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Ericka Heiser Archives - Ketel Thorstenson, LLP


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June 13, 20180

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 seven new sessions.  KTLLP understands the struggle individuals and organizations have when it comes to understanding the new tax reform, reading financial statements (and reporting if a nonprofit), succession and estate planning, and accounting software. 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:

July 10: Tax Reform—Changes Affecting Business

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 much lower corporate tax rate, increased depreciation limits, and changes to credits and deductions. Join us to learn planning ideas to take advantage of these new tax laws. Some of the act’s provisions that affect businesses to be discussed include:

  • Depreciation Changes
  • 20% Qualified Business Income Deduction (QBI)
  • Corporate Tax Rate
  • Cash Method of Accounting
  • Domestic Production Activities Deduction (DPAD)
  • Interest Expense Deductions
  • 1031 Like Kind Exchanges
  • Meals and Entertainment

Presenters: Paul Thorstenson, CPA, ABV, CVA, Partner, and Jess Weaver, CPA, Senior Manager

July 24: Navigating the New Nonprofit Financial Statement Rules

New reporting requirements are coming. It’s time to prepare.

The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update effective for all 12/31/18 financial statements. It includes the most sweeping changes to nonprofit reporting in almost 20 years.  Join us to get a basic understanding of the changes. The main provisions that will be covered include:

  • Net asset classification terminology and tracking requirements
  • Functional expense allocation
  • Liquidity disclosures
  • Accounting for investment return

Who should attend? Nonprofit executive directors, board members, and staff who assist with accounting functions.

Presenters: Jean Smith, CPA, Partner, Traci Hanson, CPA, Partner

July 26: Financial Statements—What They Are and How to Read Them

Financial Statements are the report card of a business. Whether you are a new investor, a small business owner or a manger, you need to understand how to read financial statements. They aid in getting a full and accurate understanding of how much money there is, how much debt is owed, the income coming in each month, and the expenses going out the door.

Presenters: Traci L. Fitting, EA, Manager and Joei Tieman, CPA, Senior Associate

Aug. 16: Tax Reform—Entity Considerations for Estate Planning

It is no longer “business as usual” for FLPs under The Tax Cuts and Jobs Act.  Come learn why FLPs and LLPs may not be the best entity option given the higher estate limits and potentially deep discounts on minority interests in those entities. The presentation will include the following discussion points:

  • Review the estate tax exemption
  • Valuing assets at date of death
  • Gifting options to use higher exemption
  • Explain FLPs, LLPs, and general partnerships
  • Discounting of FLPs and LLPs
  • Other entity options to use

Presenters: Michelle Minnerath, CPA, Partner, and Ericka Heiser, MBA, CVA, Director

Aug. 23: QuickBooks Desktop—Answers to Common Problems

Do you have questions about QuickBooks Desktop? The KTLLP QuickBooks ProAdvisor Team has answers to common problems that many users face. Save time – let them show you what you don’t know… but could help. Instructions related to payroll issues, sales tax tips, bank reconciliation guidance, and how to run reports will be covered.

Presenters: QuickBooks ProAdvisor Team

Aug. 30: QuickBooks Online—Answers to Common Problems

Do you have questions about QuickBooks Online? The KTLLP QuickBooks ProAdvisor Team has answers to common problems that many users face. Save time – let them show you what you don’t know… but could help. Instructions related to payroll issues, sales tax tips, bank reconciliation guidance, and how to run reports will be covered.

Presenters: QuickBooks ProAdvisor Team

Sept. 13: Buy-Sell Agreements

Buy-sell agreements are vital to the continued health of any business where multiple owners are involved.  Simply “checking a box” that an agreement is in place is not sufficient.  Ensure that your agreement has the proper language and is reviewed not only by counsel, but also with a CPA and an appraiser’s eyes.  Join us to learn content considerations like appraisal language and valuation mechanisms to ensure your agreement will preclude you from a litigious situation. Business owners, business consultants, and attorneys are encouraged to attend.

