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Is an HSA Right for You?

What is an HSA? As Health Savings Accounts (HSA) become more popular, you may ask the question, “what is an HSA?” An HSA is a health account that is used for qualified medical expenses. Common examples of qualified medical expenses include dental care, glasses, prescription medication, insulin, and so forth.

October 9, 2023

AG Producers – Planning Ahead Can Save You Thousands!

During the Fall season, I encourage Ag producers to pause and take some time to get caught up with their yearly bookkeeping. They should also spend some time reflecting on the current year and think about their plans and opportunities for the upcoming year. Accurate, up-to-date bookwork is essential to…

October 9, 2023

Avoiding Charity Scams

It is human nature to want to help others in times of need, tragedy, or disaster. Unfortunately, scammers see this as an opportunity to prey on unsuspecting people and trick them into giving to fake charities. In 2022 alone, consumers reported losing almost $8.8 billion to scams and fraud, which…

October 9, 2023

Charity Raffles – Tread Carefully

Raffles can be a fun and effective way for non-profit organizations to engage the public and raise funds to support the organization’s mission. However, from the perspective of the non-profit, there are legal considerations that must be kept in mind when conducting gaming activities in South Dakota. Federal Rules From…

October 5, 2023

IRS Orders Stop to Employee Retention Credit Processing

In a news release (IR-2023-169), the Internal Revenue Service (IRS) announced it will be  temporarily stopping the processing of new Employee Retention Tax Credit (ERC) claims due to an increasing amount of fraudulent filings as many businesses are being coerced by ERC pop up scammers. According to the IRS:…

September 27, 2023

IRS Penalties? KT Can Help.

If you receive a notice from the IRS, know that you are not alone. The IRS sends out millions of notices to taxpayers every year. Many of these notices contain failure to file and/or failure to pay penalties. Oftentimes, the notices are incorrect and require a response from the taxpayer.

August 10, 2023

The Bonus Depreciation Phaseout – Is the Party Almost Over?

Strategic Considerations for Construction Contractors The Tax Cuts and Jobs Act of 2017 ushered in full 100% Bonus Depreciation expensing for qualified property acquired and placed in service in years beginning after September 27, 2017. This tax perk has proven to be a significant benefit for the construction industry. However,…

August 8, 2023

IRS Tax Notices – Updates & Tips

The IRS recently announced that it would resume sending tax notices that were previously halted due to COVID-related processing backlogs. In addition to resuming the halted notices, the IRS has begun to send out 2022 balance due notices. Additionally, the IRS sends notices for the following reasons: To notify you of…

July 20, 2023