Kallsen & Associates, CPA's, LLP

Kallsen & Associates, CPA's, LLP 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 indivi

duals 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.

C corporation shareholders usually owe tax on gains from selling stock. But qualified small business (QSB) stock sales m...
06/04/2026

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.

Call us at (712) 336-2632 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.

Technology decisions are a common pain point for small business owners. You might be unsure when to invest in new techno...
06/03/2026

Technology decisions are a common pain point for small business owners. You might be unsure when to invest in new technology and how much to spend. After all, there’s nothing worse than a “solution” that doesn’t solve anything. Poor choices can lead to wasted money, time and staff effort. The good news? You can avoid this situation with a thoughtful, strategic approach to technology selection and implementation. Call us at (712) 336-2632 to discuss your needs, set a realistic budget and take the right steps to get a sound return on investment.

06/02/2026

One of the greatest risks to your estate plan is the chance of incurring substantial long-term care (LTC) costs. These costs can quickly erode the savings you want to pass on to your family after your death. One solution is to purchase an LTC insurance policy. The policy’s terms dictate the amount of benefits you’ll receive each day or month, up to a defined lifetime maximum or number of years. A policy generally provides benefits when you can’t perform multiple basic activities of daily living or if you experience cognitive impairment. Carefully compare policy options, costs and benefits to find the best fit for your needs and goals. Call us at (712) 336-2632 for help evaluating what’s appropriate for your situation.

Your financial life is more interconnected than you may realize. Your tax, retirement and estate planning should work to...
06/01/2026

Your financial life is more interconnected than you may realize. Your tax, retirement and estate planning should work together to support your goals today and protect your legacy tomorrow. We can help you bring it all together with a coordinated strategy to reduce taxes, build retirement savings and achieve your estate planning objectives. Contact us at (712) 336-2632.

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is con...
05/28/2026

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.

Call us at (712) 336-2632 for guidance on tracking your participation hours, applying the material participation test and maximizing business loss deductions.

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking f...
05/27/2026

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking funds from your bank accounts, garnishing your wages or claiming other assets, such as your car or house, to cover your tax balance. Levies don’t happen without warning. They generally happen after multiple notices and missed deadlines. Additionally, the IRS must send you a Final Notice of Intent to Levy and give you the right to request a hearing. If you receive notice of a levy, don’t ignore it! Acting quickly may help you prevent or release a levy. We’re here to help. Call us at (712) 336-2632.

Do you hold assets such as overseas real estate, foreign bank accounts or investments in international markets? Proper e...
05/26/2026

Do you hold assets such as overseas real estate, foreign bank accounts or investments in international markets? Proper estate planning for foreign assets is essential to avoid unexpected tax consequences, legal complications and administrative delays for heirs. To ensure that your foreign assets are distributed according to your wishes, your will must be drafted and executed in a manner that will be accepted in the United States as well as in the country or countries where your assets are located. Often, it’s possible to prepare a single will that meets the requirements of each jurisdiction. But it may be preferable to have separate wills for foreign assets. Call us at (712) 336-2632 for additional details.

Every business deserves an advisor who understands its goals and challenges. Our client-first approach combines responsi...
05/25/2026

Every business deserves an advisor who understands its goals and challenges. Our client-first approach combines responsive service with a comprehensive understanding of the latest tax, accounting and regulatory developments. Let’s explore strategies that help your business manage risks, seize opportunities and grow. Call us at (712) 336-2632 to get started.

Today, we remember and thank the brave men and women who gave their lives in service to our country.
05/25/2026

Today, we remember and thank the brave men and women who gave their lives in service to our country.

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (...
05/21/2026

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (ALEs), which are those with 50 or more full-time employees, including full-time equivalents (FTEs).

ALEs must offer full-time employees and their dependents minimum essential coverage that’s affordable and provides certain minimum value. For 2026, the penalties for noncompliance generally are 1) $3,340 per full-time employee, excluding the first 30, for not offering coverage, and 2) $5,010 per full-time employee who receives a premium tax credit, for offering coverage that doesn’t meet the affordability and minimum value requirements.

Call us at (712) 336-2632 to discuss your obligations.

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
Friday 8:30am - 2:30pm

Telephone

(712) 336-2632

Website

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