Tax Season Might Be Ending, But Our Work Is Just Beginning As we approach the end of another busy tax season at KT, we’re reminded that being a CPA isn’t just about preparing returns — it’s about building relationships, solving…
Ensure You’re Prepared to File or Request an Extension The clock is ticking as we approach the April 15th deadline for filing your income tax return. With only one week left, it’s essential to ensure everything’s in order to avoid…
On March 20, 2025, the IRS released new FAQs covering the income tax reporting of Employee Retention Credit (ERC) claims. According to the IRS, taxpayers will no longer be required to amend a prior year income tax return to…
At Ketel Thorstenson, we are committed to serving and strengthening our communities. Which is why we continue to provide the KT Scholarship, an accounting scholarship to provide financial assistance to students who plan to pursue a career in accounting. The…
With the rise of remote workers, understanding tax obligations has become increasingly important for both employees and employers. As individuals choose to live in locations different from where the companies they work for are based, they may encounter complex questions…
On March 21, FinCEN issued an interim final rule that removes the requirement for businesses registered in the U.S. and U.S. persons to report their beneficial ownership information (BOI) to FinCEN. This is a major change, as the previous…
While many of our clients worry they may owe more than they expected, there are some that even dread their refund. Getting a large refund often indicates that you withheld too much of your pay during the year and essentially…
Planning and saving for retirement typically span decades of a person’s working years. Historically, planning boils down to maximizing contributions to an employer sponsored plan such as a 401(k), 403(b), or 457(b), in addition to an IRA. Traditional vs Roth…
The Governmental Accounting Standards Board Statement 101 (GASB 101) addresses the accounting and financial reporting requirements for compensated absences. Compensated absences refer to leave benefits that employees earn, such as vacation, paid time off (PTO), and sick leave, which…
What You Need to Know When it comes to tax preparation, many people and businesses rely on the various forms they receive to accurately report their income. Among these forms, the Form 1099 series is particularly significant, as it covers…
