| CROW, SHIELDS & BAILEY, PC |
ISSUE 4 |
Winter 2000
|
| CROW, SHIELDS & BAILEY, PC |
ISSUE 4 |
Winter 2000
|
QuickBooks Advanced Payroll Training Seminar January 4
On Thursday, January 4, 2001, Trey Mayhall and J. D. Martin will conduct another training session, and this time it’s on payroll. Topics to be considered include:
• creating paychecks & paystubs
• creating and maintaining payroll liability accounts
• paying your liabilities
• payroll reporting
• processing W2s and 1099s
• adjusting payroll liabilities
• setting up employee templates
Year End is Here (Tax Planning Time)
Many of our clients meet with us in December for year-end tax planning. If you would like to schedule an appointment, please contact Deborah Martinsen at 334/343-1012.
Team Member Profile
RACHAEL B. SMITH
Rachael Smith has been a team member at Crow, Shields & Bailey for almost three years now. She is currently a Senior Accountant and a member of the tax team. Her credentials are backed by her diligent work effort and many years of experience in the accounting profession. While employed by the Mobile County License Commission, Rachael attended the University of South Alabama. She dedicated her night life to the classroom. In December 1996, she earned a Bachelor of Science degree in Accounting. In 1998, her hard work and persistent effort paid off as she gained the Certified Public Accountant designation.
Currently, Rachael is enrolled in the College for Financial Planning at Colorado. Upon completion, she plans to obtain her Certified Financial Planner designation. However, exams are not the only thing on Rachael’s mind. She is a member of the Optimist Club of Mobile. As Second Vice President, she has been chosen to manage the Club’s annual Christmas tree lot located at Virginia and Ann Streets. She welcomes all to visit their lot and see their exceptional trees.
Along with her professional and civic duties, Rachael manages to squeeze in time for two other very important people. Her husband Jerry, who is employed at Cintas Corp. as a training coordinator, has supported her throughout the years. Rachael’s daughter Nicolle, a seventh grade student at Corpus Christi School, is a mirror image of her mother. Like her mother, Nicolle is involved in many activities. However, cheerleading and basketball are her favorites.
Rachael’s idea of relaxing is quite different than that of most people. Whether she is hiking up Mt. Everest, rushing down the Smoky Mountains on her bike, or burning up the pavement on Downtowner Boulevard, Rachael is always looking for another challenge.
Website up and Running (Soon)!
We are pleased to announce that CS&B will be online very soon! The CS&B website will premier by December 31 at www.csbcpa.com. In today’s cyber-world, we recognize the need for quick and easy communication. Our goal for the site is to create a forum for improved communication with our clients, as well as to introduce the firm to the general public. Csbcpa.com will feature our vision as a firm as well as team profiles. And, it will give you the ability to contact specific team members with information or questions. The site can also be used to access information regarding important deadlines and news developments. Visitors will be able to browse the headlines of recent issues of CSB News for articles of interest. Csbcpa.com will also play a role in our ongoing efforts to communicate the opportunities available at CS&B so we can continue to employ the best possible people interested in long-term careers. We invite you to visit csbcpa.com, and e-mail your comments and suggestions to us at info@csbcpa.com so we can tailor it to meet your needs.
Vision Statement
Our firm’s objective is to maximize our clients’ wealth. We strive to be the premier accounting and consulting firm in our area by offering a complete range of quality services to our clients. We will employ only the best people and ensure outstanding training and long-term career opportunities.
