CSB Recognized as INSIDE Public Accounting Top 500

We are proud to have been recognized by INSIDE Public Accounting as a 2022 IPA Top 500 Firm, as well as an IPA 500 Fastest-Growing Firm. IPA 500 firms are ranked by U.S. net revenues and are compiled by analyzing the nearly 600 responses received for the 2022 annual IPA’s Survey and Analysis of Firms. This is IPA’s 32nd annual ranking of the largest accounting firms in the nation.

CSB is grateful to our team and our clients for any recognition we receive. Our team works hard to provide excellent service to our clients, and we wouldn’t be where we are without our loyal clients.

CSB CAAS Team Rolls Out New Initiatives

Last week, the CSB Client Accounting & Advisory Services (CAAS) team had a meeting to discuss rolling out their new plans and initiatives. Our CAAS team and services have grown exponentially over the last three years.

The team has many goals moving forward, including but not limited to streamlining, improving, and creating consistency in all service lines; defining, measuring, and analyzing the current state of the CAAS line of business and identifying new areas of opportunity; and further developing CAAS team members’ confidence and cross-training them in different areas.

Members of the CAAS team are all very excited to enact these changes and see the possibilities transform into reality. According to Jennifer Lowe, “It is very exciting to see the growth in the CAAS department and I, for one, am very excited about the changes we are making. The changes will allow us to better serve our clients as well as empower the team members.”

Leaders of the CAAS team have worked tirelessly to come up with plans and procedures moving forward. Their hard work did not go unnoticed by the rest of the team. According to Misty Cutshall, “It was so refreshing to be part of a project that everyone was so passionate about.  Everyone was engaged in every element and we had fun.  It did not seem like work.  It felt like we were planning a road trip and not like we were revamping processes and procedures.”

We are very excited to see the results of this hard work and dedication by the CAAS team!

Building Your Personal Brand

August 23, 2021

Emilee Shuler | Marketing Assistant | Published by Crow Shields Bailey PC

Personal branding is vital for professionals of every age and stage in their career to understand. Professionals should consider branding to be an outward representation to the world of the sum of their values, goals, interests, and skills.

While, in essence, building your personal brand is about selling yourself, it is very important to be genuine and organic in your efforts. The process of learning and developing your personal brand involves an element of self-analysis that will also lead to a great deal of personal growth along the way. Your personal brand is the combination of your own unique identity and your reputation. Intentional and thoughtful personal branding will help you to stand out in a sea of other highly qualified peers.

 

Looking Inward

The first step is to ask yourself, “Who am I?”

  • What are your skills?
    • These should include both technical and soft skills.
  • What are your interests?
    • This should include your professional interests and your personal interests.
  • What are your values?
    • These should also include both your personal values and your professional values. If these conflict with each other, then branding is not the biggest project you need to be tackling right now.

Next ask your friends, family, and peers, “Who am I?”

  • What do they think your skills are?
  • What do they most enjoy discussing with you on a personal or professional level?
  • What do they believe are some of your values?

Finally, ask yourself what it is you would like to achieve.

  • What are your personal and professional goals?
  • Do they align with your values, interests, and skills?

It may seem daunting to explore these ideas, but it is a critical step towards building your authentic brand. Personal and professional goals are constantly changing and values and skills evolve as people grow in their lives and careers. You will need to revisit this process often in order to make sure your brand is still an accurate reflection of all of these things.

Building Your Brand

Once you have answered these more introspective questions, it’s time to start building your brand. It is at this point that you will put to work what you gleaned in the beginning of the process. What knowledge, experiences, goals, skills, and passions can you use to promote yourself to employers and peers?

What will be your main avenues of promotion?

  • Which social media platforms should you utilize?
    • Typically, LinkedIn is the platform that has the most focus on professional achievements and accolades, sharing best practices, and networking and interacting with peers in your industry and others. LinkedIn should be a priority for all professionals.
      • Make a point to follow and interact with other leaders in your industry. Share, like, comment, and take part in their conversations. This will give you visibility and help you gain followers organically.
    • Even on more casual platforms such as Facebook, Twitter, and Instagram, you should always consider whether the image you are conveying aligns with the values and goals presented by your brand.
  • Should you consider writing a blog?
    • If you feel that you have useful insights to share, a blog is a great way to promote and establish yourself as an industry leader while also sharing helpful knowledge with others.
  • What networking opportunities should you utilize?
    • Always be on the lookout for continuing education courses, networking events, and any opportunities to have conversations with people. Never underestimate the power of networking. Not only are you gaining and sharing valuable knowledge and making meaningful connections, but your network of peers is also part of your brand and should be a reflection of your values and interests.

How will you stand out from the crowd?

