21WM-0012: 2021 Minnesota Income and Pass-Through Entity Tax Update (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Monday, January 31, 2022
10:00am - 11:40am Central Time
2 CPE (2 technical)

Not only did the 2021 Minnesota legislative session deliver another round of retroactive federal conformity, it also created a new pass-through entity (PTE) tax, effective for the 2021 tax year. Examine these federal conformity changes for tax year 2021 as well as for prior years (2017-2020), with emphasis on new PTE tax implications.

Please note: This webinar covers the same content as Dan Kidney’s MN Tax Update webinar on Dec. 6, 2021 and also includes some additional MN DOR content and FAQs.

Major subjects

• Conformity to pandemic relief income -- PPP loans, unemployment compensation, EIDL grants/loans, restaurant revitalization grants and shuttered venue operator grants
• Conformity issues first affecting tax year 2021 returns
• Implications of continued near-total nonconformity to the CARES Act, including the impact on carryforward items into the 2021 tax year
• Breakdown of the new PTE tax -- impact of potential changes to the SALT deduction cap by Congress, interaction between Minnesota's PTE tax and other states' PTE taxes, a walkthrough of 2021 Schedule PTE, a digest of MN DOR’s recent PTE Tax trainings, and potential 2022 legislative changes
• Bipartisan Budget Act (BBA) partnership audit regime conformity
• Technical correction to the Section 179 addback regime for fiscal year PTEs that placed assets in service prior to tax year 2020

Learning objective(s)

• Learn the implications of the 2021 Minnesota Tax Bill, 1st Spec. Sess. H.F. 9

Who should take this program?

Tax preparers and advisers responsible for preparing, reviewing or signing Minnesota income tax returns

Fees

Standard Member Fee	$100.00
Standard Nonmember Fee	$150.00