23WM-0009: Minnesota Tax Update (Webinar)

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

Wednesday, June 28, 2023
1:00pm - 2:40pm Central Time
2 CPE (2 technical)

There is a lot going on with Minnesota taxes. Not only did the state just enact major legislation in May -- addressing corporate, personal and pass-through income taxes; adopting a retail delivery fee; and imposing a new payroll tax supporting a paid family and medical leave program -- but taxpayers are still dealing with the retroactive federal tax conformity bill enacted in January! As if that wasn’t enough, recent Minnesota tax court opinions and revenue notices have everyone on the edge of their seats. Look at what’s happening and what it all means at this practical webinar.

Major subjects

• Federal conformity update to May 1, 2023
• Tax increases on high-net-worth individuals, such as the adoption of a net investment tax (NIIT) and an increased phase-out of standard and itemized deductions
• Corporate income tax revenue raisers, including a reduction in the DRD and NOL deduction, and the newfound taxability of GILTI
• Property tax refund replaced with income tax credit
• Pass-through entity tax updates, including the newfound eligibility of tiered entities, and the expanded benefits for Minnesota resident partners of an electing partnership to use un-apportioned income as the tax base
• Rebate checks
• Reduction in Social Security income taxation
• Enactment/expansion of many new tax credits, including the Angel Credit and the Child/Working Family Credits
• Other provisions, such as conformity to the federal excess business loss suspension period to 2028 and the permanent adoption of the student loan discharge subtraction
• Paid family and medical leave -- highlights of the new 0.7% payroll tax
• January 2023 tax bill -- revisiting CPAs’ game plan for tackling amended returns for retroactive federal conformity
• Retail delivery fee -- what we know and don’t know
• Revenue Notice 23-01 (April 3, 2023) -- Statutory Resident Trusts
• Revenue Notice 23-XX (draft) -- Corporate Franchise Taxes – Nexus – Internet Activities and Public Law 86-272
• Nadler revisited -- the Cities Management case

Learning objective(s)

• Understand recent Minnesota tax developments

Who should take this program?

CPAs and tax advisers who advise clients on Minnesota tax returns

Fees

Standard Member Fee	$99.00
Standard Nonmember Fee	$125.00