Minnesota Retroactively Conforms to Recent Federal Tax Overhaul (Mostly)

Recently passed Minnesota legislation retroactively changed Minnesota income tax laws to mostly conform with the federal changes from the Tax Cut and Jobs Act.

IRS Expands Self-Correction under EPCRS
The IRS Employee Plans Compliance Resolution System (EPCRS) allows retirement plan sponsors to correct certain plan failures while maintaining their tax status. Recently, the IRS has made changes to EPCRS to expand the plan errors that are allowed to be corrected through the self-correction program. The self-correction program allows plan sponsors to correct certain plan issues without paying user fees or requesting IRS approval.

The State budget passed – what does it mean for you?

On May 25, 2019, Minnesota state legislators passed a $48.3 billion budget. One of the many things involved in this budget is a tax bill that makes Minnesota tax law conform with the Federal Tax Cuts and Jobs Act. What does this mean for you?