New

Minnesota's Federal Tax Reform Conformity Legislation (Webinar)

Code: WMMNC01

Date Thursday, June 27, 2019
Time 10:00AM - 11:00AM
Central Time
Location Online
CPE credits CPE 1.0
Field(s)
of study
Taxes - Technical (1.0)
Instructor Daniel Kidney, CPA, JD
CliftonLarsonAllen LLP
Fees
Standard member fee $0.00
checkmarkStandard nonmember fee $25.00

Members: Please log in to receive member fee.

Description

On May 31, Minnesota Gov. Walz signed into law the 2019 Minnesota Omnibus Tax Bill. This new law brings some much-needed simplification to Minnesota’s tax code by conforming to many provisions of the Tax Cuts and Jobs Act (TCJA). However, because it decouples from many other provisions of the TCJA, it retains some of the complexity in Minnesota’s tax code that tax professionals experienced during the 2019 filing season. In addition, because its conformity to most TCJA provisions is retroactive to the 2018 tax year, it is unclear when taxpayers who have already filed their 2018 Minnesota returns should amend them, or what taxpayers should do if they have extended but not yet filed their 2018 Minnesota tax returns. Attend this live webinar to learn about the known implications of the bill and what the Minnesota Department of Revenue (DOR) may adopt to address the impact of the bill’s retroactivity.

Who should take this program?

CPAs and tax professionals responsible for preparing or reviewing Minnesota income tax returns; and CFOs, controllers and tax professionals responsible for their company's Minnesota taxes

Major subjects

  • Winners and losers -- whose taxes are expected to decrease and whose are expected to increase
  • Major changes to individual income tax and business income tax
  • Which federal conformity changes are retroactive to 2018 and which are retroactive to 2017
  • Updates on how the DOR is advising taxpayers to act regarding extending and amending tax returns
  • Special limited adjustment to tax -- breakdown of this unique provision, which specifies that for certain aspects of federal tax reform, Minnesota’s retroactive conformity will produce no increase or decrease in tax for the 2018 tax year only

Learning objective(s)

  • Learn the implications of the 2019 Minnesota Omnibus Tax Bill

Notes:

Course code Code WMMNC01
Sponsor Minnesota Society of CPAs
NASBA ID#: 139884
Level Update
Format Group Internet Based
Prerequisites Prereq. None
Advance
prep
None
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