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Barton Walter & Krier, P.C. - CPAs

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Maple Grove, MN
Barton Walter & Krier, P.C. - CPAs

CPAs & Business Advisors providing premier tax, accounting, and advisory services. Tax Preparation Service

10/20/2026

The IRS has released its 2026–2027 per diem rates for certain business travel expenses, effective Oct. 1, 2026. Under the high-low substantiation method, the rate for lodging, meals and incidental expenses for travel to high-cost localities within the continental United States (CONUS) rises to $329 per day, from $319. The rate for other CONUS localities rises to $230, from $225. The portion attributable to meals remains $86 for high-cost areas and $74 for other areas. The incidental-expenses-only rate remains $5. Employers can pay more than the IRS per diem rates, but excess amounts generally must be substantiated or treated as taxable wages. View the rates at: https://bit.ly/4iSef9n

10/19/2026

Business owners often have more complex tax situations that can trigger an IRS audit. The good news is that with proper preparation, detailed records and professional guidance, you can make the process far less stressful.

Some returns may be selected randomly, but the IRS also has some audit hot buttons. Examples include significant differences between current and prior-year returns, repeated business losses, profit margins and expenses that differ substantially from similar businesses, and mathematical errors.

If you receive an IRS notice, don’t panic; contact us immediately. We can help you understand the issues, gather the needed documents and respond to the inquiries effectively.

10/16/2026

October is Cybersecurity Awareness Month, and the IRS is urging Americans to protect their personal data from hackers and other fraud perpetrators. Always use strong passwords, updated security software and multifactor authentication. Many security experts also advocate using “passkeys” when possible. The IRS says that tax identity theft remains a real threat. So individual and business taxpayers should employ IRS tools, such as the Identity Protection PIN, Online Account for Individuals and Business Tax Account. Also ignore any unexpected phone, email or text messages that claim to be from the IRS. If you receive a suspicious message, report it to IRS.gov/SubmitATip.

10/14/2026

Selling an investment in a taxable account at a loss can help reduce your federal tax bill, but beware of the wash sale rule. If you sell securities at a loss and buy substantially identical securities within 30 days before the loss sale date or 30 days after that date, the IRS generally disallows the loss deduction. However, the loss isn’t necessarily gone forever. It’s typically added to the cost basis of the replacement securities, potentially reducing taxable gains or increasing your tax loss when you sell the replacement securities. Before harvesting investment losses, contact us to discuss strategies for avoiding costly tax surprises.

10/12/2026

Planning to sell appreciated investments before year end? Don’t overlook the net investment income tax (NIIT). A large capital gain could push your modified adjusted gross income (MAGI) above the NIIT threshold ($200,000 for single filers, $250,000 for married joint filers or $125,000 for married filing separately), potentially increasing your tax bill. The NIIT equals 3.8% of the lesser of net investment income or MAGI above the threshold. Net investment income generally includes taxable interest, dividends, capital gains, rents and royalties. Before selling highly appreciated investments, contact us. We can help assess your potential NIIT liability and discuss ways to limit your exposure.

10/09/2026

If you want to sell your business, receiving the purchase price over time in an installment sale may allow you to spread your gain — and the related tax — over several years.

The buyer typically makes a down payment and issues a note for the balance. Each principal payment generally includes a tax-free return of basis and taxable gain; interest on the note is taxed separately as ordinary income. This arrangement may also expand the pool of buyers or help you obtain a higher price. But depreciation recapture may be taxable upfront, and you assume the risk that the buyer won’t pay.

Contact us to discuss the pros and cons and determine the optimal deal structure for your situation.

10/02/2026

If you’re opening a small business, you’ll need to get up to speed on tax compliance, pronto. Start by separating your personal and business finances (including bank accounts and credit cards) and choosing your business structure, which will determine how your business is taxed. Research small business deductions (https://bit.ly/3VlQ894 ) so you’ll know which items will require substantiation at tax time, and get into the habit of keeping excellent records. If you have employees, you’ll need to comply with payroll tax laws. If you don’t have payroll expertise, consider outsourcing this function. Indeed, knowing when you need professional assistance is critical. Contact us for help.

09/30/2026

A Health Savings Account (HSA) isn’t just for today’s medical expenses. It can also help you build additional tax-advantaged retirement savings. If your finances allow, consider paying current qualified medical expenses out of pocket and leaving your HSA funds invested. Earnings grow tax-deferred, unused funds carry forward indefinitely and withdrawals for qualified medical expenses are tax-free. After age 65, you can also take penalty-free withdrawals for nonmedical expenses, though they’re subject to income tax. For 2026, if you’re eligible, you can contribute up to $4,400 for self-only coverage ($8,750 for family coverage), plus $1,000 if you’re age 55 or older. Contact us with questions.

09/24/2026

Business owners may be able to transfer wealth more tax efficiently by gifting ownership interests to family members. For 2026, the gift tax annual exclusion is $19,000 per recipient. Certain interests may qualify for valuation discounts. For example, a minority interest may qualify for a lack-of-control discount because the holder can’t dictate business decisions. A lack-of-marketability discount may apply when there’s no ready market for selling the interest. Assuming a combined discount of 25%, this year you could gift an interest worth up to $25,333 (on a controlling basis) tax-free because the discounted value wouldn’t exceed the $19,000 annual exclusion. Contact us to learn more.

09/22/2026

The stepped-up basis rules can help ease the capital gains tax bite of an inheritance. Under the rules, when your family member inherits an asset, its tax basis is adjusted, or “stepped up,” to its fair market value at your death. If the heir later sells the asset, he or she will owe capital gains tax only on any appreciation after your death, rather than on the entire gain from when you originally acquired it. However, only certain assets qualify for the step-up, including securities, bank accounts, business interests, investment accounts, real estate and personal property. Retirement assets, such as 401(k) plans or IRAs, don’t. Contact us for additional details.

Address

Maple Grove, MN
55369

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.bwkaccounting.com/

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