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/