The Minnesota Legislature finished it and Gov. Mark Dayton signed it Frida.y. A new TAX BILL is now law. As we told you last week, the law promises to change many taxpayers’ returns for the better. In some cases, it could be much better.
This weekend, the state Department of Revenue is suggesting that both taxpayers and preparers wait a few days to file M1s until its impact is explained. On Monday, State Revenue Commissioner Myron Frans will meet with media reporters to talk about the effects of the new legislation on taxpayers’ 2013 returns.
THE PRESS CONFERENCE WILL CARRIED LIVE ON THE INTERNET AT 11 A.M. LOOK AT: http://www.ustream.tv/channel/mn-department-of-revenue-live.
Why should you hold off filing for a few days? A number of the tax breaks in the new law are retroactive, meaning they apply backwards to tax year 2013. Dayton’s administration estimates that 300,000 to 500,000 tax filers stand to benefit to some exent.
Tax professionals will receive more detailed analysis in a conference call with DOR on Wednesday (3/26). “We are working to get new forms and instructions to you by April 3,” Terri Steenblock, assistant commissioner for individual taxation, announced.
The most likely scenario is that the department will try to fix many eturns that already have arrived. If they can’t be fixed right away, some taxpayers probably will have to amend theis.
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So, give it a few days, if you haven’t sent your return to Saint Paul yet.. Patience might pay better than a rush to file your Minnesota 2013 tax return!
Of course, you also can leave the tax chore with us at EricJohn Ltd or another preparer. Whichever you do, stay tuned! Some tax dollars you’ve spent may be floating back to you!