January 30, 2007
Welcome to the tax year 2007 filing season!
To help keep you informed of timely information, we’ll be sending this electronic newsletter – The Revenue Connection – to practitioner organizations that have agreed to forward it to their members. This is a busy time for all of us, so we’ll send updates only as needed. If your e-mail address changes, be sure to notify your practitioner organization so you will not miss out on vital information. The Revenue Connection and other important information are also available on the department’s website at http://webprod/tax_preparers/pages/index.aspx
. (Or, from our home page, click on “Quick start for tax preparers” on the left side of your screen.)
New! Subscribe to free email updates
New! Now you can subscribe to receive email updates from the Department of Revenue – including the Revenue Connection. To do so, go to http://webprod/tax_preparers/pages/index.aspx
and click on "Subscribe to free e-mail updates". Specify the e-mail updates you would like to subscribe to, and enter your email address.
Minnesota comes out on top in e-filing!
Thanks to your participation, Minnesota led the country in e-filing for the 2006 filing season, with 71 percent filing electronically! Way to go!
Just a reminder - Since Minnesota has not conformed to federal changes that affect the 2007 income tax filing season, you may need to use Schedule M1NC to complete your client’s Minnesota return. For a list of items affected by the non-conformity, see Schedule M1NC, Federal Adjustments, or go to http://webprod/individ/pages/other_supporting_content_whats_new_07ind.aspx
. Note: some software does not support this form, and you may be required to paper-file your client’s return. If your software does support this form, be sure to verify that all information is handled correctly, as some errors have already been detected on e-filed returns. If you are unsure whether your software supports this form, or if you find an error in the software computation, please contact your software support group.
Minnesota will follow IRS waiver of late fees for Form 4136 users
Minnesota will waive the additional tax charge for farmers and fishermen failing to timely e-file their March estimated payment using the newly-revised federal Form 4136, Credit for Federal Tax Paid on Fuels. For details, see the following link: http://www.irs.gov/newsroom/article/0,,id=179325,00.html
Please note that the following forms and schedules have been updated since the time that printed versions were distributed:
- Schedule M15, Underpayment of Estimated Income Tax by Individuals, Trusts and Partnerships – on line 19, 365 was corrected to 366, as 2008 is a leap year.
- Schedule M1NR, Minnesota Income of Nonresidents and Part-year Resident – on line 14, the deduction for Archer MSA was inadvertently deleted on the printed version of this form. The deduction has since been added back to line 14.
- Schedule M1NC, 2007 Federal Adjustments – A federal law passed in late December added three new provisions to this schedule. No new lines were added, but you will need to follow the instructions to include the new provisions. To access the current version, go to http://taxes.state.mn.us/individ/forms/m1nc_072.pdf