expected liability for next year if large corporation (C Corp) Taxable income for past three years (C Corp): 0 (Force) 0 0 Amounts for Code # or #9 9 0 Next Year Estimates Paid 0 CORPORATION / S CORPORATION

3 MSPmt Mississippi Payments and Extension Payments MS MSPmt (0) Prior year overpayment Total, or Treat calculated amounts as paid Specific payments if unequal or not timely: Date paid Amount paid Calculated amount st payment nd payment 9 rd payment 0 th payment th payment Paid with extension (For page of the return) Extension Extension signature ( = Officer, = Preparer) Pay on affiliate's behalf (C Corp) Extended due date (For filing instructions, penalties and interest calculations) Balance due on extension (Force) CORPORATION / S CORPORATION

4 MS Mississippi (a)() Election General Information MS MS (0) Calculate Mississippi (a)() election Date of shareholder termination 9 Income and Deductions Mississippi ordinary income (loss)(including adjustments) Net income (loss) from rental real estate activities Net income (loss) from other rental activities Interest Ordinary dividends Royalties Net short-term capital gain (loss) Net long-term capital gain (loss) Net gain (loss) under IRS Section Other income (loss) Section 9 expense deduction Charitable contributions Other deductions Tax exempt income and nondeductible expenses Shareholder Basis Income Tax Credits Passed Through 0 Premium retaliatory tax credit 0 Finance company privilege tax 0 Advanced tech or enterprise zone 0 Jobs tax credit 0 National/regional headquarters 0 Research and development 0 Child/dependent care credit 09 Basic skill training/retraining 0 Reforestation credit Gambling license fee Financial institution jobs credit MS revenue bond service Ad valorem inventory credit Export port charges Insurance guaranty credit Import credit Land donation credit 9 Broadband technology credit Brownfield credit Airport cargo charges credit Manufacturer's investment credit Producer of alt energy job credit CORPORATION / S CORPORATION

5 MSM Mississippi Analysis of Unappropriated Retained Earnings Schedule M- MS MSM (0) Other increases Distributions Other decreases Mississippi adjustment (Force) 0 CORPORATION / S CORPORATION

6 MSPOA Mississippi Power of Attorney General Information MS MSPOA (0) NOT revoking prior power of attorney Other officer: Name Title Phone number Fax number Representative and Appointee Information Representative # name Representative address City, state, zip code Phone number Fax number Designation Other designation State issuing license State license number 9 0 Representative # name Representative address City, state, zip code Phone number Fax number Designation Other designation State issuing license State license number Representative # name Representative address City, state, zip code Phone number Fax number Designation Other designation State issuing license State license number CORPORATION / S CORPORATION

7 MSPOA Mississippi Power of Attorney, Page Tax Matters Information MS MSPOA (0) Tax Type Account Number Tax Period(s) 9 0 Additions to authorized acts Deletions to authorized acts 0 CORPORATION / S CORPORATION

8 MSDir Mississippi Construction Contractors Direct Accounting Gross Profit MS MSDir (0) Gross receipts - jobs in Mississippi Adjustments Direct cost - jobs in Mississippi Non-Allocable Business Income Total company Mississippi other business income Total company sales (If different from federal) Non-Allocable General and Administrative Expense Total company Mississippi direct cost Total company direct cost 9 0 CORPORATION / S CORPORATION

9 MSAmend Mississippi Amended Return General Information MS MSAmend (0) Reason for amended return ( = Mississippi correction, = Federal correction, = Other) Explanation of changes Transfer original information Tax paid with (or after) original return Overpayment on original return Late payment interest Late payment penalty Late filing penalty Overpayment to be applied Amounts as Previously Reported Amended Amounts 9 NOL and Capital Loss Carryback (C Corp) Net operating loss carryback (Not applicable for personal service corps with Section ) Capital loss carryback 0 0 CORPORATION / S CORPORATION

