The Minnesota Department of Revenue has confirmed the processing of returns impacted by recent tax changes for those who collected unemployment insurance compensation and Paycheck Protection Program loan forgiveness. It is estimated that more than 540,000 Minnesotans are eligible for the COVID-19 tax refunds as a result of these tax cuts passed in the recent state’s budget. The current process allows for 1,000 refunds to go out per week with anticipation for up to 50,000 to go out per week by the end of October.
What’s your next step for you COVID-19 TAX REFUNDS?
At Anfinson Thompson, we believe in educating our clients to understand tax changes. Clients who received a Paycheck Protection Program loan forgiveness or collected unemployment insurance compensation are impacted by these recent Minnesota budget changes.
The Minnesota Department of Revenue has started the manual process of updating the impacted individual income tax returns. With an anticipated 540,000 returns impacted, we expect to see a delay in when these funds will be available. We ask you to be patient as this process is done manually by the Minnesota Department of Revenue.
- In mid-August did you receive a letter from the Minnesota Department of Revenue? Less than 8,000 of the 540,000 individual income tax payers will need to amend their tax return in order to receive their refund. If this is you, please contact us to work through the next steps.
- If you DID NOT receive a letter, please be patient. We are uncertain of final deadlines for when all refunds will be received. However, we do know the Minnesota Department of Revenue is working diligently to get these done as fast as possible.
Once more updates are available, we will share the information in an effort to guide our clients through these changes. Want to stay updated on our guidance? Subscribe for email updates.