Author: Chris Seljeskog

KT Insights
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2025 South Dakota Governor’s Conference on Tourism

I had the pleasure of attending the 2025 South Dakota Governor’s Conference on Tourism, and let me tell you, it was quite an event. The conference brought together industry leaders, policymakers, and business owners from across “the 605” to discuss the current state and future prospects of tourism in our great state.

One of my highlights, working for an accounting firm, was the 2024 Economic Impact Report, where Secretary of Tourism Jim Hagen provided a data-driven overview of how tourism drives our local economy.

Economic Impact

In 2024, nearly 15 million visitors spent a total of $5.1 billion across the state! Visitor spending is distributed across various sectors:

Food & Beverage – $1.1 billion – 22% of visitor spending

Transportation – $1.1 billion – 21% of visitor spending

Retail – $1.1 billion – 21% of visitor spending

Lodging – $1.1 billion – 20% of visitor spending (this includes short-term rentals and second homes)

Recreation – $0.8 billion – 15% of visitor spending

Jobs

In 2024, tourism supported 58,824 jobs in South Dakota and generated $2.2 billion in labor income.

Taxes

In 2024, visitor spending generated nearly $400 million in state and local tax revenues. This revenue helps fund our essential public services and infrastructure, reducing the tax burden for local residents. Each household in South Dakota would need to be taxed an additional $1,105 to replace the visitor-generated taxes received by state and local governments in 2024.

KT’s Takeaway

While I’m not an accountant, I did attend this conference with two members of our Hospitality accounting team. Our goal was to gain a better understanding of the economic impact of tourism on our state and utilize this information to better serve our clients.

By understanding the revenue generation, revenue distribution, job creation, and tax revenues of the tourism industry, we can make informed decisions on financial planning, budgeting, and strategic decision-making to better support our clients’ businesses and their future plans.

Speaking of future plans, are you ready for the 85th Sturgis Motorcycle Rally? The conference was buzzing with anticipation of big, big numbers heading to the Black Hills this August.

February 6, 2025
| Chris Seljeskog
Announcement
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New Partners Named at Ketel Thorstenson, LLP

Austin Eichacker and Kyle Kopren Named as New Partners Effective January 1, 2025


We are pleased to announce the addition of two new Partners, Austin Eichacker, CPA, and Kyle Kopren, CPA, effective January 1st, 2025. Both Eichacker and Kopren are based out of our Rapid City office.

Austin L. Eichacker

Austin is a distinguished member of the firm’s audit department, responsible for assurance practices covering the hospitality, gaming, retail, and employee benefit plan industries. His responsibilities include assisting with new client acceptance and onboarding, overseeing review and audit services, and developing first-rate client relationships. In addition to his role in the audit practice, Austin is working to enhance KT’s client advisory services practice where he will be working with clients to offer advisory assistance on their business problems and needs.

In every engagement, Austin prioritizes understanding the client’s perspective. Recognizing that audit services can be daunting, he and his team are committed to making the process as seamless as possible. Austin takes the initiative to educate clients on complex accounting areas, ensuring they gain a thorough understanding and discover new ways to enhance their practices. Above all, he strives to ensure that every engagement concludes with the highest standards of accuracy and integrity.

Beyond his professional commitments, Austin leads a vibrant family life. He is actively involved in coaching his two daughters, supports his wife’s chiropractic and acupuncture business, and is involved in his church. In his free time, he enjoys running, fishing, golfing, and hiking in the Black Hills.

Kyle R. Kopren

Kyle is in charge of the firm’s construction niche and has a strong interest in
construction and real estate accounting. Additionally, Kyle plays a crucial role in the IT
department, ensuring KT remains at the forefront of technological advancements. His
responsibilities include conducting audits, reviews, and compilations, alongside offering
tax return preparation and tax planning for commercial enterprises.

He takes pleasure in serving a diverse clientele, including those in the manufacturing,
retail, and construction industries, as well as employee benefit plans. Outside of work,
Kyle and his wife stay busy keeping up with their three sons, and he also enjoys golfing
and fishing.

Congratulations, Austin & Kyle!

December 31, 2024
| Chris Seljeskog
News
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Nonprofit Lunch & Learn in Casper, WY

We are hosting a Nonprofit Lunch & Learn in partnership with Advance Casper on Tuesday, November 12th from 12-1pm at Casper College.

Please RSVP for this event by emailing [email protected].

Audit Partner Jeff Yennie, CPA, CVA, and Audit Manager Nick Michael, CPA, CFE, will present on the “Responsibilities of a Board Member,” highlighting the legal requirements, general operations, organization policies, and financial information of which all board members should have a general understanding. This is a great event for current and future board members, as well as those in leadership roles at nonprofit organizations.

We hope you’ll join us!

October 18, 2024
| Chris Seljeskog
News
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Hospitality Lunch & Learn

Please join us for a Hospitality industry lunch and learn on November 12th from 12pm-1pm at our Rapid City office, 810 Quincy Street. Lunch will be provided for in person attendees, but space is limited. Please RSVP by November 5th for the in person or online viewing option by emailing Sadie Snyder.

We hope to see you there!