  • What makes you unique?
    • Use your unique personality, talents, passions, experiences, and abilities to connect with people to differentiate yourself.
  • Do you have any professional specializations or certifications that you should highlight?
  • How will you stay up-to-date on industry trends?
    • Subscribe to reputable sources of information for your particular industry. Use continuing education to bolster your knowledge and stay current with best practices, trends, innovations, etc. This will ensure that your content and conversations are always relevant.

The beginning stages of introspection will guide you in the process of building your brand while simultaneously helping you get to know yourself and your goals better. By defining your identity, developing a strategy for promotion, and letting your personality shine, you can build a very effective personal brand for your personal and professional life.

AMERICAN RESCUE PLAN ACT OF 2021: CHILD TAX CREDIT

AMERICAN RESCUE PLAN ACT OF 2021: CHILD TAX CREDIT

Under the American Rescue Plan Act (ARPA), the IRS will be releasing advance monthly child tax credit payments to eligible taxpayers in equal amounts starting July 15th. Following the first payment in July, the payments will go out on the 15th of each month through December of 2021.

Many taxpayers may want to unenroll using the link below if the amount of 2021 taxes owed are expected to be greater than the expected refund.

For taxpayers who are married filing jointly, each person must unenroll separately.

The payments will be as follows:

  • Up to $300 per month per child under age 6, and
  • Up to $250 per month per child ages 6-17.

For 2021, ARPA raised the child tax credit amount to up to $3,000 for each qualifying child between the ages of 6 and 17 at the end of the 2021 tax year, and $3,600 for each qualifying child under the age of 6 at the end of the 2021 tax year. ARPA also made the child tax credit for 2021 fully refundable if the taxpayer (or spouse, on a joint return) has a primary residence in the United States for more than half of the 2021 tax year.

For more detailed information and frequently asked questions about child tax credit payments, or to unenroll, visit the IRS Child Tax Credit Update Portal. Please call our office at 251-343-1012 if we can be of further assistance.

Restaurant Revitalization Fund

Restaurant Revitalization Fund

The American Rescue Plan Act of 2021 includes $28.6 billion in nontaxable grants for restaurants and restaurant-related businesses. This program will provide relief for many businesses in the restaurant industry, assisting in recovery from 2020 and to make it through the next few months, as states begin to reopen and vaccine distribution increases. Projections indicate some time in May or June of 2021 for a potential operational date.

Guidance is still limited to statutory language, and additional guidance is expected in the coming weeks. For now, this is what we know.

  • What type of entity is eligible for a restaurant revitalization grant? Eligible entities include restaurants; food stands/trucks/carts; caterers; saloons; inns; taverns; bars; lounges; brew pubs; tasting rooms; taprooms; licensed facilities or premises of beverage alcohol producers where the public may taste, sample, or purchase products; or other similar places of business in which the public or patrons assemble for the primary purpose of being served food and drink. Any of these entities located in an airport terminal or that is Tribally-owned is also eligible.
  • What type of entity is not eligible? Entities above that are state or local government-operated; entities that as of March 13, 2020, own or operate (together with any affiliated business) more than 20 locations, regardless of whether those locations do business under the same or multiple names; entities which have a pending application for or have received a Shuttered Venue Operator Grant; or any entity that is a publicly-traded company.
  • What is the definition of “affiliated business?” A business in which an eligible entity has an equity or right to profit distributions of not less than 50%, or in which an eligible entity has the contractual authority to control the direction of the business, provided that such affiliation shall be determined as of any arrangements or agreements in existence as of March 13, 2020.
  • How does an eligible entity determine the amount of the grant? The amount is equal to the pandemic-related revenue loss of the eligible entity. The total grant will not exceed $10 million and is limited to $5 million per physical location.
  • How does an eligible entity calculate its pandemic-related revenue loss? For an entity that was in operation for the entirety of 2019 and 2020, the pandemic-related revenue loss is calculated by subtracting the 2020 gross receipts of the eligible entity from the 2019 gross receipts of the eligible entity.

For an eligible entity that was not in operation for the entirety of 2019, the pandemic-related revenue loss is calculated by taking the difference between the average monthly gross receipts of the eligible entity in 2019 multiplied by 12 and the average monthly gross receipts of the eligible entity in 2020 multiplied by 12. The Administrator may issue a separate formula to determine this amount.

For an eligible entity that opened during the period beginning on Jan. 1, 2020 and ending March 10, 2020, the grant amount is the amount of eligible expenses incurred less any gross receipts. The Administrator may issue a separate formula to determine this amount.

For an eligible entity that has not yet opened as of the date of grant application, but has incurred eligible expenses, the grant amount is equal to the amount of those expenses. The Administrator may issue a separate formula to determine this amount.

For all eligible entities, the pandemic-related revenue loss is to be reduced by any amounts received from a Paycheck Protection Program (PPP) loan (2020 PPP and 2021 PPP, if applicable).