10 MSAdj Mississippi Adjustments and Allocation Franchise Tax MS MSAdj (0) Corporation is exempt from franchise tax Code section under which corporation is exempt from franchise tax Loans from shareholders or affiliates (If different from federal Screen L-) Deferred taxes, contingent liability, true reserves and other elements Adjustments to retained earnings Holding company exclusion Capital exemption Fee in lieu of franchise tax Assessed Property Value Assessed value of property in Mississippi Real Property Personal Property 9 0 Total Adjustments to Income Taxes based on income Interest on obligations of other states Depletion in excess of cost Other additions required by law Interest expense Income (loss) from construction or production of mineral or natural resources Other deductions Contributions (C Corp) Mississippi contribution (C Corp/Force) Adjustments related to Mississippi tax credits claimed (C Corp/Force) Other adjustments Income exemption Composite return filing adjustments (S Corp) Composite return net operating loss deduction (S Corp) 9 0 Sale or Exchange of Section 9 Property (S Corp) Calculated Amount Gain (loss) reported separately from federal Schedule K, line d Section 9 included in gain (loss) Force 0 CORPORATION / S CORPORATION

11 MSKNB Mississippi Shareholder Allocated Income Schedule K- Non-Business Income Ordinary income (loss) from trade or business Net income (loss) from rental real estate Net income (loss) from other rental activities Interest Dividends Royalties Net short-term capital gain (loss) Net long-term capital gain (loss) Section gain (loss) Gain or loss reported separately from federal Schedule K, line d Other income (loss) Section 9 expense deduction Charitable contributions Other deductions Total Allocated Amount MS MSKNB (0) MS Allocated Amount 0 CORPORATION / S CORPORATION

12 MSDir Gross receipts or sales Returns and allowances Cost of goods sold Dividends Interest Rental-real property Other rental income Royalties Allocable capital gain Allocable net gain (loss) Other income (loss)- ordinary Other income (loss)- Schedule K (S Corp) Mississippi Direct Accounting Income Complete this screen only if authorized to utilize the direct accounting method. Multistate construction contractors, see Screen Dir. 9 0 MS MSDir (0) Deductions Compensation of officers Salaries and wages Repairs Bad debts Rents Taxes Interest Contributions Total depreciation Depreciation claimed elsewhere on return Section 9 expense included in total depreciation (S Corp) Depletion Advertising Pension and profit-sharing Employee benefits Other deductions - ordinary Other deductions - Schedule K (S Corp) Non-allocable business income Non-allocable general and administration expense Non-Allocable Income 0 0 CORPORATION / S CORPORATION

13 MSKSep Mississippi Shareholders' Separately Stated Items Section A MS MSKSep (0) Description Amount CORPORATION / S CORPORATION

14 MSPen Mississippi Penalties and Interest General Information MS MSPen (0) Date return filed (If different from original due date of return) Prior year income tax Prior year franchise tax (For tax accrual only) Prior year less than months (If different from federal) Large corporation (C Corp) Suppress penalties on return: Underpayment of estimated tax Late interest Failure to file Failure to pay 9 Annualized Income Installment Method Tax due on annualized income Period Period Period Period 0 0 CORPORATION / S CORPORATION

15 MSCr 0 Premium retaliatory tax credit 0 Finance company privilege tax 0 Advanced tech or enterprise zone 0 Jobs tax credit 0 National/regional headquarters 0 Research and development 0 Child/dependent care credit 09 Basic skill training/retraining Gambling license fee Financial institution jobs credit MS revenue bond service Ad valorem inventory credit Export port charges Insurance guaranty credit Import credit Land donation credit 9 Broadband technology credit Brownfield credit Airport cargo charges credit Manufacturer's investment credit Producer of alt energy job credit Child adoption credit Historic structure rehab credit Long term care credit New markets tax credit 9 Biomass energy credit 0 Wildlife land use credit Prekindergarten credit Headquarters relocation credit 0 Bank share credit Mississippi Credits Income Tax Credits Prior Year Carryover Earned This Year Used This Year Expired This Year MS MSCr (0) Requesting refund in lieu of 0 year carryforward on historic structure rehabilitation credit Explanation and schedule of credits 0 09 Insurance guaranty credit 9 Broadband technology credit 0 Bank share credit Franchise Tax Credits Prior Year Carryover Earned This Year Used This Year 0 0 Expired This Year 0 CORPORATION / S CORPORATION

