Tax Preparation & Planning
We help you understand the tax implications of individual and/or business decisions before you make them. In addition, you can rest easy knowing we are preparing your taxes, whether it be an individual, corporate, estate/trust, partnership, nonprofit or farm/ranch return. Why? Because we have state-of-art research capabilities and a wealth of experience that only 65 years in the business can bring.
Audit Services
Depending upon your business needs, we provide complilation, review and audit services for commercial entities, governmental organizations, tribal entities and nonprofit organizations. With our experience, you can be assured that our reports are not only accurate, but useful in refining your busines's operational procedures.
Bookkeeping
- General Ledger We will maintain your General Ledger based on your particular business.
- Bank Statements We will reconcile your bank statement and checkbook monthly to your general ledger.
- Payroll Processing We will prepare payroll checks from your time records which can be transmitted in various ways.
- Make sure your 401(k), Simple Plans and cafeteria plans are reported correctly to the IRS.
- Assist with computing and paying 941 tax deposits on a semi-weekly or monthly basis.
- Assist with the Electronic Filing Tax Payment System (EFTPS) for all taxes.
- New-hire reporting to the State.
- W2s
Compile and print W2s for each employee annually.
Year-end reporting of employee life insurance, auto usage and stockholder health insurance.
Compile and issue to the IRS Magnetic Media W2s for businesses with more than 250 employees.
- Forms
Form 941 (FICA & withholding) quarterly.
Form 940 (federal unemployment) annually.
South Dakota Unemployment Form quarterly.
Prepare Form 1099 which reports payments of rent, interest and amounts paid to non-employees for outside services.
- Sales Tax & Excise Taxes We can prepare the South Dakota Sales and Use Tax Return and Excise Tax Return.
- Accounts Payable We can print checks from invoices you provide.
- Accounts Receivable
Financial Services
As your financial planner, Ketel Thorstenson, LLP, can give you expert advice and guidance throughout the financial planning process. We will provide you with a step-by-step questionnaire designed to give you an in-depth look at your personal financial situation. Our professionals provide you with a clear picture of where you are financially and how to reach your financial goals. Without financial planning, it is difficult to determine how the different elements of your finances – investments, retirement, taxes, etc. – can work together for your later years. Financial planning in five areas:
- Insurance & Risk Management.
- Investments.
- Tax Planning & Management.
- Estate Planning.
- Retirement Planning & Employee Benefits.
Business Valuation
We offer a variety of services for the business owner(s), legal professionals or divorcing individuals. These services typically revolve around the buying/selling of a business or business interest, gift and estate tax planning, marital dissolution, business litigation, arbitration proceedings and shareholder disputes. Our services can be a business valuation, economic damages or lost profits calculation, discount opinion, transaction consulting or other services tailored to your specific needs.
Our valuation team has over 20 years of combined business valuation and litigation support experience. They have also earned valuation designations through the National Association of Certified Valuation Analysts and the American Institute of CPAs. Their experience includes engagements in the following areas:
Litigation & Arbitration. We can serve as expert witnesses in proceedings involving a company’s value, including pre-trial negotiations, marital dissolutions, discount opinions, shareholder disputes and contract negotiations.
Estate Planning. Working closely with your attorney, we can assist in asset transfers/gifting, probate issues, charitable contributions, discount opinions and reviews of family limited partnership agreements.
Mergers & Acquisitions. We can estimate ownership values, evaluate candidate companies and offers, assess tax consequences, develop asking prices and negotiation tactics, and prepare sales packages and other information for buyers.
Business Planning. Valuations can help determine the fair market value of intangibles (goodwill, patents, trademarks, etc.) as well as values for buy-sell agreements.
Our consultants are also experienced in writing and reviewing business plans and developing financial projections.
Financing. Our firm’s professionals can assist in assessing financing alternatives, determining replacement values, establishing going-concern
Business Accounting Software
Ketel Thorstenson, LLP has answered the call of HELP from businesses seeking advice on accounting and financial software, point-of-sale systems, business intelligence and customizations.
At Ketel Thorstenson, we can help you with:
- QuickBooks integration and support
- Assessing software needs
- Software selection, installation and configuration
- Report design and software customization
- Hands on Training and Support
Management Consulting
- Buy-Sell Agreement Consulting
- Partnership/Corporate Formation
- Strategic Planning
