Category: Tax Services

What CPAs Do in the Tax Off-Season

June 1, 2022  |  Barton Walter and Krier

The narrow, early year window for filing taxes is likely when you rely most on your tax professional. But these numbers virtuosos keep busy with a host of duties after filing deadlines, too. Ever wonder what CPAs do in the tax off-season? Keep reading to find out how they keep the gears turning and client financials in order throughout the year. Countless Capabilities Beyond Taxes Certified public accountants do more than crunch numbers on your Form 1040. They are dependable advisors that provide a litany of services to help clients reach their individual or business financial goals. CPA Steve Hagstrom of Barton, Walter & Krier shared insight into some of the lesser-known responsibilities tax professionals handle when they’re not calculating and filing a client tax returns. “We’re a 40-member firm,” Hagstrom pointed out. “We’re smaller, so we wear a lot of hats.” Mergers & Acquisitions. Hagstrom is a consultant in the M&A department at BWK, so providing those services to clients is one of his specialties. “I consult on mostly transactional situations,” he said, “people buying or selling a business.” In these situations, CPAs help clients better understand financial opportunities, compliance, and big picture goals when transferring or consolidating a business. “M&A is a niche we have that other small firms don’t,” Hagstrom […]

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Be Vigilant at Tax Time

February 15, 2022  |  Barton Walter and Krier

Each year the Internal Revenue Service puts together a list of scams to watch for when it comes to your hard-earned dollars. The annual IRS Dirty Dozen warns of tricks and schemes that occur throughout the year – and especially during tax-filing season. The federal tax deadline will be here before we know it, so the professionals at Barton, Walter & Krier wanted to highlight some common scams to help keep you vigilant at tax time. Phony Phone Calls Beware of phone calls claiming to be from the IRS and asking for personal information about you or your finances. As a rule, the IRS does not initially reach out to anyone by phone to discuss tax situations. A first-contact attempt most often comes via mail. The IRS does not request personal or financial details via text or email. And you can rest assured that if the IRS does contact you by phone, you will not be asked to submit payment in the form of a gift card, prepaid debit card, or a wire bank transfer. Do not give out your personal information. If you suspect the call is a hoax, hang up and report it to the Treasury Inspector General for Tax Administration. Watch Your Donation Dollars To claim a deduction for charitable […]

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Succession Planning: Transferring Ownership of Your Business

August 31, 2021  |  Barton Walter and Krier

For many business owners, developing a solid succession plan can be overwhelming. There’s the question of who will take over the business upon your retirement, demise, or disability. It’s never too early to create a successful plan. With the help of experienced legal, financial, and tax professionals, you can secure a sound financial future for yourself and your loved ones. Read on as we discuss transferring ownership of your business through succession planning. First order of business: choose your successor This may seem like a no brainer however, choosing the right successor is arguably the most important step in the process. Selecting someone to take over the business isn’t easy. Sometimes the most logical choice is a family member or trusted existing employee. However, each has its drawbacks. You must consider that individual’s strengths and weaknesses, as well as the implications to the business and/or familial relationships. Your successor largely depends on how your business is structured; whether you have an existing partner(s); and what your ultimate business objectives are for the future.  Choose your successor wisely. It’s always a good idea to consult with a financial or tax expert to help walk you through your options. Five common types of succession plans There are five common types of succession plans, each with […]

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