16 MSNOL Mississippi Net Operating Loss Carryovers Net Operating Loss Carryover MS MSNOL (0) Preceding Tax Year Prior Year Carryover Income (Income Offset) (Loss) NOL Utilized Elect to forego carryback of current year net operating loss ( = Yes, = No) (If different from federal) Net operating loss footnote 0 CORPORATION / S CORPORATION

17 MSK Other deductions Charitable contributions Form, line a (Force) Form, line b (Force) Section casualty or theft (Force) Mississippi Shareholders' Pro Rata Share Items Tax-exempt income and nondeductible expenses Schedule K Adjustments Enter Mississippi amounts only if different from federal Schedule K- Additional Information MS9 MSK (0) 0 CORPORATION / S CORPORATION

18 MSDepr Ordinary: Federal special depreciation allowance Additional Mississippi depreciation allowed Depreciation disposition adjustment Mississippi Depreciation Adjustments Adjustment to Income for Disposition of Assets Calculated Amount Force MS MSDepr (0) Rental real estate: Federal special depreciation allowance (S Corp) Additional Mississippi depreciation allowed (S Corp) Other rental: Federal special depreciation allowance (S Corp) Additional Mississippi depreciation allowed (S Corp) Royalty: Federal special depreciation allowance (S Corp) Additional Mississippi depreciation allowed (S Corp) 9 0 Section 9 Adjustments Section 9 carryover from prior year - personal property Section 9 carryover from prior year - qualified real property Business income limitation (Force) CORPORATION / S CORPORATION

19 MSELF Mississippi Electronic Filing General Information MS MSELF (0) Suppress Mississippi electronic file when filing federal return or extension electronically Form - or - has already been signed and returned (Links to Utilities > Electronic Filing Status ) Signature date (If different from federal) ERO signature date (If different from federal) Electronic funds withdrawal for balance due returns: Requested payment date (Mandatory if using the electronic funds withdrawal method) Amount of tax payment (Force) For amended returns: Electronic funds withdrawal for balance due returns: Requested payment date (Mandatory if using the electronic funds withdrawal method) Amount of tax payment (Force) Credit card Name control Personal Identification Number (PIN) Information Enter PIN information if different from federal Screen ELF 9 Calculated Value Force 0 PIN authorization indicator ( = Taxpayer entered PIN, = ERO entered Taxpayer PIN) Taxpayer PIN (Enter five numbers, other than all zeros) ERO PIN (Enter five numbers, other than all zeros) Extension Information Enter PIN information if different from federal Screen ELF Extension signature date (If different from federal) ERO Signature date (If different from federal) Extension PIN authorization indicator ( = Taxpayer entered PIN, = ERO entered taxpayer PIN) Extension taxpayer PIN (Enter five numbers, other than all zeros) Extension ERO PIN (Enter five numbers, other than all zeros) Form - or - has already been signed and returned (Links to Utilities > Electronic Filing Status ) Electronic funds withdrawal for extension: Requested payment date (Mandatory if using the electronic funds withdrawal method) CORPORATION / S CORPORATION

20 MSBank Mississippi Electronic Funds Withdrawal Account Information MS MSBank (0) Name of financial institution Routing transit number Account number Type of account ( = Checking, = Savings) Non-US financial institution 0 CORPORATION / S CORPORATION

21 MSK Mississippi Form 0 and 0 Schedule K- - General Info EIN Name of entity General Information Unit MS MSK (0) Address City, state, zip code Foreign country (Electronic filing only) Publicly traded partnership Type of entity ( = Partnership, = Foreign partnership, = Publicly traded partnership, = Trust, = Farm partnership) Type of partner ( = General, = Limited) Final K- Amended K- Included in composite return % of net gain was withheld Withholding remitted on behalf of partner Mississippi apportionment percentage Exclude from pass-through entity schedule (S Corp) K- amounts are not allocated or apportioned to Mississippi Partner Capital, Liabilities and Profit Percentage Partner's percentage of: Profit sharing Loss sharing Capital Analysis of partner's MS capital account: Capital account value Capital contributed during year Partner's share of line, & (Form 0, Sch M-) Withdrawals and distributions Partner's share of liabilities at year end: Nonrecourse Qualified nonrecourse financing Recourse Method of accounting ( = Tax basis, = GAAP, = Other) Other method of accounting Partner contributed property with Built-in gain or loss Detail of property contributed by partner Beginning 9 0 Ending 9 0 CORPORATION / S CORPORATION

