MS HB518

Establishes the Wholesale to Retail Accountability Program (WRAP) requiring wholesalers selling tobacco products, food, candy, and nonalcoholic beverages to retailers to file monthly information reports with the Department of Revenue

Reports must include seller and retailer identification, addresses, product types, sale dates, quantities, and monthly dollar totals, filed electronically by the 20th of each following month

Exempts wholesalers with less than $500,000 in annual sales of food, candy, or nonalcoholic beverages from reporting requirements for those products

Imposes penalties up to $1,000 per inaccurate report or up to $10,000 for failure to file, though the Commissioner may waive penalties for good cause

Requires the Department to send an inquiry letter to retailers before issuing tax assessments based solely on wholesaler reports, giving retailers opportunity to explain discrepancies