If the IRS makes any change or correction to your federal corporate income tax, you must report it to the Minnesota Department of Revenue within 180 days of the final determination. You must notify us in one of the following ways:
- if you agree with the IRS adjustments and they change your Minnesota tax, file Form M4X, Amended Franchise Tax Return; or.
- submit a letter to us that explains why you feel the federal adjustments are incorrect, or why they don’t change your Minnesota tax.
In addition, if you amend your federal corporate income tax return, you must also file a copy with us within 180 days.
If you do not report federal tax changes within 180 days, as outlined above:
- you are subject to a penalty equal to 10 percent of any additional tax due; and
- it increases the period of time during which we may make adjustments to your Minnesota return.
When reporting federal changes, mail your Form M4X or explanation letter to:
Minnesota Department of Revenue
Mail Station 1255
600 N. Robert St.
St. Paul, MN 55146-1255