MS HB1106

Amends Section 27-65-37 to require the Commissioner of Revenue to use "the best information available" (rather than just "any information available") when assessing sales tax liability for taxpayers who fail to maintain adequate records or underpay taxes

Establishes estoppel protection for taxpayers who used a reporting method that was previously audited by the commissioner with no additional tax found due, preventing collection of additional tax for periods before notification during a current audit

Requires four conditions for estoppel protection: the method was previously audited with no additional tax due, the same method is used in the current audit, no statutory or regulatory changes affected the method, and the taxpayer detrimentally relied on the prior audit results

Specifies notice requirements for tax assessments, including delivery methods for individuals, partnerships, corporations, LLCs, joint ventures, and other entities, with payment due within 60 days

Effective date: July 1, 2015