Lunch and Learn Series Offered to Aid Business Professionals
Part of the mission for Ketel Thorstenson, LLP (KTLLP) is offering continuing education on all aspects of the accounting industry for the community at large. The popular Lunch and Learn series is back, offering four new sessions. KTLLP understands the struggle individuals and organizations have when it comes to understanding the new tax reform, Qualified Business Income (QBI), South Dakota online sales tax, and Buy-Sell Agreements. The firm wants to help by offering education and insight on how these accounting efforts affect the bottom line of your organization and personal wealth.
The schedule and topics are as follows:
June 18: Tax Reform: The Accountant’s Perspective on the new tax laws after the first full tax season
The Tax Cuts and Jobs Act is the largest tax act in over 30 years! The bill made sweeping modifications to the Internal Revenue Code, including a lower corporate tax rate, increasing depreciation limits, and changes to credits and deductions. Join us to learn the Accountant’s perspective on the new laws after the first full tax season. Some of the highlights to be discussed include:
- Changes that made tax returns less complicated/more complicated
- Who paid more in tax/less in tax
- Considerations for future tax planning
Presenters: Greg Miner, CPA, Manager, and Brady Larsen, CPA, Manager
July 16: Qualified Business Income (QBI): Do You Qualify?
The Tax Cuts and Jobs Act created more than one hundred tax provisions with QBI being the most anticipated and talked about feature of the Act. QBI is a 20% tax deduction for partnerships, LLCs, S-Corporations, and sole proprietorships. QBI is one of the biggest changes for pass-through entities under tax reform. The presentation will include the following discussion points:
- How do I qualify?
- How is the QBI tax deduction calculated?
- When rentals qualify
- Example calculations
- Considerations for future tax planning
Presenters: Michelle Minnerath, CPA, Partner, and Joei Tieman, CPA, Senior Associate
July 23: South Dakota Online Sales Tax Update
At KTLLP, we have closely monitored the United States Supreme Court ruling of South Dakota v. Wayfair, Inc. to understand the implications the decision will have on our clients. South Dakota estimates that it loses $48 to $58 million annually in lost sales tax revenue and declared a state of emergency due to the loss. In 2016, South Dakota Senate Bill 106 went into effect requiring remote sellers to collect and remit sales tax to the state. In 2018, Senate Bill 1 and Senate Bill 2 were signed into law. Come learn more about how these Bills effect collecting sales tax and the Marketplace.
- How did we get here? The history of the requirement to collect and remit sales tax
- Understanding the roles of the Marketplace Providers and Sellers
- How/When to become licensed
- Thresholds by State
Presenter: Carrie Christensen, CPA, Manager
Sept. 19: Buy-Sell Agreements
Strong buy-sell agreements are vital to the health of any business where multiple owners are involved. An agreement with clear and well thought-out language will keep your client out of court. On the other hand, boiler-plate language may set them up for a court battle. During this one hour presentation, Ericka will describe valuation components of buy-sell agreements from an appraiser’s perspective. She will walk through valuation and accounting language nuances that can radically change the meaning of a legal understanding. Understanding a buy-sell agreement from a business appraiser’s perspective can help you better consult your client or manage your business. This presentation relates to valuation components of the agreement and is for attorneys, bankers, business consultants, and business owners.
Presenter: Ericka Heiser, MBA, CVA, Director
Join us at our Rapid City office at 810 Quincy Street from noon-1 p.m. There is a $5 fee, which includes lunch. Seating is limited. Please RSVP at least one week prior to the session to RSVP@ktllp.com or call 605-716-3284. For the full event calendar visit
KTLLP EVENT PAGE
Ketel Thorstenson, LLP is a full-service firm with 18 partners, over 55 Certified Public Accountants (CPA) and Enrolled Agents (EA), and offices in Rapid City, Custer, Spearfish, SD, and Gillette, WY. KTLLP has a rich history, serving clients since 1936 and a depth of knowledge and experience that clients rely on and trust. The firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks support, bookkeeping, payroll, business valuation, business consulting and estate planning.
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