Join us for a Lunch & Learn: Construction Industry Update

Are you thinking about hiring a Certified Public Accountant (CPA) but not sure where to look or who to ask? A CPA can help both individuals and businesses with everything from preparing tax returns to answering any financial questions that affect them. CPAs can ultimately save you time and money with their expertise. Some reject hiring a CPA because of the cost, and feel they can use a computer program for tax preparation instead. In an ever changing regulatory environment, staying up on all the laws and regulations has become difficult (and computer programs can’t interpret the law or offer savings strategies). The new Tax Cuts and Jobs Act is a perfect example. Do you know how the wide sweeping tax reform will affect you?
When hiring a CPA some considerations to make include researching: experience level, education, communication style, and comparing skill sets. To read more about these considerations click here.
If you have questions about choosing a CPA, anything accounting or tax preparation related, the professionals at Ketel Thorstenson are here to help. Ketel Thorstenson is always accepting new clients. We would be honored if you included us in your interview search. Call us at 605-342-5630.
Below are considerations to make when hiring a CPA:
Experience. Your top priority is to hire a CPA that is experienced in the area in which you need assistance. How do you find out if a particular CPA has any experience matching your needs? A great resource is checking with your states CPA society. They have a list of members. This helps to know who is actively in business, and that ongoing education and connection to others in the industry is important to them. Another way is to ask for referrals from family and friends. Find out who they are using and who they are happy with. You can also explore online. Checking the referral sources online will give insight into their background and experience level. Contact a couple that you have found and ask them to explain their professional experience, and how it pertains to your circumstances. You will get immediate feedback to whether you connect with their personality and if you feel confident in their abilities. The Ketel Thorstenson partner group has over 380 years of combined experience to assist clients with the answers and solutions they need.
Education. CPAs must meet a minimum level of education, taking tests to prove their knowledge. They also have continuing professional education requirements. Ask your prospective CPA about their education and continual learning. At Ketel Thorstenson (KTLLP) tax time is all the time. The KTLLP team is studying all year long not just boning up prior to tax season.
Communication. You don’t have to be friends with the people you hire, but you need to feel comfortable asking questions and requesting help when necessary. If you don’t feel that you can develop a good working relationship with a particular person, move on to somebody else. In mid-size and larger firms, you can get introductions to other partners or managers whose personalities you may click with better. Don’t be afraid to ask, know that they want you to be comfortable first and foremost. If you don’t get that sense then move on. At Ketel Thorstenson, our motto is “Friends for Life” and we say that because our clients truly become friends. The relationship with your CPA is very close and personal, much like the relationship with your doctor. It just happens to be dealing with your financial health instead of your personal health.
Compare. You have heard the saying…“You get what you pay for?” Make sure you compare the level of expertise versus the cost of a few professionals before you make a hiring decision. You will find that is difficult for the “one person CPA/company” to have expertise across the board and knowledge in all industries. Firms with multiple partners can offer broader knowledge and resources for typically no additional charge. Ask yourself if the CPA and their firm can help with your current and potential circumstances.
Before you make a final selection, interview at least two CPAs. Be sure to ask for references. This is a good way to learn more, before hiring them to work for you. If you have additional questions about choosing a CPA, anything accounting or tax preparation related, the professionals at Ketel Thorstenson are here to help. Ketel Thorstenson is always accepting new clients. We would be honored if you included us in your interview search. Call us at 605-342-5630.
Ketel Thorstenson, LLP announces the promotion of Shelley Goodrich, CPA, Sandra Weaver, CPA, and Jess Weaver, CPA to Senior Manager.
Ketel Thorstenson, LLP (KTLLP) is a full-service firm with over 60 Certified Public Accountants on staff, and offices in Rapid City, Custer, and Spearfish. KTLLP has a rich history, serving the Black Hills community since 1936. The firm offers a variety of services including: tax planning and return preparation, audit services, QuickBooks support, Xero support, bookkeeping, payroll, business valuation, business consulting and estate planning.
