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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

05/29/2026

For 2026, the federal gift and estate tax exemption is $15 million — effectively $30 million for a married couple. “Portability” allows any unused portion of a deceased spouse’s exemption to be transferred to the surviving spouse. But it isn’t automatic. The executor must timely file a properly completed estate tax return. Even if no estate tax is due on the first spouse’s death and it doesn’t look like the surviving spouse’s estate will exceed the exemption, making the portability election is a good idea. Doing so can help protect the survivor’s estate from estate taxes if he or she enjoys an unexpected windfall or if tax law changes reduce the exemption. For more information, contact us.

05/25/2026

On Memorial Day, we remember those who made the ultimate sacrifice in defense of our freedom. Today, we honor their courage, their service, and their legacy.

From all of us at Barton Walter & Krier CPAs, we remember and give thanks.

05/19/2026

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications.

For example, some states don’t have a personal income tax, and some that do have one offer tax breaks for pension payments, retirement plan distributions and Social Security payments. Also be aware that a state with no personal income tax may impose high property, sales or estate taxes.

Before making a move, contact us to review the potential income, property, sales and estate tax implications. We can help you minimize potential negative tax consequences and make the most of any tax advantages offered by the new state.

05/18/2026

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice specifically instructs you to do so, but keep a copy for your records. If you need to call the IRS, use the number in the upper right corner of the notice and have the letter and a copy of your tax return on hand. If you have questions, contact us. We can help you understand the notice and determine whether any action is needed. For more information from the IRS: https://bit.ly/4nv6ZQJ

05/13/2026

As the cost of gasoline continues to rise, President Trump is calling for a temporary suspension of the federal gas tax. Currently, the national tax is 18.4 cents per gallon for gas and 24.4 cents per gallon for diesel. An average of 51 cents in taxes and fees is added to every gallon of gas, with some revenue going to the state levying the tax and the rest to federal coffers. On May 12, 2026, the average price of a gallon of regular gas is $4.50, up from roughly $3.14 a year ago, according to AAA. A cost reduction of 18.4 cents would lower the current average by around 4%. Note that a suspension of the tax requires Congress to pass legislation. Stay tuned.

05/07/2026

One of the many scams currently targeting taxpayers is fake online tax deduction calculators. These digital tools are intended to steal personal information and money from unsuspecting users. They’re often accompanied by false promises about new or expanded tax credits and deductions available under the One Big Beautiful Bill Act. The IRS says you should use calculators only on sites that end in .gov (such as irs.gov) or of well-known tax software companies. Also, be wary of any calculator that guarantees its result. Legitimate calculators can only produce estimates. And, as always, be suspicious of claims that seem “too good to be true,” such as unusually large tax savings.

05/04/2026

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is considered passive according to the IRS’s passive activity loss rules.

Under these rules, you generally can use passive losses only to offset income from other passive activities. If you meet certain “material participation” criteria, however, you may be able to offset LLC or LLP losses against nonpassive income, such as wages, interest, dividends and capital gains — but the rules can be complex, especially for limited partners.

Contact us for guidance on tracking your participation hours, applying the material participation test and maximizing business loss deductions.

05/01/2026

If you filed your federal income tax return and expect a refund, you can track its progress. The established tracking methods are to call the IRS’s automated hotline at 800-829-1954 or use “Where’s My Refund?” at irs.gov. Refund information is usually available within 24 hours of e-filing and four weeks after filing a paper return. The IRS also offers a new tool for taxpayers who’ve set up individual online accounts. You can opt to receive email notifications about status changes (for example, when your refund is approved). Just know that refunds can be delayed if you make errors, file an amended return or claim certain credits. Contact us with questions.

04/29/2026

C corporation shareholders usually owe tax on gains from selling stock. But qualified small business (QSB) stock sales may qualify for a special gain exclusion. To be eligible for this break, certain requirements must be met.

QSB stock acquired after Sept. 27, 2010, may be eligible for a 100% gain exclusion if it’s held for at least five years. Under recent tax law changes, QSB stock acquired after July 4, 2025, may be eligible for a partial gain exclusion if it’s held for at least three years.

Contact us to learn whether this tax-saving strategy is right for your business. We can help structure your business to unlock the potential tax savings and navigate the complex rules.

04/27/2026

Estate planning is different these days. With a historically high gift and estate tax exemption, most families are unlikely to face federal gift or estate tax liability. This makes it critical to understand the income tax impact of asset transfers, including the stepped-up basis rules. Generally, for people inheriting appreciated assets (such as stock, real estate and business interests), the tax basis for calculating gain when the assets are sold is “stepped up” to their value on the deceased’s date of death. This can significantly reduce or eliminate capital gains tax for heirs, while lifetime gifts don’t get a stepped-up basis. Contact us for help crafting a tax-efficient estate plan.

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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