December 27, 2018 06:13 PM
As the year comes to an end, tax preparers across Minnesota are bracing their clients for what could be a nightmare tax season.
Earlier this year during the 2018 legislative session, state lawmakers and the governor failed to find a solution that would bring Minnesota's tax code in line with new federal tax changes, as a result of the 2017 overhaul.
Accountants said the differences between the two are vast and will cause a lot of confusion.
"Everything has shifted around, everything is going to look different and unique, and it's going to get frustrating for you," said Todd Koch, tax partner at John A. Knutson & Co. in Falcon Heights.
Koch said he's been warning clients that it could take longer and cost more money to prepare tax forms this year.
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The tax professional, who has been in the business more than 30 years, said this is the most substantial change to tax law "in a generation" and that the differences between the federal return and Minnesota return mean more work.
"Now when you're done with your federal return, you have to redo your whole return for Minnesota under the old rules," Koch said.
Koch also said different scenarios mean many Minnesotans could end up filling out each form differently.
His best advice is to pay close attention.
"We're using this as the year of trust but verify," Koch said. "I think that it's important for everybody to look at the results and see if they make sense."
Updated: December 27, 2018 06:13 PM
Created: December 27, 2018 04:29 PM
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