Category: Industry Updates
What to Know with Interest Rates Climbing
October 27, 2022 | Barton Walter and Krier
To help get a handle on inflation, the Federal Reserve System — also known as “the Fed” — recently announced it is adjusting interest rates. Those changes likely will affect anyone trying to borrow or save money. Keep reading to learn what to know with interest rates climbing. Rates on the Rise In mid-June, the Fed disclosed its intention to increase interest rates 0.75 percentage point, after an increase of 50 basis points one month prior. A basis point is one one-hundredth of a percentage point. With rates right now on the rise, it’s becoming increasingly more expensive to borrow money. And because of that added cost, consumers tend to spend less, helping to curb inflation. Some loans and lines of credit might be affected, depending on the type of loan or rate status — fixed or variable. A fixed-rate loan — common with home mortgages — is unaffected by changes in the market. The interest is consistent throughout the loan’s term, keeping risk to a minimum. This allows for steady planning and budgeting because the borrower makes the same payment each month. On the other hand, the interest on a variable-rate loan fluctuates as the market changes. These loans often have lower interest than fixed-rate loans but also present greater risk. When […]
Read MoreThe Details on Frontline Worker Pay
June 9, 2022 | Barton Walter and Krier
The Minnesota Legislature recently passed a bill that offers extra pay to those whose work was essential during the COVID-19 emergency period. Who qualifies for this “hero pay”? Keep reading to get the details on Frontline Worker Pay and find out what to know about the new law – as an employer or an employee. What is Frontline Worker Pay? On April 29, 2022, Governor Tim Walz signed into law a program that provides payment to COVID-19 frontline workers. The Frontline Worker Pay law is a way to thank those who continued to work during the pandemic because the requirements of their jobs necessitated an in-person presence. Eligible workers can apply for their share of a state-funded $500 million bonus pool. Information continues to evolve as the program develops. Instructions can be found on the State of Minnesota government portal as details progress. Qualifying and Applying The application process is expected to open in early-to-mid June. Once the system is set to accept applicants, eligible employees have 45 days to apply for Frontline Worker Pay. Applicants must meet certain requirements to qualify, including: Employed a minimum of 120 hours between March 15, 2020, and June 30, 2021, in Minnesota in at least one frontline sector During that time, was unable to telecommute due […]
Read MoreRecapping the Year in Business
December 22, 2021 | Barton Walter and Krier
And just like that, we’re in the home stretch of 2021. The year seemed to fly by, and along the way your trusted tax professionals at Barton, Walter & Krier provided valuable information on the industry and ways to look out for or further your financial ventures. Recapping the year in business, we’ll look back at the topics we discussed and give a brief overview of each, in case you missed it. Putting Transaction Advisory Services to Work for You The team at BWK provides Transaction Advisory Services (TAS) to help clients make the best and most informed business decisions, be it a buy-side or sell-side transaction. We comb through all aspects of a potential deal – financial, operational, and strategic – to make you aware of the risks and rewards associated with the agreement before determining whether to follow through. Getting the Most with Sell-Side Advisory Services When you’re ready to sell your company, you want to have someone in your corner looking out for your best (financial) interest. That’s where BWK’s Sell-Side Advisors come into play. Our experts will help you prepare for the sale by answering questions about the selling process, evaluating your business’s worth, finding a buyer, and more. Our dedicated advisors help you get the most from the […]
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