The Competitive Edge
A Note from the Partners
Welcome to our client newsletter, The Competitive Edge. With a new approach to accounting and financial management, our goal is to create client interaction, providing you with the latest information relevant to the growth and success of your personal and business finances. For the latest CCMG happenings, we've also included information and announcements pertaining to our firm.
Welcome to our newest team member, Julian Dunston
Julian joined CCMG in July as a staff accountant. Julian grew up in Savannah attending Savannah Country Day School. He graduated from the University of Georgia with a Major in Psychology and a Minor in Pre-Med. Julian recently earned his MBA from Southeastern Oklahoma State with a specialty in accounting. His hobbies include sports, music, and playing soccer. Outside of work he coaches basketball for Handcock Day School and Benedictine Christian. Julian is married to his wife Ansley and they have a cat named Taco.
Haley is CCMG's newest Staff Accountant, joining the team in October. Recruited from Georgia Southern University's Meet the Firm event, Haley loved the appeal of working for a smaller firm in Savannah with a diverse client base. She will graduate with a master’s degree in accounting this December. She is nearly complete with the CPA exam! Haley just moved to Richmond Hill where she lives with her boyfriend, Lenard and their cat Winnie.
Welcome to our newest team member, Haley Woodruff
CCMG Team Building
To celebrate the final tax extension deadline CCMG had a team outing a Bogey’s Miniature Golf Course for some friendly competition.
CCMG was awarded Small Firm Winner in America's Second Harvest, GA Accounting Food Fight. America’s Second Harvest provides over 21,000 meals to families in need. This is the first year CCMG has participated and has set the bar high for years to come.
CCMG Also participated in the America's Second Harvest annual golf tournament, sponsoring a hole on the course! Partner, Miller Glover, serves on the board of this great organization and it is a great way for CCMG to give back to the community. The team will also be volunteering in the kitchen this December.
Historic Savannah Foundation Gala
Partner, Brad Whitfield serves on the board at the Historic Savannah Foundation and is pictured here at the HSF Annual Gala. This fundraiser celebrates the perseverance, community investment, and what they work to save every day–the buildings, places, and stories that define Savannah’s past, present, and future.
Articles and Resources
Your 4th Quarter Estimated Tax Payment is due
January 15th, 2023
IRS Identity PIN
Please be on the lookout for your 2022 Tax Year Identity PIN in the mail. If you have an Identity PIN with the IRS, CCMG will need this to file your return. A new PIN is issued each year, so it's important to have the latest PIN number on file.
An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number or Individual Taxpayer Identification Number. The IP PIN is known only to you and the IRS. It helps the IRS verify your identity when you file your electronic or paper tax return. Even though you may not have a filing requirement, an IP PIN protects your account.
If you don't already have an IP PIN, you may get an IP PIN as a proactive step to protect yourself from tax-related identity theft.
If you want to request an IP PIN, please note the following:
-You must pass a rigorous identity verification process.
Spouses and dependents are eligible for an IP PIN if they can pass the identity verification process.
7 Year End Reminders for your small business
Organize Year End Receipts
According to the IRS, supporting documents must include a description of the item purchased or service received to prove the amount was actually for a business expense. So, while a credit card statement might show that the business owner spent $400 at an office supply store — without a detailed receipt — auditors won’t be able to tell whether it’s office supplies for the business or a new laptop for their daughter who’s heading off to college.
Schedule a year-end inventory count
For small businesses with inventory, work to plan out a year-end inventory count. The goal is to identify exactly how much available stock you have on hand, accurately calculate your cost of goods sold, detect shrinkage, and forecast how much inventory you might need to purchase in the year ahead. Furthermore, a well-run audit can reduce the risk of employee theft and prevent unnecessary spending on new products and goods.
Prepare to file 1099's
Make sure you have a current Form W-9 on file for any independent contractor or vendor who has received (or will receive) at least $600 in rent, prizes, and awards, attorney fees, or other payments in 2022. If your payroll software does not support 1099 filing, contact CCMG.
Collect Outstanding Invoices
Another important task is to review your accounts receivable aging report, paying special attention to clients with past-due and seriously delinquent invoices. Work on a plan to collect those payments before the end of the year, which will help you start the new year with a boost in cash flow.
Catch up on bank and credit card reconciliations
Unfortunately, small business owners can be easy targets for fraudsters and scammers and their schemes. Bank and credit card reconciliations are an essential way to prevent and detect fraud and identify accounting and bank errors.
Assess this year’s budget and finalize one for next year
Year-end is also a good time to look at your business’s budget-to-actual results for the current year. Were any revenue or expense categories significantly higher or lower than expected? Your business can use this analysis to inform next year’s budget. For example, do you need to allocate more of the budget to certain areas and scale back on others?
Even if you don't stick to the budget entirely, this process is valuable as it helps set expectations and measure performance.
Review and update the strategic plan
Now is a great time to review your business and personal wealth-building goals for the current year and ask the following questions:
Did you achieve your goals? Why or why not?
Did you exceed your goals? If so, how?
What are your next steps?
Then plan for the year ahead.
How will you measure progress/success?
Specific steps needed to achieve it
Who will be responsible for each task, and the date they will have it done by