Our Team Members
Auditing Team
Deborah Smith deborahs@csbcpa.com
Eric Kennedy erick@csbcpa.com
Joey Bailey joeyb@csbcpa.com
Julie Stanley julies@csbcpa.com
Bookkeeping Team
Carrie Montgomery carriem@csbcpa.com
Kathy Alford kathya@csbcpa.com
Ruthie Carpenter ruthiec@csbcpa.com
Consulting Team
Jimmy Hartman jimmyh@csbcpa.com
Kenny Crow kennyc@csbcpa.com
Financial Planning Team
Glynda Mathis glyndam@csbcpa.com
Melissa Scott melissas@csbcpa.com
Trey Mayhall treym@csbcpa.com
Tax Team
Gina Russell ginar@csbcpa.com
J.D. Martin jdm@csbcpa.com
Jennie McPhillips jenniem@csbcpa.com
John Shields johns@csbcpa.com
Rachael Smith rachaels@csbcpa.com
Support Team
Barb Frerman barbf@csbcpa.com
Carrie Montgomery carriem@csbcpa.com
Carolyn Reeves carolynr@csbcpa.com
Deborah Martinsen deborahm@csbcpa.com
Marcia Amos marciaa@csbcpa.com
Stephanie Morton stephaniem@csbcpa.com
Mobile
334/343-1012
800-347-8583 Fax: 334/343-1294
Gulf Shores
334/968-4337 Fax: 334/968-8995
Who’s on First? (And Other Questions You Might Ask Our Business Development Consulting Team)
The business development consulting team helps our clients create the business they wanted when they set up the business in the first place. Most people start a business to gain financial independence, be their own boss, take vacations when they want to, and so on. The sad reality is that the opposite usually happens. They become so involved working IN the business that they become consumed by it. Business owners are technicians. They take their skill and develop it by harnessing the business around it.
Few businesses ever reach their full potential, for a variety of reasons. Although business owners are good at what they do, they generally have had little or no training in the art of running a business. In most cases, they fail to focus on things that are really important because they are too busy tending to the technical aspects of the business. The business lacks the systems which provide predictable results. Team members are often frustrated because communication is not adequate and incentives are not in place to keep the team motivated. In other words, there is a real lack of planning and control in the business. The owner doesn’t go to work each day to manage a business, he goes to work to do a job.
We have developed a process to help our clients to learn to work ON their business rather than IN it. We help them strategically plan for the future, set targets, develop measurement tools to monitor the progress, and to assess the things that need to change as circumstances are altered.
Our experience tells us that this service is not for everyone. It is not intended to be. Ask yourself the following questions and, if you keep getting "no" answers, you might be a perfect fit for our services.
• Is your business as profitable as it can be?
• Do you have more free time now that you’re the boss?
• Do you have a plan of succession to eventually retire and to sell your business at a fair price?
• Do you know what your business is worth?
• Do you spend most of your time working "on" your business (like a boss should) or do you work "in" it?
Our job is to turn those "no" answers into "yes" answers. If you are open to advice and not afraid to change, call us for a free consultation to see if there is a fit for you. What have you got to lose? We guarantee our work! You may email our team captain, Kenny Crow.
Once the new year gets started, we will welcome a new member to the Consulting Team. Danny Rickert will bring over 15 years of experience in all facets of business to our clients’ service. A former Director of Marketing and Operations for Prime Health, Danny’s most recent position has been as Vice President of Marketing at Therapy Management Services.
You’ll be able to get to know Danny and his family a little better when he is featured in a future Team Member Profile. In the meantime, please join CS&B in welcoming him on board!
Ask the Tax Man!
Dear Tax Man, I own a business, and I often wonder what I can deduct. Do you have a list of some sort?
Signed, Mr. Professional
Dear M.P., You’re in luck. The folks at CCH have compiled a list of common deductions for businesses, and here they are:
Accounting, engineering and legal fees
Advertising
Attorney fees, collecting accounts, etc.
Bad debts
Car upkeep, business
Casualty losses (storm, fire, etc.)
Conventions, cost of attending
Depreciation—furniture, fixtures, car, etc.
Dues for organizations related to business (limited)
Education expense (travel, tuition, etc.) to maintain or improve skills required in the trade or business
Entertainment (50%)
Freight charges
Health insurance, personal (60% from gross income)
Insurance on business property
Interest paid to bank, etc.
Legal expenses
License fees
Light bills
Meals (50%)
Moving equipment to new location
Night watch service
Porter and janitor service
Postage
Professional journals
Rent for office
Repairs to business property
Research and experimental expenditures
Safe deposit boxes
Salaries, bonuses, commissions, etc., paid
Stationary—letterhead, cards, etc.
Tax and other topical law reporters
Tax returns, cost of preparing
Taxes
Telephone
Theft losses, not compensated by insurance
Trade journals
Travel expenses
Wages paid
Dear Tax Man, My friend Ernie has a simple philosophy when it comes to tax deductions: If you write a check for it, chances are it’s deductible on your tax return. Is this true?
