By Payroll and Entitlements Editorial Staff
For corporate and personal income taxpayer purposes, the Minnesota Department of Revenue (department) has issued a press release discussing withholding tax material for 2020 tax year. Starting 2020 tax year, when employees complete or change federal Form W-4, they must also complete a Form W-4MN, Minnesota Employee Withholding Allowance/Exemption Certificate. If new employees do not complete a Form W-4MN, they must withhold tax using zero allowances at the single rate. Additionally, the department clarified that the requirements for submitting Forms W-4MN have not changed. If a taxpayer receives an IRS "lock-in" letter specifying an employee’s maximum number of withholding allowances, the taxpayer must use the same number of allowances for Minnesota withholding. The release also contains a list of relevant withholding tax material for 2020 tax year. The full text of the release is available at https://content.govdelivery.com/accounts/MNREV/bulletins/273ee88. (Press Release, Minnesota Department of Revenue, December 31, 2019.)
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