So You Want to Know What's Going on in the Tax World

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Did the estate tax change? I heard my income tax rate went up. I heard the historic tax credit was extended. These questions and many more are being asked by individual and business taxpayers in the wake of the 2013 Minnesota Legislative Session where major changes in the tax code where made.

If you are an individual or a business, keeping up with tax law changes may be baffling at times. The Minnesota Department of Revenue (DOR), through its comprehensive website, contains a wealth of information for individuals and businesses interesting in tracking the DOR’s policy-making and implementation of tax law.

By going to this link, http://www.revenue.state.mn.us/law_policy/Pages/Rules.aspx, you will be able to access the latest revenue notices, legislative bulletins, proposed rules, and revenue analyses. Each of these documents contain specific types of useful information. Here is a brief description of each document and its significance:

Revenue Notices: According to the DOR website, “revenue notices are policy statements that provide interpretation, details, or supplementary information concerning Minnesota state tax laws or rules.” Taxpayers, local units of government, and businesses will find these notices helpful because the notices provide much needed detailed on specific tax issues. For example, Revenue Notice 12-02 provides an interpretation of which estates are required to file a Minnesota estate tax return but not a Federal estate tax return.

Legislative Bulletins: According to the DOR website, legislative bulletins are posted at the end of each legislative session. These bulletins “summarize and highlight many of the significant tax-related law changes enacted” in the latest legislative session. The DOR reminds the public to consult the statutory language if there are questions regarding the specific impact of a particular law change. Often times, revenue notices are published to clarify interpretations raised by these questions.

Revenue Analyses: According the DOR Website, “revenue analyses are estimates of how the tax provisions of various House and Senate bills will change state revenue or expenditures.”

Rules: Like other agencies in state government, the DOR adopts formal rules to implement law. DOR’s proposed rules are posted here.

 

Topics:  Department of Revenue, Tax Reform

Published In: General Business Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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