Signed, Barely Legal
Dear Barely, Oftentimes you are judged by the company you keep. You may want to reassess your friendship with Ernie. At any rate, look over the following list of "Do’s and Dont’s" and decide for yourself. Let your conscience be your guide.
"Personal" Deductions on Schedule A (Form 1040)
Deductible Only if Deductions are Itemized
Casualty losses on nonbusiness property subject to limitation
Clothing (special) required by job (2% floor)
Collection fees on dividends, bond interest, etc. (2% floor)
Contributions to charity
Cooperative housing and condominium, taxes or interest paid
Education expenses to hold position or to maintain or improve needed skills (including expenses for travel, 50% of meals, and lodging) (2% floor)
Employment agency fees (2% floor)
Expenses in earning taxable income (2% floor)
Expenses in excess of reimbursement or allowance by employer (2% floor)
Interest paid on home (limited)
Investment interest (limited)
Investors’ expenses (2% floor)
IRA fees (2% floor)
Labor union dues (2% floor)
Losses, nonbusiness
Medical, dental, hospital expenses (7.5% floor)
Safe deposit box for investments (2% floor)
Summer school expense, teachers (2% floor)
Tax returns and advice, nonbusiness (2% floor)
Taxes, nonbusiness, no-rental, non-royalty:
Income, state and local
Personal property
Real property
Tools (life of one year or less), employees (2% floor)
Uniforms, cost and cleaning, if not adaptable for general wear, to the extent not reimbursed (2% floor)
"Personal"-Type Items Which are Not Deductible
Accounting or bar examination and admission to practice
Attorneys’ fees:
Breach of promise
Divorce or separate maintenance
Preparation of will
Prosecuting a personal slander suit
Campaign expenses of candidates
Capital expenditures
Car upkeep, nonbusiness portion
Commuting expenses
Depreciation on property held for personal use
Domestic servants, except as child care
Dues for a social club
Fines for violation of law
Funeral expenses
Gifts to individuals
House rent
Insurance on residence or contents
Life insurance premiums
Nuresmaid for children of employed parents, except as child care.
Repairs to personal residence
Save deposit box rental for personal effects
Special courses or training to obtain position
Traveling:
Between home and business
Nonbusiness
Client Profile
SOUVENIR CITY
When you drive along the beach road in Orange Beach and Perdido Key, you’ll notice the landmark pink buildings of Souvenir City, owned by Gulf Shores natives, George and Andrea Franklin. Andi’s grandparents opened the first Souvenir City in Gulf Shores in 1956. Andi grew up working in the family business until 1990, when she and George branched off and opened the Perdido Key store. Four years later, in 1994, they opened the store in Orange Beach. Souvenir City sells swimsuits, T-shirts, jewelry and souvenir craft items, as well as "seashells by the seashore." Tourists from Canada, Minnesota and Missouri, and points in between, buy their souvenirs of the Gulf Coast from Souvenir City. Being a seasonal business, employee numbers triple during the summer months, with many of the same people returning each year.
The Perdido Key and Orange Beach Souvenir City stores have been clients of Crow, Shields & Bailey since 1996. Andi and George have given us the opportunity to help them with their day-to-day accounting, leaving them more time to work "on" their business. Says Andi, "We couldn’t do it without Crow, Shields & Bailey!"
The Deadline is When??
December 15—fourth installment of corporate estimated income taxes due for calendar-year corporation
December 31—Mobile and Baldwin County Personal Property Tax Return
January 15, 2001—fourth installment of individual estimated income taxes due.
January 31, 2001—City of Mobile Business License renewal
January 31, 2001—employers give employees federal Form W-2 during the month of January; federal Form 1099 should also be distributed at this time.
January 31, 2001—employers file 4th quarter federal form 941 and state forms UC-CR4 and A-1; annual federal forms 940 and 945, if applicable, should be filed at this time.
February 28, 2001—employers file federal Form W-3 along with Copy A of all the Forms W-2 issued for 2000; state Form A-3 should also be filed at this time.
If you need a complete listing of deadlines, see the IRS website at www.irs.gov and the Alabama site at www.ador.state.al.us. Or contact us with specific deadline questions.
