35 Miss. Code. R. 1-02-202

Every taxpayer and every designated representative, if applicable, is required to keep accurate, complete, and legible records. Records should be adequate to provide reasonable assurance that all taxable transactions and income are properly identified and recorded. Records must be supported by source documents. In addition:

1. Records must be kept in good order and condition. Each source document should have a unique identifier, usually a number or alphanumeric code. Pre-numbering of commonly used forms, such as sales invoices, helps to classify transactions and to identify and locate missing source documents.

2. Records including financial statements, reports, and any information used to prepare a tax return must be supported by source documents that verify and confirm the income, expenses, and credits reported on tax returns and financial statements.

3. Records must be written in English.

4. Source documents such as bills, receipts, checks, invoices, and cash register tapes include the transaction date whether printed on paper or created and maintained in an electronic format.

5. Records and source documents must be available for review by the Department upon request.

6. For business taxpayers, the records must be kept at the place of business. If the principal place of business is outside Mississippi, the records of the taxpayer may be kept at their principal place of business.

Notes

35 Miss. Code. R. 1-02-202

Adopted 12/23/2024