MNCPA Insight Hour recap: Key tax, professional and data security updates
October 27, 2025 | Corey Butler
Missed the MNCPA Insight Hour on Oct. 24? Here’s a digestible recap of the most pressing updates and insights shared by our speakers. From Minnesota tax changes and compliance news to practical guidance on navigating data breaches, check out these essential takeaways.
Thanks to
Moss & Barnett, a Minneapolis-based law firm, for supporting the MNCPA Insight Hour.
Watch the Oct. 24 Insight Hour (login required)
Minnesota tax updates: Dan Kidney, Wipfli
- Minnesota legislative session highlights
- Not as many major tax bills as previous years, but a few substantial changes were enacted.
- Noteworthy changes include increasing the cannabis gross receipts tax and repealing a sales tax exemption for data centers.
- Federal and state nonconformity
- Minnesota does not fully align with the recent federal OBBBA tax bill.
- Major focus points: bonus depreciation, research credit (partially refundable in 2025) and how Minnesota handles research expense deductions versus federal rules.
- Key Issues for 2026 and beyond
- Companies should be aware of addback provisions for federal deductions not recognized at the state level.
- New market sourcing law guidance from the Minnesota Supreme Court impacts how service revenue is assigned based on customer location.
- Watch for updates on conformity for 2025 tax forms; current drafts assume nonconformity.
Data breaches and cybersecurity: Chris Stall and Bryant Tchida, Moss & Barnett
- Data breach risks and costs
- Average cost of a data breach in 2024 is more than $8 million, highlighting the necessity of proactive security.
- Common breach methods
- Cybercriminals typically steal data for ransom, resale or disruption of business operations.
- Prevention and best practices
- Use data encryption, secure communication methods, access controls and regular staff training.
- Develop and routinely update an incident response plan — acting quickly limits exposure and legal risk.
- Legal and regulatory obligations
- Timely communication following a breach is critical: clients, regulators and potentially the public must be notified promptly.
- Minnesota law sets specific notice standards and AICPA rules stress a duty to safeguard client information.
Professional updates: Linda Wedul and Geno Fragnito, MNCPA
- MNCPA policy and advocacy
- Updates on the implementation of Minnesota’s Paid Family Medical Leave Program and workplace mandates like the Minnesota Secure Choice Act for retirement savings.
- Announced changes to CPA licensure, with new pathways for qualification.
- Ongoing compliance needs
- Reminders about CPE credit requirements and timely license renewal to avoid noncompliance.
- Supporting the profession
Watch for details for the next MNCPA Insight Hour in January!
This recap was produced using artificial intelligence.
Topics: Education, MNCPA Programs & Activities
Corey Butler
Corey Butler is the MNCPA communications manager, working to enhance the professional reputations of members through content, media relations and public affairs. He's been with the MNCPA since 2013. Corey keeps busy outside of the MNCPA spending time with his wife and children, serving on his local school board, volunteering in his community and catching up on long-lost hobbies. Corey enjoys the works of John Steinbeck and Rankin/Bass Productions, and Paul Bunyan, Robin Hood and Santa Claus lore. You may reach him at 952-885-5530 or cbutler@mncpa.org.
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