35 Miss. Code. R. 1-02-204
Current through December 10, 2024
If a taxpayer makes deposits or transfers of non-business income or money into a business account, sufficient documentation must be maintained to support the source of those funds. If the non-business funds were a loan, maintain a copy of the signed loan instrument that shows the lender's name, date, and amount of the loan. If the non-business funds were a transfer from a personal account or another business account, or if the funds were a refund, rebate, or similar, maintain documentation to support the source of that money, including but not limited to canceled checks and deposit slips.
35 Miss. Code. R. 1-02-204