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Senior Managers Announced at Ketel Thorstenson, LLP

Ketel Thorstenson, LLP announces the promotion of Brady Larsen, CPA and Mary Hlebechuk, CPA, to Senior Manager in the Tax Department.   Brady Larsen, CPA joined Ketel Thorstenson’s Rapid City office in 2012 as an intern and shortly after became a full time CPA  in the Tax Department.  He holds a…

November 4, 2022

The Value of Extending a Tax Return

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 win the big prize. Too bad Uncle Sam does not…

September 27, 2022

QuickBooks Online – Is this Software for You?

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 the right software to use?”. While there is not a…

September 27, 2022

Research & Development Expenses Tax Update

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 generally allowed companies to both immediately expense R&D costs and…

September 27, 2022

It’s the Lease We Could Do

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 the standard has been delayed multiple times, but nearly 7…

September 27, 2022

New IRS Penalty Relief

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, and partnership returns. Note that the relief does not apply…

August 29, 2022