BIG NEWS! According to the Minnesota Department of Revenue, Governor Walz just signed a new tax bill that modifies income taxes with regards to:
- Unemployment compensation
- PPP loan forgiveness
- And other stipulations that affected the 2018 through 2020 tax years
What Does This Mean?
In simplified terms, tax forms will need to be updated and tax software providers will need to refresh their systems accordingly. However, as a taxpayer, YOU DON’T HAVE TO DO ANYTHING RIGHT NOW. Don’t rush and scramble to amend your returns until you receive a letter from the Minnesota Department of Revenue.
They still need to update their forms and systems to accommodate this new legislation, so wait until you get the official communication from them before you take any action. They’ll let you know when they have updated forms available.
For more detailed information, please check out the official update here. If you have any questions about this change, please contact us at (952) 855-4520 and we’ll help you.
Get Your Tax Services Consultation
Integrated Accounting & Tax, LLC is a woman-owned accounting firm with services tailored to each client’s unique needs and goals. We guarantee that every service we provide is essential and propels your goal.
Contact us today for a free tax services consultation. We have locations in Prior Lake, MN, and Ft. Lauderdale, FL, and can provide service to surrounding areas.