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Monday 8:30am - 5:30pm Tuesday 8:30am - 5:30pm Wednesday 8:30am - 5:30pm Thursday 8:30am - 5:30pm

Kallsen & Associates, CPA's, LLP

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Spirit Lake, IA
Kallsen & Associates, CPA's, LLP

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Certified Public Accountants, Enrolled Agent, QuickBooks Pro-Advisors, Business Advisors

We guide paths by providing Professionals who actively engage themselves in benefitting and enhancing Individuals and Businesses with Financial Satisfaction. Mission

"We are here to help you-and your business-prosper!"

Vision

To be premier management advisors for privately owned growth enterpirses. To provide timely, valued advice, training and compliance services to help businesses and individuals prosper. We will provide coaching, consulting,measurement and compliance assitance aligned with the vision of the individual and business. Values

Clients, Vision, Teamwork, Service

Cause

We empower our clients to improve their business and personal success by developing their business skills. With effective skills, we help our clients understand complex accounting and tax issues so they can turn our knowledge into value. Our clients get professional assistance to ensure their long-term business and financial success. We help them maximize their cash potential, increase efficiency and minimize their tax liability.

10/29/2026

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; call us at (712) 336-2632. We can help you understand the issues, gather the needed documents and respond to the inquiries effectively.

10/28/2026

Effective year-end planning involves making informed choices that support your long-term goals. This requires you to think beyond reducing taxes for the current year. Whether you’re reviewing operations, considering future investments or evaluating tax-saving opportunities, a proactive approach can help you address the challenges and opportunities ahead. Call us at (712) 336-2632 for guidance on positioning your business for continued success.

10/27/2026

Blended and nontraditional families shouldn’t assume inheritance and other laws will produce the results they expect. For example, if you’re a stepparent, a stepchild generally will have no automatic right to inherit from you. Similarly, if you’re unmarried and raising a child with a long-term partner and the child is legally related to only your partner, you likely will have no automatic parental rights and the child will likely have no automatic right to inherit from you. Legal adoption can help, but you should understand all the consequences. You may instead be able to use estate planning documents and beneficiary designations to achieve your goals. Call us at (712) 336-2632 to get started.

10/26/2026

The IRS requires businesses to issue 1099s for certain payments to independent contractors and other vendors. For 2026, the reporting threshold for many payments has increased from $600 to $2,000. As a result, some businesses may need to issue fewer 1099s than in previous years. This change generally applies to nonemployee compensation reported on Form 1099-NEC and rents and certain other payments reported on Form 1099-MISC. The new $2,000 threshold also applies for backup-withholding purposes. As year end approaches, contact us at (712) 336-2632 for guidance on your 1099 reporting requirements and the information you need from recipients.

10/22/2026

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 at (712) 336-2632 to discuss the pros and cons and determine the optimal deal structure for your situation.

10/21/2026

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Call us at (712) 336-2632 for help identifying and managing the costs associated with a business continuity plan.

10/20/2026

Estate planning can take on added significance when a loved one has a disability. Leaving assets directly to that person could interfere with his or her eligibility for certain means-tested government benefits. A special needs trust (SNT) allows assets to be held and managed by a trustee without being treated as the beneficiary’s countable resources for certain government benefits purposes. An SNT’s assets can pay for virtually anything government benefits don’t cover. The trust must not pay money directly to the beneficiary. Rather, it must distribute funds — on behalf of the beneficiary — directly to the third parties providing goods and services to him or her. Call us at (712) 336-2632 for more details.

10/19/2026

The gift tax annual exclusion is a simple way to transfer assets gift-tax-free. To qualify, a gift must be of a “present interest” — an unrestricted right to the immediate use of the property or the income from it. So a gift to a trust generally doesn’t qualify. But gifts to a trust with a “Crummey” provision can. After each gift to a Crummey trust, beneficiaries receive temporary withdrawal rights lasting at least 30 days. If they don’t withdraw the gift, the amount remains in the trust until distributed in the future according to the trust’s terms. Call us at (712) 336-2632 for details.

10/15/2026

Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the capitalization of costs to 1) acquire or create intangibles; 2) create or enhance a separate, distinct intangible; 3) create or enhance a future benefit identified in IRS guidance as capitalizable; or 4) facilitate the acquisition or creation of intangibles. Capitalized costs can’t be fully deducted in the year paid or incurred. They generally must be ratably deducted over the asset’s life. Questions? We’re here to help. Call us at (712) 336-2632.

10/14/2026

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen when an incorrect Social Security number (SSN) is entered on your tax return or when Social Security Administration (SSA) records mistakenly indicate that you or your spouse have died. If you receive IRS Notice CP01H, verify that the SSN on the return in question matches your Social Security card. If it does, contact the SSA to see whether its records need to be corrected. Then follow the notice instructions to unlock your IRS account. Call us at (712) 336-2632 for help resolving this issue promptly.

Address

605 Lake Street, Ste 6
Spirit Lake, IA
51360

Opening Hours

Monday	8:30am - 5:30pm
Tuesday	8:30am - 5:30pm
Wednesday	8:30am - 5:30pm
Thursday	8:30am - 5:30pm

Telephone

(712) 336-2632

Website

http://www.eka-cpas.com/

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