MINNESOTA REVENUE DEPARTMENT PROVIDES STAGE UPDATE OF TAX CODE CHANGES

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The Minnesota Department of Revenue continues to provide updates on tax code changes enacted earlier this year and their progress in updating their systems. Below is their most recent update.

The changes to the Minnesota tax code were enacted on July 1, 2021. The changes relate to unemployment compensation, paycheck protection program (PPP) loan forgiveness, and other retroactive compliance provisions affecting 2017 to 2020 tax years.

Revenue is committed to providing updates on progress in updating our forms, developing and testing our system, communicating with affected taxpayers who need to change their returns, and providing information about when refunds begin to flow to affected taxpayers.

Here is the progress as of August 30, 2021:

  • Almost 8,000 letters have been sent to individual taxpayers who will need to file an amended return to receive the UI and / or PPP loan exemption or to take advantage of other provisions of the changed tax law. Individuals who receive this letter should follow the instructions on the letter and file the amended return when ready.
  • Over 2,000 returns affected by PPP changes filed at the corporate entity level have started to receive refunds. These will continue to come out in September. These returns represent a small fraction of the total impacted returns amount, do not require system development and testing, and are processed manually.
  • Revenue has completed the initial development phase of the system which will be required to adjust over 540,000 tax returns and has entered the testing phase of this process. The uniqueness and timing of this type of system change makes it imperative that we get the development and testing elements of this process correctly so that there are no mistakes that could cause people to lose. taxpayers the expected benefits or not getting the correct amount of reimbursement. We will provide a time frame for these refunds to start once we have completed the testing process.
  • End of July, Revenue updated Minnesota tax forms for the 2020 tax year. If you have not yet filed a 2020 return or requested an extension, you can file using the updated forms to claim the recently adopted unemployment income and PPP loan exclusions and deductions, as well as other provisions of retroactive compliance.
  • The turnover showed Minnesota Income and Corporate Tax Forms Near Final in 2021 on our website. Nearly final forms are drafts and should not be used for filing returns. Other changes may be made to these forms, including sections that refer to federal tax forms. These almost final forms are for reference only.

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