Mississippi Sales Tax Guide
Chapter 7: How to manage late Mississippi sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your Mississippi sales tax filing and remittance done on time and submitted without incident. However, in the real world, mistakes happen. In this chapter, we'll talk about how to avoid costly penalties and fines if you've missed your assigned filing deadline.What do I do if I missed my Mississippi sales tax filing deadline?
The first thing to do is get your return filed. This is definitely one of those situations where things are "better late than never." As long as you don't submit your tax filing paperwork, or hold on to the tax dollars you've collected, you may be accruing fines and interest. It's always best to get your filing done and deal with any penalties and interest payments later.What penalties and interest payments are imposed by the Mississippi Department of Revenue?
Penalties and interest payments for late filing amount to 10% of the total outstanding tax collected or interest at the rate ranging from 0.5% to 1% per month from the date such tax was due until paid.
In the event that the late sales tax is a result of an intentional disregard of filing rules and regulations or fraud with intent to evade the law, a 50% fine of the total outstanding sales tax may be assessed.
For exempt sales, the seller carries the burden of proof. Records must be kept to substantiate any reduction in sales tax charged on sales of tangible personal property or taxable services. If such records cannot be produced, the seller will be subject to the 7% tax, interest, and penalty charges on those sales.If I acquire a business, am I responsible for any outstanding sales tax debts, penalties, and interest?
Yes! If you are acquiring a business, it is strongly recommended that you contact the Mississippi Department of Revenue and inquire about the current state of the potential acquisition. Once you've purchased the business, you will be held responsible for any and all outstanding Mississippi sales and use tax liability.