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 https://ktllp.com/news-events/events/


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January 31, 20180

Ericka Heiser, MBA, CVA, has been promoted to Director. Katie Finnegan-Larson, EA has been promoted to Manager. Amanda Dennis, and Megan Walterman, CPA have been promoted to Senior Associate.

Ericka Heiser, MBA, CVA attended the University of South Dakota, earning a Bachelor of Science in Business Administration in 1999. In 2005, she graduated with a Masters of Business Administration also from the University of South Dakota.  She joined the firm in July of 2006 after more than ten years in the financial services industry. Heiser manages the Firm’s Valuation Services where she performs valuation analysis for various industries and for various purposes including estate, gift, marital dissolution, and sales negotiations.  In addition, she prepares damages calculations and develops projections for start-up businesses.   Heiser is a member of the National Association of Certified Valuation Analysts (NACVA) and the American Institute of Certified Public Accountants (AICPA). She has been promoted to Director.

Katie Finnegan-Larson, EA is a 2003 graduate of the University of Wyoming with a Bachelor of Science in Accounting. Finnegan-Larson joined Ketel Thorstenson in August 2006 in the Tax Department. She specializes in agriculture tax and non-profit tax returns. She is a member of the Zonta Club of the Black Hills. She has been promoted to Manager.

Amanda Dennis graduated from Black Hills State University in 2013 with a Bachelor of Science in Business Administration: Accounting and Management and joined the Ketel Thorstenson Accounting Services Department in October 2013. She was recently promoted to Senior Associate.

Megan Walterman, CPA graduated from South Dakota State University with a Bachelor of Science in Mathematics; Accounting, Statistics, Spanish in 2015 and joined the Ketel Thorstenson Audit Department in January 2016. She was recently promoted to Senior Associate.

Ketel Thorstenson, LLP (KTLLP) is a full-service firm with 16 partners, over 60 Certified Public Accountants, and offices in Rapid City, Custer, and Spearfish, South Dakota. 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, Xero support, bookkeeping, payroll, business valuation, business consulting and estate planning.


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June 30, 20160

Being a business owner or executive, board member, and responsible family man/woman comes with numerous challenges; some of which are financial, tax and value related. Ketel Thorstenson wants to help by offering insight and suggestions to understand and improve the bottom line of your business or organization, and personal wealth.

Each lunch hour session will have a specific topic. The schedule and topics are as follows:

July 26: Reading & Analyzing Form 990s

The Form 990 is filled with important information, including yearly grants and contributions received by charities, how much money is paid to board members and management, and what policies a non-profit elects to have. We will cover how to read and analyze this form from different perspectives, whether you are the organization’s accountant, executive director, board member or potential donor. Come learn what you should be looking at on the Form 990.

Presenters: Jean Smith, CPA, Partner and Traci Hanson, CPA, Partner

August 16: Cap Rates- Methods & How Industry and Debt Affects a Capitalization Rate and Therefore Value

We will explore various methodologies of deriving an appropriate capitalization “cap” rate to be applied to a cash flow stream to determine overall value.  We will discuss how the industry in which the subject company operates and the specifics of such company can and should affect a cap rate.  If you have ever wondered how a company’s debt level affects value, this is a “must attend” for you.
Presenter: Ericka Heiser, MBA, CVA, Manager

August 30: Trusts- Pros & Cons

There are many reasons to set up a trust, including avoiding probate, providing for your family after your death, and stating exactly how, and when, your descendants receive their inheritance. But what are the tax implications of owning assets in a trust vs. owning the assets personally? Come learn about the different types of trusts, and the pros and cons of setting them up. Attorneys, Financial Planners, Trust Officers, and anyone who wants to learn more about trusts is welcome to attend.
Presenters: Denise Webster, CPA, PFS, Managing Partner and Michelle Minnerath, CPA, Senior Manager

Join us at our Rapid City office at 810 Quincy Street from noon – 1 p.m. for these sessions. 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.