22 MSK- Line Item 0 0 Mississippi Form 0 and 0 Schedule K- - Deductions Name of entity Deductions Section 9 deduction - personal property Section 9 deduction - qualified real property A Other deductions items: Cash contributions - 0% limitation B Cash contributions - 0% limitation C Noncash contributions - 0% limitation C Qualified conservation contributions - 0% limitation D Noncash contributions - 0% limitation E Capital gain property to a 0% organization - 0% limitation F Capital gain property - 0% limitation G Qualified conservation contributions - 00% limitation H Investment interest expense I Deductions - royalty income J Type of Section 9(e)() expenditures (S Corp) J Section 9(e)() expenditures (S Corp) K Deductions - portfolio income subject to % floor L Deductions - other portfolio income P Preproductive period expenses Q Commercial revitalization deduction S Reforestation expense deduction W Other deductions W Penalty on early withdrawal of savings W Involuntary conversions, Form line 9(b)(ii) Unit MS MSK- (0) Tax-Exempt Income and Nondeductible Expenses A B C A Tax-exempt interest income Other tax-exempt income Nondeductible expenses 9 0 CORPORATION / S CORPORATION

23 MSK- Mississippi Form 0 and 0 Schedule K- - Income Name of entity Income Unit MS MSK- (0) Line Item a b 9a 9b 9c 0 A B B B C D E F Corporate partner qualifies for Section 0 exclusion (S Corp) a a Ordinary business income (loss) Net rental real estate income (loss) Other net rental income (loss) Guaranteed payments US obligation interest Other interest income (Other than US obligation interest reported on Schedule K-, Other information) Ordinary dividends Qualified dividends (S Corp) Royalties Net short-term capital gain (loss) Net long-term capital gain (loss) Collectibles (%) gain (loss)(s Corp) Unrecaptured Section 0 gain (S Corp) Net Section gain (loss)(other than casualty or theft) Other income (loss) items: Other portfolio income (loss) Involuntary conversions - line (b)(i) Involuntary conversions - line (b)(ii) Involuntary conversions - line (c) Section contracts and straddles Mining exploration costs recapture Cancellation of debt Other income (loss) Section 0 gain - 0% exclusion Section 0 gain - 0% exclusion Section 0 gain - % exclusion Section 0 gain - 00% exclusion CORPORATION / S CORPORATION

24 MSKFrgn Mississippi Schedule K-, Foreign Transactions Foreign Transactions MS MSKFrgn (0) Name of foreign country or US possession Gross income from all sources Gross income sourced at partner level Foreign gross income sourced at partnership level Deductions allocated and apportioned at partner level: Interest expense Other Deductions allocated and apportioned at partnership level to foreign source income Total foreign taxes paid Total foreign taxes accrued Reduction in taxes available for credit Foreign trading gross receipts Extraterritorial income exclusion Other foreign transactions CORPORATION / S CORPORATION

25 MSCO Preceding Tax Year Mississippi Capital Loss Carryovers Net Capital Loss Net Capital Gain (Net Capital Loss) 9 0 Prior Year (Gain Offset) or Loss Utilized MS MSCO (0) Installment sale adjustment Gain excluded under Section --9(f)(0) Capital gain (loss) footnote 0 CORPORATION / S CORPORATION

