35 Miss. Code. R. 10-09-602

Requirements for a CPA engaged to perform a Motion Picture Incentive Submission Audit:

1. Contact the Mississippi Department of Revenue (MDOR) at 601-923-7440 once the audit is agreed to. The MDOR will provide a document containing language to be included in the audit submission.

2. Read the Motion Picture Production Incentive section of the most current Mississippi Tax Incentives, Exemptions and Credits Book at https://www.dor.ms.gov/Pages/Business-Incentive.aspx.

3. Both the verifying and reviewing CPAs must attest to conducting two (2) levels of review either within the CPA firm or as a cooperative endeavor for the review of the audit.

4. Supply notarized statements confirming that the CPAs are independent from any other activities related to the film project audited.

5. Provide a copy of both CPAs' licenses.

6. Provide a copy of the CPA firms' permits.

7. Both the verifying and reviewing CPAs must attest to completing twenty (20) hours of CPE each reporting cycle.

8. Verify supporting documentation for each individual expenditure claimed by the MPPC.

9. Work with the production company to resolve exceptions or discrepancies prior to submission to the Mississippi Department of Revenue (DOR).

10. Attest that all amounts on the rebate submission request are properly calculated and documented.

11. Find that the MPPC expended at least fifty thousand dollars ($50,000) in base investment, payroll and/or fringes in the State of Mississippi.

12. Find that no one employee exceeds five million dollars ($5,000,000) in payroll and fringes.

13. Verify that only eligible expenses incurred and paid for after the Mississippi Development Authority (MDA) certification date are included in the rebate amount.

14. Verify that only eligible expenses purchased by the MPPC certified for the incentive are allowed for the rebate.

15. Supply to the DOR an electronic copy of the submission showing the rebate calculation and the line items that were approved/denied. The audit must be submitted to Incentives@dor.ms.gov.

Notes

35 Miss. Code. R. 10-09-602

Adopted 6/24/2021