As we inch closer to the end of the year, there is no better time than now to start thinking about your 2022 tax return. There were big tax breaks in 2021 for individuals that you may have taken. However,…
In an effort to protect taxpayers against the impending recession and economic downturn, the Inflation Reduction Act of 2022 (the Act) was signed and effective August 16, 2022. The Act includes new taxes and credits and over $80 billion allocated…
Imagine a scenario where the lottery jackpot is over 1 billion dollars and your goal is to win. Lucky for you, you can borrow the DeLorean for the weekend and travel into the future to get the winning numbers and…
Whether starting or expanding a business, it is always important to find the accounting software that best fits a company’s needs. With so many options out there, this can be an overwhelming decision. We are commonly asked, “Is QuickBooks Online…
Beginning in 2022, research & development (R&D) expenses receive new tax treatment. Historically, the government has provided multiple tax incentives to companies performing research and development activities under the premise that this is good for economic growth. The government has…
If it feels like we’ve been discussing the impacts of the new lease standard for a long time, it’s because we have. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-02. The implementation date of…
On August 24, 2022, the IRS announced that it will waive and refund late filing (Failure to File) penalties for taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief applies to 2019 and 2020 individual, corporate,…
Ketel Thorstenson, LLP announces the promotion of Carrie Christensen, CPA to Senior Manager in the Tax Department. Carrie Christensen, CPA, joined Ketel Thorstenson in 2013 in the Tax Department in the Rapid City office. She holds a Master of Business…
It isn’t often that I cut articles out of the newspaper anymore. In fact, just reading that sentence makes me want to check the closets for hidden VHS and cassette tapes and throw them out. That said, I cut out…
The IRS has released a new simplified method for obtaining an extension of time to make a portability election. Making a portability election allows a surviving spouse to use the deceased spouse’s unused exclusion amount in addition to their own…