Brady Larsen, CPA is a 2009 graduate of South Dakota State University with a Bachelor of Science in Business Economics. Larsen joined Ketel Thorstenson in April 2012 in the Tax Department. He specializes in agriculture tax and employer healthcare reporting. He is a member of the Rapid City Chamber of Commerce Young Professionals Group. He has been promoted to Manager.
Ali Eddy joined Ketel Thorstenson in May of 2013. She graduated with honors from Black Hills State University with a Bachelor of Science in Professional Accountancy in 2014. She works in the Accounting Services
Kristal Hamm, CPA graduated from National American University with a Bachelor of Sciencedegree in Accounting and Business Management in 2007 and joined the Ketel Thorstenson Tax Department in 2014. Hamm has been recently promoted to Senior Associate.
Travis Vogel, CPA graduated from the University of Wyoming with a Bachelor of Science in Accounting in 2014 and joined the Ketel
Ketel Thorstenson, LLP (KTLLP) is a full-service firm with over 60 Certified Public Accountants on staff, and offices in Rapid City, Custer, and Spearfish. KTLLP hasa rich history, serving the Black Hills community since 1936. The firm offers a variety of services including: tax planning and return preparation, audit services, QuickBooks support, Xero support, bookkeeping, payroll, business valuation, business consulting and estate planning.
The Ketel Thorstenson Summer Lunch and Learn Series added a webinar to its line-up.
August 17: Auditee Responsibilities Under Uniform Guidance
The webinar will cover auditee responsibilities under Uniform Guidance including internal controls and reporting. An overview of auditor responsibilities, compliance requirements, and changes resulting from Uniform Guidance will be shared. Any agency that spends federal grant dollars should attend this webinar.
Presenters: Traci Hanson, CPA, Partner and Shelley Goodrich, CPA Manager
Join us at our Rapid City office at 810 Quincy Street from 11 a.m. – 1 p.m. for this newly added session on August 17. There is a $5 fee, which includes lunch. Seating is limited. Please RSVP by August 12 to [email protected] or call 605-716-3284. Seating is limited.
The Lunch and Learn series kicks off July 26 and runs thru August 30. Each lunch session will have a specific topic. Other topics include: July 26: Form 990, August 16: Cap Rates- Methods & How Industry and Debt Affects a Capitalization Rate and Therefore Value, August 30: Trusts- Pros & Cons.
Ketel Thorstenson, LLP has over 50 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City and Spearfish, SD, and Gillette, WY, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks support, Xero support, bookkeeping, payroll, business valuation and estate planning.
Additional information can be found on the events page https://www.ktllp.cpa///news-events/events/.
Jess Weaver, CPA, is a tax accountant specializing in business and individual taxes. Weaver is a 2009 graduate of Black Hills State University with a Bachelor of Science in Professional Accountancy with a Minor in Business Economics. He
DJ Alderman is a 2013 graduate of Black Hills State University with a Bachelor of Science in Business Administration with Specialization in Accounting. Alderman joined Ketel Thorstenson, LLP i
Sarah Davis graduated from Black Hills State University with a Bachelor of Science in Business Administration with Specialization in Accounting in 2013. Davis joined Ketel Thorstenson, LLP in May 2013 as an Associate and has been promoted to Senior Associate.
Elizabeth Chapman is a 2012 graduate of Black Hills State University with a Bachelor of Science in Professional Accountancy and a Minor in Spanish. Chapman joined Ketel Thorstenson, LLP in October 2012 and has recently passed the CPA exam.
Kristal Hamm graduated from National American University with a Bachelor’s degree in Accou
Keegan Stock is a 2009 graduate of Minnesota State University with a Bachelor of Arts in Economics. Stock joined Ketel Thorstenson, LLP in November 2015 and has recently passed the CPA exam.
Travis Vogel graduated from the University of Wyoming with a Bachelor of Science in Accounting in 2014 and joined Ketel Thorstenson in November 2014. Vogel recently passed
Ketel Thorstenson, LLP (KTLLP) is a full-service firm with 17 partners, over 50 Certified Public Accountants on staff, and offices in Rapid City, Custer, Spearfish, South Dakota and Williston, North Dakota. KTLLP has a rich history, serving clients since 1936 and a depth of knowledge and experience that clients rely on and trust. The firm offers a variety of services including: tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation, business consulting and estate planning.