For information regarding state/county privilege license and Mobile County gross receipts tax, visit the Mobile County License Commission’s new website—www.licensemobile.com.
Team Member News and Braggin’ Rights
Jana George joined our team in September. She graduated from the University of Alabama in May with a degree in accounting and is currently pursuing her Masters in Accounting at the University of South Alabama. While attending UA, Jana was on the Dean’s list, served as a Bama Belle, and was a winner in a public speaking contest (just to name a few). She also holds a real estate license and worked part-time as a realtor assistant in Tuscaloosa. Jana is currently working on our bookkeeping and tax teams.
Eric Dayton joined the firm in October. He will graduate from the University of South Alabama in December with a Bachelor of Science in Accounting. Eric served five years in the United States Coast Guard as a Health Services Technician and seven years in the United States Naval Reserve as a Leading Petty Officer and Amphibious Reconnaissance Corpsman. Eric is currently working on our bookkeeping and tax teams. He and his wife Holly are expecting their first child in December.
Rachel Mitchell joined the administrative team in October. A native to the area, she has recently moved back home from St. Augustine, Florida, where she worked as Visitor Services Manager for the World Golf Foundation. Rachel attended the University of South Alabama and was a Jags cheerleader. You will experience Rachel’s excellent customer service skills when you phone or visit our office.
Marites Rogers joined our bookkeeping team in September. She received her Bachelor of Science in Business Administration from the Philippine School of Business Administration. Marites has over ten years of bookkeeping and accounting experience, and is a valuable addition to our bookkeeping team.
After baby Martin’s arrival, new mom Carrie Montgomery decided to leave the public accounting sector, and took a position in private industry. After nearly 10 years with our firm, Carrie will be truly missed, but we wish her the best in both of her new positions.
Now for the braggin’...
Laura Shields, the 18-year-old daughter of John and Therese Shields, was selected as Homecoming Queen at UMS-Wright Preparatory School. What a wonderful honor!
During Red Ribbon week, 13-year-old Louise Crow was selected by a panel of teachers and parents to represent St Ignatius School at a ceremony held at the Battleship Park Pavillion. One student from each school was honored and recognized for their exemplary community service, leadership and citizenship skills. Louise is the daughter of Kenny and Marty Crow.
Emilee Shuler, the 10-year-old daughter of Deborah Martinsen, was elected by her classmates at Hutchens Elementary School as Student Council representative. She also will be performing with the Mobile Singing Children’s choir in a Christmas concert with folk singer Judy Collins on December 7.
An Encore Presentation of Making Your Business Really Fly—The First Step
Printing delays on the last edition of CSB News led to short notice of our presentation of this terrific film. So we’re trying again! We still want to give you the chance to experience a film that will give you several things, including
• New insights into your business
• The opportunity to marvel at the human spirit
The film is about an ordinary fellow who had an apparently ordinary business. Yet he was able to make it more than that—much more.
The film demonstrates how businesspeople can run more profitable businesses. And even more importantly, it’s a film about how we can have much more time for ourselves.
Are you a business owner who:
• has been in business for 3 years or longer?
• has a profitable business (but knows there is potential to make it more profitable)?
• is willing to listen to new (and maybe some "old") ideas?
Then don’t miss an opportunity! This film could have a huge impact on your business and your life.
Showtime is at our office on Tuesday, December 19, 2000, at 9:00 A.M., complete with coffee, juice and doughnuts. Including breaks, the film takes about 2 hours and 15 minutes.
Space is limited, so please return the card below, along with your check for $50 to reserve your spot. Or, simply call us, or e-mail Deborah Martinsen to save a seat.
Season’s Greetings from J. Kenny Crow, Jr.
Often we motor around so fast, we forget to stop and count our blessings. As the holiday season approaches, the entire team at Crow, Shields & Bailey extends our thanks for the opportunity to serve you. Your loyalty energizes us to provide service that exceeds your expectations.
Our success must be earned every day. We feel that the continued growth of our Firm is essential to meet the increasing needs of our clients. When you entrust us by referring your friends and peers, you are ensuring that we will be here to meet your future needs.
We thank God for this holy season. We also thank Him for the outstanding team we have assembled and for the quality clients with whom we work. We hope your holidays are blessed with good health and happiness. Thank you for allowing us to help shape your financial future.