On July 1, 2021 the 2021 tax bill was signed at the Minnesota state level. This bill provides detail into the Paycheck Protection Program (PPP) loan forgiveness, unemployment compensation and other retroactive provisions affecting 2018 through 2020 tax years.
2021 Tax Bill progress
Since the new tax laws have been changed, the Minnesota Department of Revenue has been working on updating tax forms and systems to reflect these new changes. These new forms are not available yet. We will communicate to our clients when action is needed. For the time being, we suggest to take no action at this time and to not file any amended returns related to this tax bill.
Next Steps for me?
The next steps for everyone is to wait as additional information is shared by the state. Once forms are ready, we will hear more from the Department of Revenue. The next action items for each of our clients will differ based on the complexity of your returns.
- If the Department of Revenue can adjust your return: You will receive a letter explaining the changes and any refund you may be eligible as a result. This has been communicated as the route they will try to do with as many as possible.
- If the Department of Revenue needs you to amend your taxes: Continue to wait to hear more from us before filing an amendment. This communication will come out later this summer as more details from the Minnesota Department of Revenue are shared.
Stay tuned for PPP and Unemployment updates
At Anfinson Thompson, we will continue to share updates, guidance and resources on our website as more information becomes available. We pride ourselves in being an educational resource to our clients. Enjoy your summer as we both wait to learn more about the criteria required for unemployment compensation and PPP recipients to amend.
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