With tax day less than a month away, here are some helpful tips on how to do your taxes correctly. Ketel Thorstenson LLP, is a Rapid City accounting firm that keeps track year round of the ever-changing tax code. Owners…
The nonprofit and governmental regulatory environment is constantly changing, whether it’s tax regulations, accounting requirements, or grant compliance. This article highlights the recent and upcoming changes to the new data collection form, the federal Form 990, the new Uniform Grant…
Our compliance requirements series continues with Period of Availability, which is one of the 14 different compliance requirements that could have a direct and material effect on federal grants received by organizations. This requirement stipulates costs be incurred within a…
The Ketel Thorstenson foot print expanded to Williston, North Dakota this year. On Nov. 1, 2013 through a merger with Rustad + Furuseth, Certified Public Accountants, P.C. a new office was added to the KTLLP team. This merger will…
If you are a business owner, whether big or small, the Internal Revenue Service has issued final regulations that will impact your business in 2014 and beyond. These new regulations provide guidelines and safe harbors in relation to capitalization…
During 2013 the IRS finalized new regulations that govern the decision regarding whether a cost may be expensed in the current tax year or must be capitalized and the depreciation rules then applied. The overall concepts have not changed…
If you are confused as where you stand as an individual or employer when it comes to the Affordable Care Act (ACA) you have plenty of company. In an effort to ease some of your anxiety or perhaps clarify…
Farmers and ranchers have had another difficult year with concerns of continuing drought conditions and the devastation of the early blizzard over western South Dakota. In preparation for a shortage of grass some ranchers sold portions of their herd…
The 1040 form has become very comprehensive over time. Almost everything that happens in your life can have an effect on your tax return, from a new child, or getting married to a death in the family, major illness,…
As described in our previous articles, 14 different compliance requirements could have a direct and material effect on federal grants received by governmental or nonprofit organizations. One of the 14 compliance requirements includes 3 separate and unique requirements: matching,…
