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22WM-0006: Minnesota Tax Update: Federal Conformity (Webinar)

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

Date Thursday, January 26, 2023
Time 1:00pm - 2:40pm
Central Time
Location Online
CPE credits CPE 2.0
Field(s)
of study
Taxes - Technical (2.0)
Instructors Geno Fragnito
Minnesota Society of CPAs
Dan Kidney, CPA, JD
Wipfli LLP
Fees
Standard Member Fee $89.00
Standard Nonmember Fee $109.00

Description

Most years, the Minnesota Legislature waits until after the tax filing deadline to pass a retroactive federal conformity bill. But not this year.

Gov. Tim Walz just signed a federal conformity bill after it moved through both the Minnesota House and Minnesota Senate. The bill largely conforms state taxes to seven federal acts, including the CARES Act, The American Rescue Plan Act (ARPA), the Inflation Reduction Act and more.

Join us for this webinar, featuring MNCPA Government Relations Director Geno Fragnito, as well as MNCPA member and top-rated speaker Dan Kidney, as they discuss the details, impact and important aspects of this conformity bill on Minnesota businesses and tax advisers.

Who should take this program?

CPAs, tax advisers and others who need to know the implication of Minnesota conformity with federal tax legislation

Major subjects

  • Impact on the historical “big ticket” CARES Act nonconformity items -- NOLs, excess business losses, Sec. 163(j) interest deduction limits and QIP
  • Amended returns for 2017-2021, some of which may need to be filed before the 2022 return
  • Impact on the taxability of SBA loans, EIDL grants, restaurant revitalization grants and shuttered venue operator grants
  • Impact on employee retention credit wage deductibility
  • The extended statute of limitations (to Dec. 31, 2023) for amended tax returns required by this 2023 tax law
  • Impact on the 2021 pass-through entity tax
  • Looking forward -- other tax legislation we may see this session, such as the exemption of Social Security income

Notes:

Course code Code 22WM-0006
Sponsor Minnesota Society of CPAs
NASBA ID#: 139884
Level Update
Format Group Internet Based
Prerequisites Prereq. None
Advance
prep
None

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

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