Ketel Thorstenson, LLP has over 50 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, Custer, and Williston, ND, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks support, Xero support, bookkeeping, payroll, business valuation and estate planning.

Additional information can be found on the events page https://ktllp.com/news-events/events/.


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November 2, 20150

Ericka-Heiser-headshotFor a long time, Ketel Thorstenson has helped clients measure the value of their businesses. However, we can also help you maintain and improve that value. Ericka Heiser, business valuation specialist, wrote a newsletter article (in the fall issue of the KT Addition) about competitive advantage, reputation and employee ownership as ways to increase the value.

In her most recent article, Ericka deals with the other side of the coin: reducing the risks associated with business ownership. Managing cash flow, creating a healthy capital structure, making sure you are diversified and staying in one easy-to-find location are all ways to maintain your company’s value.

She said generating sufficient cash flow should be a number one priority. Once you get that challenge solved, you can start thinking about expansion. A healthy capital structure — not too much debt and not too much equity — will give you the leverage to expand and the resources to repay your debt. And diversification is essential — it’s never good to have all your eggs in one basket. And depending on the type of business you do, staying in one location can be important for keeping long-time customers. People are creatures of habit.


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July 22, 20150

Ericka-Heiser-headshotWhat’s your business worth? OK, there’s the equipment at the Rapid City, Spearfish and Williston offices. And the delivery truck, inventory, cash in the bank…. Wait! Assets are a part of the value, but your business should be worth much more than the sum of its parts.

Ericka Heiser, MBA, Certified Valuation Analyst and a manager at Ketel Thorstenson’s Rapid City office, has a useful list of things to consider when placing a value on your business. Do you have a competitive advantage over similar companies? Your reputation among loyal customers has a value. A dedicated staff makes a big difference, too, and there are ways to assure a buyer of your business will be able to inherit that loyalty.

Check out Ericka’s complete article in the latest KT Addition online newsletter.


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April 25, 20140

Ericka-Heiser-headshotYou’ve run your Black Hills business a long time, spent your entire career making it a success. You’ve put your profits back into the company, forgoing short-term rewards for the long-term value. Now, you need to know what that business is worth. Ask Ericka Heiser.

A certified valuation analyst, Heiser has been helping Ketel Thorstenson clients place dollar values on enterprises in a variety of industries, including oil-and-gas, manufacturing, healthcare, farming and ranching and food service. Despite this disparity in business types, Heiser said, there are standard ways to look at any business. She also digs deeper, gathering information from management and conducting independent research.

Ketel Thorstenson is used to dealing with a wide variety of financial issues. The full-service Rapid City, S.D., accounting firm, with offices in Custer, S.D., Spearfish, S.D., and Williston, N.D. , offers tax accounting, tax preparation, bookkeeping, audit services, payroll services, QuickBooks classes, business valuation and all kinds of other financial services to clients in South Dakota, North Dakota, Wyoming, Nebraska and beyond.

Heiser’s business valuation skills are called upon when clients must place a value on their businesses for reasons such as gift, estate, divorce, shareholder disputes, damage calculations and buy-sell agreements. She listed three approaches to determine the value of business interests:

Market approach: There are many variables in the market approach, not the least of which is goodwill — the brand recognition, reputation, skilled staff and customer loyalty built up over a number of years. It’s hard to put a dollar value on that, but it can be done.

Asset approach: This estimates the fair market value of all of the equipment, vehicles, buildings, inventory and other assets. It assumes there is no goodwill, and answers the question: what would you have to spend if you started the same business from scratch?

Income approach: If you invest in a business, you want to know what kind of return you will get. EBITDA (earnings before earnings before interest, taxes, depreciation and amortization) is a starting point.

“Developing an understanding of the specific business helps us determine which approach would be best,” she said. “We pride ourselves on getting to know our clients, knowing their business and knowing their opportunities.”


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