ST. PAUL, MN — The State of Minnesota has enacted new tax laws concerning unemployment compensation and PPP loan forgiveness on July 1.
Minnesota Department of Revenue is amending Minnesota tax forms and working with tax software suppliers to update their systems to reflect the changes in the tax legislation. Taxpayers should file no modified returns relating to retroactive provisions in the tax bill until the forms are updated. The department will notify taxpayers when revised forms become available.
Taxpayers should wait to hear from the MDR if you filed a 2020 income tax return that included unemployment assistance or PPP loan forgiveness. Depending on the complexity of your return, MDR may either alter it and provide you a refund. The department may also request that you revise your return. Taxpayers can expect to be notified later this summer.
If MDR can adjust your return, it will send you a letter explaining what it modified and any reimbursement you may be entitled to as a result. MDR is committed to amending as many returns as possible.
If you need to make changes, the department will send you a letter explaining how to do so. Do not file an updated return until you have heard from it.
The department will provide updates, guidance, and resources on its website and email bulletins, including criteria requiring unemployment compensation or PPP recipients to amend their returns. MDR will share updates as soon as they are available.
For the latest information, visit MDR's announcement page at https://www.revenue.state.mn.us/tax-law-changes or subscribe to their Tax Law Changes email updates.
This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.