Form Instructions 990 MS 2023-2025

Form Instructions 990 MS: What You Should Know

Income from the business must be properly reflected in tax. Do not use or rely upon information on a Form 990,  Forms 990. 1040. The filing of a Form 990 tax return is considered by the IRS to be tax compliance. Taxpayers must file a tax return to the time required (Form 990-T) or as agreed (Form 990-EZ) under state law. SECTION 1 — STATE INCOME TAXATION For tax year 2020, the income of a Mississippi Domestic Corporation must be included on Schedule C attached to the Mississippi Schedule S. The income of the Mississippi Domestic Corporation is considered corporate income and is reported in income according to Section 5 of the Internal Revenue Code, Chapter 561. The section refers to corporate income, defined as profit of the Corporation from all sources, and corporate assets and liabilities, defined as all other assets of the Corporation. Schedule C — Form 990. Schedule C of Form 990 is an annual report showing information that will be required to form the return or to change a prior tax return filed or change of status filed with the State of Mississippi. Schedule C is prepared and filed by the following State agency(s): For Form 990-T for tax year 2019, the Mississippi corporate income tax return form is to be attached as an attachment to the Schedule S, but the company's Schedule C is prepared and filed by the Mississippi County Auditor under the direction of the Secretary of State. SEC. 7 — STATE INCOME TAXES The following table sets forth Mississippi corporate income tax rates for tax year 2020, applicable to all corporations filing a Form 990 or Form 990-EZ in order to calculate the Mississippi corporation's state income tax liabilities. The rates listed are for all corporations for all types of income including, but not limited to: gross profits, or net profits; Corporations with an amount in excess of 25,000 who do not pay Mississippi federal income taxes; and Corporations who report Louisiana, Alabama or Texas non-business income, which is excluded from Mississippi state taxes. For more information, please refer to the following sections: 1. Corporate Income Tax Rate.

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