26 MSK- Mississippi Form 0 and 0 Schedule K- - Supplemental Name of entity 0 Premium retaliatory tax credit 0 Finance company privilege tax 0 Advanced tech or enterprise zone 0 Jobs tax credit 0 National/regional headquarters 0 Research and development 0 Child/dependent care credit 09 Basic skill training/retraining Gambling license fee Financial institution jobs credit MS revenue bond service Ad valorem inventory credit Export port charges Insurance guaranty credit Import credit Land donation credit 9 Broadband technology credit Brownfield credit Airport cargo charges credit Manufacturer's investment credit Producer of alt energy job credit Child adoption credit Historic structure rehab credit Long term care credit New markets tax credit 9 Biomass energy credit 0 Wildlife land use credit Prekindergarten credit Headquarters relocation credit 0 Bank share credit Income Tax Credits Received from Pass-Through Unit Used This Year MS9 MSK- (0) Guaranty credit 9 Broadband technology credit 0 Bank share credit Franchise Tax Credits Received from Pass-Through 9 Used This Year 0 CORPORATION / S CORPORATION

27 MSAlloc Mississippi Allocation Allocation MS0 MSAlloc (0) Nonbusiness income (loss) Everywhere Mississippi 0 CORPORATION / S CORPORATION

28 MSCr Mississippi Credits, Page Reforestation Tax Credit MS MSCr (0) County code Reforestation tax credit - cost worksheet Total expenditures for the year Amount of reforestation tax credit carryover Pass-through amounts from other entities Federal income tax election taken on qualifying expenditures for same RTC lands: Investment tax credit ( = Yes, = No) Reforestation amortization ( = Yes, = No) Total credit passed through to investors in all prior years Certification of Forester Owner of eligible lands (If different from corporation name) 9 Forester qualifications: Graduate of a college, school or university accredited by the Society of American Foresters Registered forester under the Foresters Registration Law of 9 Reforestation practices: Site preparation Planting by hand or machine and/or seeding Cost of seedlings Post-planting site preparation practices Signatory: Title of forester Social security number Business Address Date of signature CORPORATION / S CORPORATION

29 MS- Mississippi (a)() Election, Page Income Tax Credits Pass Through (Continued) MS MS- (0) Child adoption credit Historic structure rehab credit Long term care credit New markets tax credit 9 Biomass energy credit 0 Wildlife land use credit Prekindergarten credit Headquarters relocation credit 0 Bank share credit CORPORATION / S CORPORATION

30 MSK- Mississippi Form 0 and 0 Schedule K- Name of entity Supplemental Information Unit MS MSK- (0) Federal credits and recapture (If different from federal) Self employment income Distributions Other information Supplemental information AMT items (If different from federal) Foreign taxes (C Corp) CORPORATION / S CORPORATION

31 MS Mississippi Depreciation and Amortization Business activity Form MS (0) Unit MS Use general asset accounting Section 9, Other and MACRS Section 9 property limitations Threshold cost Section 9 property detail Cost Section 9 property detail - qualified real property Cost Property subject to Section (f)() election Other depreciation (including ACRS) MACRS deductions for nonlisted property in service before the current year year year year 0 year year 0 year year Residential Date Basis Period Convention Maximum amount Expense 9 Expense 0 Method Deduction Non-Residential Class Life year 0 year Supporting evidence? (=Yes, =No) Property used more than 0% detail Property used less than 0% detail Listed Property - Depreciation Evidence is written? (=Yes, =No) Listed Property - Information Regarding Vehicle Use Total miles driven during the year: Vehicle # Vehicle # Vehicle # Vehicle # Business Commuting Other personal (noncommuting) Available for off-duty personal use ( = Yes, = No) Used primarily by > % owner or related person ( = Yes, = No) Another vehicle available for personal use ( = Yes, = No) Additional vehicles Listed Property - Questions from Employers Providing Vehicle Policy prohibiting personal use: Including commuting ( = Yes, = No) Provide more than vehicles ( = Yes, = No) Excluding commuting ( = Yes, = No) Demonstration use ( = Yes, = No) Treat all employee use as personal ( = Yes, = No) Amortization Amortization detail Cost Amortization for property placed in service prior to the current year Cost Basis Deduct Exp Amortization Vehicle # CORPORATION / S CORPORATION