The COVID-19 Pandemic affected everyone around the globe and hit our ranching and farming communities hard. These programs were put in place to help clients like ours who experienced revenue losses from 2020-2021. The goal is to better support our…
Clients often ask how long they need to keep particular records. The answer is not as clear-cut as one may think. In general, the records should be kept for as long as they may be needed for federal and state…
Ketel Thorstenson, LLP announces the promotion of Joei Tieman, CPA to Senior Manager. With a passion for helping people, Joei is where she is supposed to be, and she gets to share this passion with both coworkers and clients. She…
Tuesday, April 18, 2023, is the federal deadline for filing your 2022 individual income tax return. This is also the last day to request a six-month filing extension. An important thing to note is that this is only an extension…
In December, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 has over 90 changes to help retirement savers and to urge more employers to offer retirement plans. One of these changes allows more…
I have a routine when it comes to backups. I backup my email, devices, and important files and then I backup our company and our client’s data. Yet, the routine rarely changes, other than by size and time. Every time…
In December 2022, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 contains over 90 changes to help retirement savers and urges more employers to offer retirement plans. One of these changes increases the…
Since the 2017 Tax Cuts and Jobs Act, businesses have been allowed to write-off 100% of the cost of eligible property in the year the property is placed into service by using bonus depreciation. To qualify for bonus depreciation, the…
A provision included in the Tax Cuts and Jobs Act of 2017 requiring businesses to capitalize research and development (R&D) expenses went into effect for tax year 2022. Prior to the implementation of this tax provision, businesses could fully deduct…
We often get questions from our clients on gifting and its potential tax implications. A gift of money or property is not deductible on your personal income tax return nor does the recipient report the gift as income…