A new client just told me today, “I learned more from you in twenty minutes than I have in ten years with my previous accountant,” stated Thorstenson. Not a surprising response if you have spent any time with Thorstenson. He has a passion for learning, strategizing and passing that along to help others.
Given Congress’ complex decisions on tax laws, gaining knowledge and experience in today’s accounting world is not as easy as it once was. It forces Certified Public Accountants (CPAs) to specialize in certain subspecialties and industries. The days of being a generalist and having all the answers are gone. There is too much to know for one person. This is a benefit to the seventeen partner structure at KTLLP. The knowledge is divided and shared. The benefit to clients is having a go-to source for all the answers which is increasingly becoming obsolete in smaller firms.
“Magical” is how Thorstenson describes the relationships among the KTLLP partners. The partner group gets along and has structured itself in a way that makes it favorable for younger staff moving up to want to become owners in the firm. Each KTLLP partner started as a “wet behind the ears” employee of the firm, and each earned their way towards owning the firm. By not having client quotas the focus is to put the client first. The partners, being accessible and taking an active role in mentoring staff, lends to the supportive culture KTLLP has built. Rich Siekman, a retired partner, still comes in to work regularly, arriving early to set a good example for other employees.
Customer service is not sacrificed, a concern some might have when using a larger firm. The focus of getting to know your clients and their businesses has become KTLLP’s hallmark. Thorstenson grew up with these staple ideals. His father, A.C. (Bud) Thorstenson, joined the firm in 1950 and became partner/owner in 1958. His philosophy was to treat the clients’ money like it was his own. That is Paul’s approach too. “Stand in the shoes of the client, think and look from their vantage point,” said Thorstenson. His experiences investing in the stock market, other businesses, and real estate have shaped his perspective. All “hobbies” he grew up doing with his father.
“They are fun,” is a typical statement among those who know any partners or staff at KTLLP. A word not stereotypically used in describing accountants. KTLLP subscribes to a mixture of hard work, dedication and fun. The four principles of the FISH! Philosophy, outlined in a book series by John Christensen, is a guide to the KTLLP culture: make their day, be playful, be present, and choose your attitude. Not only do KTLLP’s employees enjoy their jobs but clients get a great experience through their client-focused philosophy.
In a banner anniversary year it is typical to reflect on proudest moments. “Creating jobs” was Thorstenson’s response. There have been hundreds, not only at KTLLP but through the growth of the client businesses he counsels.
Thorstenson is also proud of how the firm has been able to grow as the western Dakota community has grown. The synergy of how the two have grown together feels special to all involved. That may be the reason the firm is so passionate about giving back, and does so through: multiple Jeans Fridays, fundraisers, volunteering and sponsorship activities throughout the year.
At the heart of what has been built in 80 years is an employee-owned firm that started and maintains the traditional value of being client-focused, building a relationship, putting the client first….putting people first.
The due dates for the 2015 information reporting requirements under the Affordable Care Act, also known as the ACA or Obamacare have been extended.
*The due date for furnishing the 2015 Form 1095-B, Health Coverage, was changed from January 31, 2016, to March 31, 2016.
*The due date for filing the 2015 Form 1094-B, Transmittal of Health Coverage Information Returns, and the 2015 Form 1095-B, Health Coverage, was changed from February 29, 2016, to May 31, 2016. If filing electronically, the due date was changed from March 31, 2016, to June 30, 2016.
*The due date for furnishing the 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, was changed from January 31, 2016, to March 31, 2016.
*The due date for filing the 2015 Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and the 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, was changed from February 29, 2016, to May 31, 2016. If filing electronically, the due date was changed from March 31, 2016, to June 30, 2016.
As a result of these extensions, individuals might not receive a Form 1095-B or Form 1095-C by the time they file their 2015 tax returns.
Call our Ketel Thorstenson ACA Team, consisting of Kevin Sickels, CPA, Partner, and Nina Braun, CPA, CFE, Partner, with any questions or to out-source the filing of your forms.