The Tax Cuts and Jobs Act passed in December 2017 made sweeping changes to the Federal Tax Code. Minnesota passed legislation on May 24, 2019 adopting some – but not all – aspects of the Tax Cuts and Jobs Act. As our valued clients and friends, we want to keep you informed about how these changes may affect you.
Some of the changes are retroactive and will affect 2017 or 2018 Minnesota tax returns that have already been filed. There is no need to file an amended return. Minnesota Department of Revenue has informed us that if the changes impact you, they will review your return(s), make the needed adjustment, and notify you of the changes. If you receive any correspondence, please forward it to your contact here at Lurie before taking any action.
If you have returns yet to be filed, we will take into account the updated legislations and adjust your return prior to filing.
As always, your tax advisors here at Lurie are working hard on your behalf. Since the enactment of the Tax Cuts and Jobs Act, we have worked closely with our legislators, Minnesota Department of Revenue, and others in our profession to lobby on your behalf.
While the changes to both the Federal and Minnesota legislation are significant, we look forward to guiding you through any changes to your previously filed returns, as well as identifying opportunities for you in the future.
You do not need to take any action now, but please keep an eye out for any correspondence from Minnesota Department of Revenue or any taxing authority and forward anything you receive to your contact at Lurie.
As always, feel free to contact us if you have any questions.