Ketel Thorstenson, LLP

Ketel Thorstenson, LLP has proudly served the Rapid City community and the Black Hills region since 1936 by providing exceptional customer service. As a member of the American Institute of Certified Professional Accountants, the dedicated family at Ketel Thorstenson currently employs more than 100 professionals and staff, including 16 partners.

We are proud of our longevity, thankful for all of our clients, who are our friends and look forward to many more years of continued growth. As part of our involvement in the local communities, we are honored to be members of the Rapid City Chamber of Commerce, Rapid City Downtown Association and Spearfish Chamber of Commerce.

Visit us at www.ktllp.com. To make an appointment or if you have questions call 605-342-5630.

We have three locations to serve you:

810 Quincy Street | Rapid City, SD 57701 | Tel (605) 342-5630 | Fax (605) 342-2172

123 E. Jackson Boulevard, Suite 2 | Spearfish, SD 57783 | Tel (605) 642-7676 | Fax (605) 642-2616

609 Mt. Rushmore Road | Custer, SD 57730 | Tel (605) 673-3220 | Fax (605) 673-3114


        

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 over 80 years in the business can bring.

Audit Services

Depending upon your business needs, we provide compilation, 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 business' operational procedures.

Bookkeeping

In an ever changing regulatory environment, staying up on all the laws and regulations related to sales, use, payroll tax and respective reporting is becoming more difficult. Small-to-medium businesses and organizations often find themselves seeking out the services of outside entities to manage responsibilities such as bookkeeping and payroll.

♦ 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.
• Reporting new-hires to the State.

Tax Reporting and Compliance

♦ 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.

♦ Payroll Tax Reporting
• Form 941 (FICA & withholding) quarterly.
• Form 940 (federal unemployment) annually.
• South Dakota Unemployment Form quarterly.

♦ Form 1099 Reporting
• 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 Returns and Excise Tax Returns.

♦ Accounts Payable
- We can print checks from invoices you provide.

♦ Accounts Receivable

♦ Quarterly & Year End Payroll Services
- We can prepare W3s, W2s, 941s, 940s, State Unemployment, 8027 (allocated tips), 8846s (credit for employee tips).

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 35 years of combined business valuation and litigation support experience. We have also earned valuation designations through the National Association of Certified Valuation Analysts and the American Institute of CPAs. Our 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.

QuickBooks Support

Ketel Thorstenson, LLP has a QuickBooks ProAdvisor Team that can help set up, train, clean-up and organize your bookkeeping system.

The KTLLP QuickBooks team can help with:

• New Business Start-up
• Bank Reconciliation
• 1099 Setup and How to
• Accounts Receivable
• Sales Tax
• Accounts Payable
• Payrolls, Liabilities & Forms

Consulting

♦ Management
- Buy-Sell Agreement Consulting
- Partnership/Corporation formation
- Strategic Planning

♦ Human Resources
- Employee Management, Rewards and Incentive Programs
- Health & Benefits
- Monitoring Employee Behavior and Satisfaction
- Retirement Procedures

♦ Estate Planning
- Clarifying Estate Planning Goals
- Analyzing Current Financial Situation
- Preserving Assets
- Reducing Potential Estate Tax Liability
- Providing for Liquidity

Peer Review To Control Quality And Uphold Compliance

Affordable Care Act Consulting To Understand And Adapt To Obamacare

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