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Barton Walter & Krier, P.C. - CPAs

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Barton Walter & Krier, P.C. - CPAs

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

09/04/2026

Is Sept. 15 flagged on your tax calendar? It’s the deadline for individuals to make their third 2026 estimated tax payment. Estimated payments are generally required if you expect to owe at least $1,000 in federal tax for 2026 after withholding and credits, and your withholding won’t equal at least 90% of your 2026 tax liability or 100% or 110% (depending on your 2025 income) of your 2025 tax liability. This may be the case if you have income from self-employment, investments or other sources not covered by withholding. Staying current with estimated payments can help you avoid underpayment penalties and a larger tax bill on April 15. If you have questions, we’re here to help.

08/31/2026

The Taxpayer Advocate Service (TAS) is sharing tips for taxpayers who may be eligible for the IRS’s Automatic Exemption from Penalty (AEP) program. You may qualify if you have a history of timely filing and payment compliance. The AEP fully replaces the First Time Abate program for original returns with due dates on or after Jan. 1, 2027, and also may apply to 2025 original returns and 2026 quarterly returns. The TAS says you shouldn’t ignore an IRS notice assessing a penalty. If you don’t receive a separate notice explaining that AEP was applied and you think you may be eligible, call the IRS at the toll-free number on your notice to request penalty relief. For details: https://bit.ly/3Ug5yvf

08/24/2026

Planning to sell your business or acquire another one? Taxes can play a significant role in the outcome of the deal. For tax purposes, a merger or acquisition is generally structured as either an asset sale or a sale of stock (or another form of ownership interest). Sellers generally prefer stock sales, while buyers favor asset purchases — and each approach can have very different tax consequences. Evaluating the tax impact early can help you structure the transaction more effectively and avoid costly surprises after the deal is signed. If a business sale, merger or acquisition is on your horizon, contact us to discuss the tax considerations before you move forward.

08/19/2026

If you’re contemplating a business sale or acquisition, it’s important to understand that you’ll need to make multiple tax-related decisions. For example, if you own a corporation, you’ll have to negotiate either an asset or stock sale, which have different tax consequences. And if it’s a stock sale, you may have a choice between a taxable and tax-deferred deal. Depending on whether you’re a buyer or seller and your larger M&A objectives, some decisions may yield significantly greater tax benefits than others. That’s why it’s critical to work with tax professionals who know the impact of various deal structures when pursuing a business combination.

08/17/2026

The Financial Crimes Enforcement Network (FinCEN) is making permanent the suspension of the beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons. If these Corporate Transparency Act requirements had gone into effect, millions of U.S. businesses would have faced the administrative burden of an initial BOI filing and subsequent updates for any BOI changes. FinCEN will also delete previously reported information it believes belongs to U.S. persons (such as information linked to U.S. driver’s licenses and U.S. passports). Foreign entities that are reporting companies must still report BOI for foreign individuals. Contact us with questions.

08/12/2026

Last year’s One Big Beautiful Bill Act made permanent the suspension of most miscellaneous itemized deductions for individual taxpayers. Before the 2018 suspension, professional fees, investment costs and similar expenses had been deductible if they exceeded a floor of 2% of adjusted gross income. Also impacted are unreimbursed employee business expenses, which affects employees who work from home. They generally no longer can deduct home office costs. But self-employed individuals may still be able to deduct a portion of these expenses from their self-employment income if their home office is their principal place of business or it’s used regularly for business.

08/06/2026

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026, to file it. But if you have the tax-filing information you need, you may want to file now. There’s no advantage to waiting until the fall. If you owe tax, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It’s important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. Contact us if you have questions regarding your current tax situation.

07/31/2026

How do you know if a business expense is tax deductible? The tax code says you can write off “ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” An ordinary expense is common or customary in your industry. And a necessary expense is one that’s helpful or appropriate in the circumstances. What’s critical is that an expense meets both criteria and is substantiated. The IRS has challenged and courts have denied deductions for various reasons, including because they lack a clear business purpose and because records failed to show a taxpayer was operating a business. Contact us for guidance on substantiating business deductions.

07/28/2026

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

07/27/2026

If you’ve made or plan to make charitable donations this year, keeping complete records can help support a deduction on your federal tax return. Beginning with the 2026 tax year, taxpayers who claim the standard deduction rather than itemizing can deduct up to $1,000 of cash contributions to qualified charities. Taxpayers who want to deduct larger or noncash contributions must itemize deductions on Schedule A (Form 1040), Itemized Deductions, and forgo the standard deduction. Donation deductions must be properly substantiated. For example, contributions of cash or property worth $250 or more require a written acknowledgment from the charity. Questions about charitable deductions? Contact us.

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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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