MNCPA PERSPECTIVES

Your expertise will help provide clarity on Minnesota's 2019 tax law changes

August 5, 2019  |  Geno Fragnito

Your expertise will help provide clarity on Minnesota's 2019 tax law changes

Let’s crunch the numbers: It’s been about two months since Gov. Walz signed the 2019 tax bill, HF 5, into law. The new tax law affects three tax years -- two of them retroactively. And, there’s about six months remaining to comprehend these changes before the next filing season begins.

The number of questions about how Minnesota will implement the new tax law? We’re still calculating that data.

We all know that any tax law change creates uncertainty, but retroactive changes further adds to the confusion and frustration. Retroactive changes for the 2017 and 2018 tax year, along with additional changes affecting 2019 coupled with the Tax Cuts and Jobs Act, have undoubtedly created many questions as you interpret what the new changes mean for your businesses and clients.

The new tax law has also created questions for the Minnesota Department of Revenue (DOR) to answer. Not sure how best to search for and submit questions? That’s where we can help.

Recently, the MNCPA collected questions from members regarding the implementation of the new tax law. Fifty questions were submitted to the DOR for them to prioritize and answer. We will be monitoring DOR communications and updating members as new answers are posted on the DOR’s tax law changes FAQs page.

In addition, the MNCPA created a Minnesota tax changes resource guide for our members. This guide summarizes Minnesota’s nonconforming and conforming tax changes, and provides links to additional information on the DOR’s website.

The DOR will work to answer many business and individual filing questions, but they want to hear from you if there are complex issues you’re seeing that need additional guidance and clarification. So, as you review the new tax law and you come across questions that don’t have a clear answer, the DOR wants to hear from you. Submit questions concerning the 2019 tax law to TaxLawChanges@state.mn.us.

Minnesota’s 2019 tax law has 24 articles and more than 250 pages, but it only takes one email from you to help ensure clear guidance and compliance.

Topics: Taxation-Individual, Government, Taxation-Business

Geno Fragnito

Geno Fragnito is the MNCPA government relations director, advocating on behalf of the CPA profession. His days consist of last-minute meeting changes, building relationships with lawmakers, helping CPAs navigate state government, and putting in more than 15,000 steps per day walking the halls of the Capitol. Geno unwinds with a little golf and traveling with his family. If he weren’t a lobbyist, Geno would perfect his cast and be a professional fisherman. Geno can be reached at 952-885-5550 or gfragnito@mncpa.org.

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