2018 MNCPA Tax Conference

On November 12^th and 13^th, I attended the Annual MNCPA Tax Conference at the Minneapolis Convention Center. Close to 1400 CPAs and other tax professionals attend this conference making it one of the largest I the United States. I attended many great sessions to help me get ready for the upcoming tax season. The upcoming tax season should be very interesting for a couple of reasons:

Federal – The big tax law change known as the Tax Cuts and Jobs Act (TCJA) that was passed in late 2017 will impact 2018 tax returns. There will be a new Form 1040 for 2018 as well as many updated schedules to address all the changes made in the Internal Revenue Code. Tax professionals are still hoping to get additional guidance from the IRS on how to properly implement these changes. In addition, there is speculation that the 2019 filing season (2018 tax returns) will be delayed.

Minnesota – the starting point for Minnesota individual income taxes is the federal taxable income amount, which is then adjusted to arrive at Minnesota taxable income. Every year Minnesota must decide whether to conform to the federal tax law changes. However, for 2018, the tax bill was vetoed and Minnesota Revenue was forced to create a new set of schedules to handle its non-conformity to the federal tax law. This means extra work to compute the Minnesota taxable income.

I plan to have a sample 2018 tax return done in December and compare it with a 2017 tax return. Please keep an eye on my website for details.

I am bracing for another challenging tax season and will do everything I can to help my clients with all the tax law changes.

There are several “Life Events” that make major changes to your life. Part of these changes includes the impact on your taxes. This is part three of a three-part series of videos that will look at the tax changes caused by these life events.

Each person’s tax situation is unique. I recommend discussing your tax situation with a tax professional. Click this link to [Contact Me] if you need a tax professional.

There are several “Life Events” that make major changes to your life. Part of these changes includes the impact on your taxes. This is part two of a three-part series of videos that will look at the tax changes caused by these life events.

Each person’s tax situation is unique. I recommend discussing your tax situation with a tax professional. Click this link to [Contact Me] if you need a tax professional.