  • How does an eligible entity compute gross receipts? The SBA has not yet issued guidance on how to compute gross receipts. However, an eligible entity may wish to determine gross receipts utilizing the SBA PPP gross receipts criteria to estimate the pandemic-related revenue loss. For a for-profit business, gross receipts are defined for PPP as All revenue in whatever form received or accrued (in accordance with the entity’s accounting method, i.e., accrual or cash) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances but excluding net capital gains and losses. 2. These terms carry the definitions used and reported on IRS tax return forms.

Gross receipts do not include the following: 1. Taxes collected for and remitted to a taxing authority if included in gross or total income, such as sales or other taxes collected from customers (this does not include taxes levied on the concern or its employees); 2. Proceeds from transactions between a concern and its domestic or foreign affiliates; and 3. Amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker.

All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer’s request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts.

  • What costs are considered eligible expenses? Eligible expenses are: Payroll costs (as defined under the PPP), except for qualified wages taken into account in determining the Employee Retention Credit or premiums taken into account in determining the continuation coverage premiums credit under the American Rescue Plan Act of 2021; 2. payments of principal or interest on any mortgage obligation (no prepayment of principal allowed); 3. rent payments, including rent under a lease agreement (no prepayment of rent allowed); 4. utilities; 5. maintenance expenses including construction to accommodate outdoor seating, and walls, floors, deck surfaces, furniture, fixtures, and equipment; 6. supplies, including protective equipment and cleaning materials; 7. food and beverage expenses that are within the scope of the normal business practice of the eligible entity; 8. covered supplier costs; 9. operational expenses; 10. paid sick leave; and 11. any other expenses provided by the SBA Administrator.
  • What is the covered period? The period beginning on Feb. 15, 2020 and ending on Dec. 31, 2021, or a date to be determined by the SBA Administrator that is not later than March 11, 2023.
  • Is there a priority in awarding grants? Yes, During the initial 21-day period in which grants are awarded, Congress instructs the SBA to prioritize grants to eligible entities that are small business concerns owned and controlled by women, small business concerns owned and control by veterans, or socially and economically disadvantaged small business concerns.
  • Is the grant taxable and/or is an eligible entity allowed deductions for covered expenses paid for with the grant funding? The grant is exempt from federal taxation and no expenses are disallowed as a result of the use of the grant funding.
  • How does an eligible entity apply? The SBA has not yet announced how to apply. Congress has instructed the SBA to prioritize the ability of each applicant to use their existing business identifiers over requiring other forms of registration or identification that may not be common to their industry.
  • What can an eligible entity do now to prepare? An eligible entity should use the SBA PPP provided gross receipts definition to compute the decline in gross receipts and then subtract from that amount any funding received from any PPP loan.
  • Does an eligible entity need to make any certifications on the application? There may be more certifications to make than this, but the statute requires an eligible entity to certify that 1. The uncertainty of current economic conditions makes necessary the grant request to support the ongoing operations of the eligible entity, and 2. the eligible entity has not applied for or received a Shuttered Venue Operator Grant.
  • Is there a forgiveness application? This is a grant program and not a loan program. However, there may be reporting required to substantiate that the grant was utilized for allowable purposes.

We will release more information once more guidance is released on this matter. If you have any questions, please contact us at 251-343-1012.

Changes To 2020 Form 1099

Changes to 2020 Form 1099

The IRS has a new Form 1099-NEC to report nonemployee compensation for tax year 2020. The IRS has also revised the Form 1099-MISC and rearranged box numbers for reporting certain income.

If your business has paid $600.00 or more in nonemployee compensation to an unincorporated entity in 2020, you will need to report the payment on Form 1099-NEC. If the payments are for legal services or for medical or health care, they must also be reported to incorporated entities.

If your business has paid $600.00 or more in rent (real property, machinery, or equipment) to an unincorporated entity in 2020, it will need to be reported on Form 1099-MISC. However, you do not have to report these payments on Form 1099-MISC if you paid them to a real estate agent or property manager.

A Form W-9 signed by the vendor should be obtained for each entity that you paid $600.00 or more and will need to report on a Form 1099-NEC or 1099-MISC. If possible, you should obtain a Form W-9 from each vendor that provides a service to your business, at the time of service. A Form W-9 can be downloaded from the IRS website at www.irs.gov.

The due date for filing 2020 Forms 1099-NEC is February 1, 2021. The due date for filing 2020 Forms 1099-MISC is March 1, 2021 for paper-filed returns and March 31, 2021 for electronically filed returns.

We will be glad to assist you with preparation and filing of your 1099s. We can also provide a spreadsheet to help input your information. If you would like for us to prepare your 1099s for you, we will need to receive your information no later than January 18, 2021. Please call us at 251-343-1012 if we can be of assistance.