At Ketel Thorstenson, we are committed to serving and strengthening our communities. Which is why we have decided to launch the KT Scholarship, an accounting scholarship to provide financial assistance to students who plan to pursue a career in accounting.
Looking to inflate your charitable contributions and deflate your taxable income? IRA owners aged 70 ½ and older get a bump to the maximum Qualified Charitable Distribution (QCD) in 2024. Charitably minded individuals looking to satisfy Required Minimum Distribution…
Part 1 – Eligible Compensation Part 2 – De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Common Finding There are several documents that Plan Sponsors must retain. Examples include, but are not limited to, enrollment…
One of the more exciting provisions of the SECURE 2.0 Act, signed into law December 2022, is the tax-free rollover from a 529 educational savings account into a Roth IRA. This provision became effective in 2024 and will help to…
Read Part 1 Part 2: De Minimis Balances of Terminated Employees Common Finding De Minimis distributions should occur when balances are below a certain threshold, as defined by the Plan document. Most plans have a requirement for balances less…
One of the most beneficial provisions of the Tax Cuts and Jobs Act of 2017 was the introduction of the Qualified Business Income Deduction, commonly referred to as QBID. It became effective January 1, 2018 and is set to expire…
Part 1: Eligible Compensation Common Finding Plans have the ability to define the Plan’s eligible or ineligible compensation. It is vital that those involved in payroll are well aware of these delineations. The Company’s payroll calculations for employee retirement withholdings…
The IRS allows self-employed taxpayers to deduct certain business meals and entertainment expenses. However, knowing what meals and entertainment expenses are deductible can be pretty confusing. Recent tax laws have changed what businesses are allowed to deduct. The Tax Cuts…
Under current law, bonus depreciation is limited to 80% of the cost of eligible property placed into service in 2023. As of the date of this publication, there is pending legislation (The Tax Relief for American Families and Workers Act…
We recognize the pivotal role payroll plays in business. Our payroll specialists are entrusted with the responsibility of processing payroll, guaranteeing timely paychecks, adhering to regulatory standards, and resolving any discrepancies that may arise. Our payroll specialist’s core responsibilities revolve…
