If you do not keep these records, you will be subject to the 7% tax, interest, and penalty charges on those sales. If you are making sales out-of-state, your records should clearly show that the item was delivered out-of-state. Minimum information should include the name and address of the person to whom the sale was made, the date of sale, the article sold, and the amount of exemption or reduced rate.
Records must be kept to substantiate any claimed exemptions or reduced tax rates authorized by law. The seller has the burden of proving that a sale of tangible personal property or a taxable service is exempt. The required records include, at a minimum, records of beginning and ending inventories, purchases, sales, canceled checks, receipts, invoices, bills of lading, and all other documents and books pertaining to the business. You must keep adequate records of business transactions to enable you and the Department of Revenue to determine the correct tax due. Records should be retained for a minimum 4-year period, although it is recommended that you keep the records longer. If you are unable to refund the tax directly to the customer that paid the tax, Mississippi law requires that any over-collection of sales tax by a retailer from the customer must be paid to the State.īack to Top What records should I keep and how long should I keep them? If you discover that you have made an error on a sales tax return previously filed with the Department of Revenue, you should file an amended return.īack to Top What if I collect too much sales tax? Please don’t forget to sign and date the return. īack to Top Why did I receive a billing notice when I had no sales?Įvery sales tax permittee must file returns with the Department of Revenue on a timely basis, according to your filing frequency, even if sales tax was not collected for that month, quarter, or year.įailing to file returns on time can result in penalties, interest and eventually could result in liens against your property. If you have no sales, enter a zero on the total tax due line. Yes, a tax return must be filed for each reporting period even though no tax is due. Accelerated payments must be received by the Department of Revenue no later than June 25 in order to be considered timely made.īack to Top Do I need to file a sales tax return for a period in which I had no sales? Yes, a return is considered to have been filed with and received by the Department of Revenue on the date shown by the post office cancellation mark on the envelope.Īccelerated payments are required to be filed each June by taxpayers whose total average sales tax liability exceeds $50,000 per month for the preceding calendar year. The sales tax discount is 2% of tax due, not to exceed $50.īack to Top Am I considered on-time if my return is postmarked by the due date? Yes, a discount is allowed if the tax is paid by the 20th day of the month in which the tax is due. All that is needed to file your return is a computer, internet access, and your bank account information.īack to Top Is the seller allowed a discount for timely reporting and paying sales tax? You may register for TAP on the Department of Revenue website. Yes, online filing for sales and use tax is available. In these cases, the tax remains due and interest may apply for late payment.īack to Top Can I file my sales and use tax return and pay the tax online? What is the fee for filing online? The Commissioner of Revenue is authorized to provide an extension of time to file the return for good cause, as example when a natural disaster creates a hardship for filing the return on time. If a due date falls on a weekend or holiday, the due date becomes the next business day.īack to Top Are extensions available if I can't file my sales tax return by the due date? Sales tax returns are due the 20th day of the month following the reporting period.
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