The Northfield Chamber continues to urge a fact-based response to COVID-19 and is following the lead of state and local officials on awareness and information dissemination about the situation.
On July 1, new tax laws relating to unemployment compensation and Paycheck Protection Program (PPP) loan forgiveness were signed into law. The important thing to know: Taxpayers do not need to do anything at this time.
Below is information from the Minnesota Department of Revenue as of July 2.
Form and system updates in progress
We're updating Minnesota tax forms and working with tax software providers to update their systems to reflect these tax law changes. Do not file any amended returns relating to retroactive provisions in the tax bill until forms are updated. We will communicate when updated forms are available.
Unemployment compensation and PPP loan forgiveness
If you filed a 2020 income tax return that included unemployment compensation or PPP loan forgiveness, wait to hear from us. Depending on your return’s complexity, we will either adjust it and issue you a refund, or we will ask you to amend your return. We'll let you know later this summer.
If we can adjust your return: We'll send you a letter describing what we changed and any refund you may receive as a result. We are committed to adjusting as many returns as we can.
If you need to amend: We'll send you a letter about amending your return. Do not file an amended return before hearing from us.
The U.S. Chamber continues to create, update, and evolve its various guides and resources to continue bringing you and your members the information you need during this difficult time. We encourage you to utilize and share the following items as you see fit: