Mississippi Annual 2010-2025 Form

What is the Mississippi Annual Information Return 89-142?

The Mississippi Annual Information Return, commonly referred to as the 89-142, is a tax form used by businesses operating in Mississippi to report income and other relevant financial information to the state. This form is essential for ensuring compliance with state tax regulations and helps the Mississippi Department of Revenue assess the tax obligations of various business entities, including corporations, partnerships, and LLCs. The 89-142 is typically required to be filed annually, providing a comprehensive overview of a business's financial activities throughout the year.

Steps to Complete the 89-142

Completing the Mississippi Annual Information Return 89-142 involves several key steps:

• Gather all necessary financial documents, including income statements, balance sheets, and previous tax returns.
• Ensure you have the correct version of the form, as updates may occur annually.
• Fill out the form accurately, providing all required information about your business's income, deductions, and credits.
• Review the completed form for accuracy, ensuring that all calculations are correct.
• Sign the form electronically or manually, depending on your submission method.
• Submit the form by the designated filing deadline, either electronically or via mail.

Filing Deadlines / Important Dates

It is crucial to be aware of the filing deadlines for the Mississippi Annual Information Return 89-142 to avoid penalties. Typically, the form must be submitted by April 15 of the following year after the tax year ends. For example, the return for the 2023 tax year is due by April 15, 2024. If the deadline falls on a weekend or holiday, it may be extended to the next business day. Taxpayers should also consider any extensions that may be applicable, which can provide additional time for filing.

Legal Use of the 89-142

The Mississippi Annual Information Return 89-142 is legally required for businesses operating within the state. Failure to file this form can result in penalties, including fines and interest on unpaid taxes. The form serves as a legal document that provides transparency regarding a business's financial activities. It is essential to ensure that the information reported is accurate and complete, as discrepancies can lead to audits or other legal repercussions.

Who Issues the Form?

The Mississippi Department of Revenue is the authoritative body that issues the Annual Information Return 89-142. This department is responsible for overseeing tax compliance and ensuring that businesses adhere to state tax laws. The department provides resources and guidance for taxpayers to help them understand their obligations and correctly complete the form. Additionally, the department may update the form periodically, reflecting changes in tax laws or reporting requirements.

Digital vs. Paper Version

Businesses have the option to file the Mississippi Annual Information Return 89-142 either digitally or on paper. The digital version is often preferred due to its convenience and efficiency. Filing online can expedite the submission process and reduce the risk of errors. However, some businesses may still opt for paper filing, especially if they are more comfortable with traditional methods. Regardless of the chosen method, it is important to ensure that the form is completed accurately and submitted on time.