35 Miss. Admin. Code Pt. III, Subpt. 11, Ch. 21 — Estimated Tax Payments

100 INDIVIDUAL ESTIMATED TAX PAYMENTS.

# 1.

Every individual taxpayer who does not have at least eighty percent (80%) of his
annual tax liability prepaid through withholding must make estimated tax payments
if his annual tax liability exceeds two hundred dollars ($200). Every estate or trust
with an annual income tax liability in excess of two hundred dollars ($200) must
make estimated tax payments. These estimated tax payments must not be less than
eighty percent (80%) of the annual income tax liability. Any taxpayer who fails to
file the estimated tax return and pay the tax within the time prescribed or
underestimates the required amount shall be liable for interest of one percent (1%)
per month on underpayment of tax from the date payment is due until paid.

# 2.

The total estimated tax may be paid on or before the fifteenth day of the fourth
month of the income year of the taxpayer or, at the election of the taxpayer, the
estimated tax may be paid in four equal installments on forms furnished by the
Commissioner. The returns and payments are due on or before:
a. The 15th day of the 4th month of the income year,
b. The 15th day of the 6th month of the income year,
c. The 15th day of the 9th month of the income year,
d. The 15th day of the 1st month after the close of the income year.

# 3.

Exceptions:
No interest will be charged for underpayment of estimated tax if the estimated tax
payments for current year are equal to or more than the prior year's tax liability
provided a return was filed and the return covered a period of twelve (12) months.
If the taxpayer was not required to file a Mississippi resident return for the prior
year, the estimated tax payments must be equal to or more than the tax liability
computed on prior year's income based on Mississippi current year's rates and
exemption.
101 CORPORATE ESTIMATED TAX PAYMENTS.
1. Every corporate taxpayer with an annual income tax liability in excess of two
hundred dollars ($200) must make estimated tax payments. These estimated tax
payments must not be less than ninety percent (90%) of the annual income tax
liability. Any taxpayer who fails to file an estimated tax return and pay the tax
within the time prescribed or underestimates the required amount shall be liable for
penalty of ten percent (10%) plus interest of one percent (1%) per month on
underpayment of tax from the date payment is due until paid.
2. The total estimated tax may be paid on or before the fifteenth day of the fourth
month of the income year of the taxpayer or, at the election of the taxpayer, the
estimated tax may be paid in four equal installments on forms furnished by the
Commissioner. The returns and payments are due on or before:
a. The 15th day of the 4th month of the income year,
b. The 15th day of the 6th month of the income year,
c. The 15th day of the 9th month of the income year,
d. The 15th day of the 12th month of the income year.
3. Exceptions:
a. No interest or penalty will be charged for underpayment of estimated tax ,
except "large" corporations, if the estimated tax payments for current year
are equal to or more than the prior year's tax liability provided a return was
filed and the return covered a period of twelve (12) months. A "large
corporation" - one with Mississippi taxable income of at least $1 million in
any one of the three immediately preceding tax years -is prohibited from
using its prior year's tax liability, except in determining the first installment
of its tax year. Any reduction in a large corporation's first installment as a
result of using the prior year's tax must be recaptured in the corporation's
second installment. In applying the $1 million test, taxable income is
computed without regard to net operating loss or capital loss carryforwards
or carrybacks. The estimated tax payments on large corporations must be at
least ninety percent (90%) of the actual tax due for the current tax year.
b. If the reporting corporation of a controlled group of corporations filing in
Mississippi and using the consolidated or combined income tax return
election reports at least $1 million of Mississippi taxable income, which is
made up of the sum of all income or losses of the members of the group,
then the group and/or reporting corporation will be considered a large
corporation even if another member of the group becomes the reporting
corporation. Additionally, if one or more members of a controlled group of
corporations filing in Mississippi using the consolidated or combined
income tax return election reports at least $1 million of taxable income then
the group will be considered a large corporation even though the sum of all
income or losses of the members of the group is less than $1 million as
reported by the reporting corporation.
c. A corporation may annualize its income for estimated tax payments, but the
total estimated tax payments for the tax period must be at least ninety
percent (90%) of the tax on the basis of current Mississippi income and
must be paid by the last estimate date.
d. A corporation may not use more than one exception. It cannot annualize and
also use last year's tax paid.
e. If a corporation is classified as a large corporation and is merged, liquidated
or combined in any fashion into a corporation which is not classified as a
large corporation, then the surviving corporation will be classified as large
corporation.
102 (Reserved)
103 (Reserved)