October 16, 2024
| Chris Seljeskog
News
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Audit Partner, Jeff Yennie, Earns CVA Certification

Congratulations are in order!

Audit Partner, Jeff Yennie, has completed the demanding process of obtaining his Certified Valuation Analyst (CVA) certification.

From the National Association of Certified Valuators and Analysts:

What is a CVA?

The CVA designation is an indication to the business, professional, and legal communities that recipients have met the rigorous standards of professionalism, expertise, objectivity, and integrity in the field of business valuation, financial consulting and litigation, and related consulting disciplines.

How can a CVA Help You?

  • Accurate Value Determination
    • The result of an inaccurate value determination, regardless of whether it is high or low, generally leads to undesirable consequences. For instance, if the value is too high, estate taxes will be too high; savvy investors or prospective buyers will usually disregard a value that appears too high. If the value is too low, you can be sure savvy investors or prospective buyers will recognize it and take advantage. Likewise, if you are on the other side of the dispute in a dissenting shareholder action or divorce, you certainly want to know you are receiving an accurate value for your interest.
  • Careful Analysis
    • Determining the true value of a business enterprise requires a careful analysis of two primary components that make up value: tangible assets such as real estate, machinery, and furniture used by the business; and various intangible assets such as business or personal goodwill. Intangible assets might also include customer lists, trademarks, copyrights, distribution rights, a superior management team, non-compete agreements, physical location, special processes, and name recognition.
  • Understanding the Business
    • To properly value a business enterprise, the CVA must acquire a thorough understanding of every aspect of a company’s dynamics, including management capabilities, company strengths, weaknesses and vulnerabilities, the competitive environment, overall expectations for the marketplace, and future economic prospects for the industry and the economy in the region and as a whole. All of these elements affect the risk of ownership in a particular enterprise, and risk directly impacts value. Additionally, the valuator must analyze the inherent financial health of the enterprise and its future profit potential.
  • Sorting Through a Complex Process
    • After a thorough analysis of all the company’s dynamics and its financial health, the CVA must select the most appropriate methodology from among the many accepted by the valuation industry and apply a series of calculations and formulas to arrive at the ultimate conclusion of value. Overall, the process is highly complex and requires a significant amount of time. Indeed, this is what is required to determine the true economic value of a privately owned business enterprise, and this is what a CVA brings to your table.

To learn more about KT’s Advisory/Valuation services.

To request KT’s Advisory/Valuation services.

February 16, 2024
| Chris Seljeskog
News
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Free Webinar – Compensation Trends & Benefits Benchmarking

KT has partnered with USI Insurance Solutions to offer a free webinar series for our clients. These webinars are prepared by USI industry experts and focus on recurring client needs/questions regarding compensation and benefits. There is no cost to attend, and sessions will typically run one hour with Q&A.

2024 Compensation Trends & Benefit Benchmarking

Thursday, February 22nd from 10-11am (Mountain)

“As we enter 2024, we are also entering a new era of compensation. A tight labor market, new legislation around pay transparency and artificial intelligence are a few topics challenging the way organizations design and execute compensation programs. This webinar will focus on topics in both compensation and employee benefits that are challenging employers during this pivotal time.”

Register Here

Speakers

Jennifer Givens, CCP, MBA – VP, Senior Compensation Consultant
Gary Dennison – Senior VP, Employee Benefits Consultant
February 5, 2024
| Chris Seljeskog
News
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New Partners Named at KT

KT announces the addition of new Partners, Carrie Christensen, CPA, MBA, and Brady Larsen, CPA, effective January 1st. Both Christensen and Larsen work in the Tax Department in the Rapid City office.

Carrie J. Christensen has over 15 years of experience helping clients with various tax issues and uses her experience to guide them and provide expert advice. She specializes in tax preparation and consulting for clients in the real estate, hospitality, and medical industries. Additionally, Carrie leads KT’s team that specializes in assisting clients with resolving IRS issues.

Carrie is a motivated team member at KT and is excited to keep growing in her journey with the firm. As she matures in her career, she is excited to share her knowledge and experience with younger staff members and help guide them in their careers.

When she is not at work, Carrie enjoys spending time with her husband, two daughters, and mini-Aussie. She also enjoys running, yoga, reading, brunches with girlfriends, and spending time outdoors.

Brady K. Larsen is experienced in small business and individual tax but specializes in agriculture. He grew up farming and ranching and connects very well with the agricultural community. His passion is agriculture, and he gets to be part of that community through his work with farmers and ranchers.

Brady grew up on his family’s farm in Colome, SD (Go Cowboys!), but now calls Rapid City home, along with his wife and two kids. His hobbies include putting up hay with antique tractors, working in his shop, taking his kids horseback riding, watching football on Sundays, and doing anything outdoors.

January 2, 2024
| Chris Seljeskog
News
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2023 Construction Industry Lunch & Learn

KT will be hosting our annual Construction Industry Lunch & Learn from 12-1pm on Wednesday, December 13th. Our presenters will be returning from the AICPA Construction Industry conference with the latest updates on legislation, cash management, and the changing labor landscape. RSVP sooner than later as space is limited.

KT-Construction-Lunch-Learn-2023-rev-1Download
November 14, 2023
| Chris Seljeskog