Volume 16 | December 1, 2021
DMS Digest
From the General Manager

Sean Brady CPA, General Manager

Hello and welcome to December and the 4th Quarter DMS Digest. This time of year is great for a couple of reasons:

  1. With 11 months of 2021 behind us, it provides an opportunity to reflect on how the year went and how we may have wanted it to go differently. Further, with Thanksgiving recently passed, it hopefully provided an opportunity to reflect on all we can be thankful for.
  2. With 2022 right around the corner, this should be a time where we finalize our plans to accomplish new goals, deepen connects, foster opportunities and better our businesses.
Hopefully this edition will inspire you and provide some practical guidance to reflect on the past and build a plan for the new year. We have some great content, make sure to check out the article in the “Build Your Business” section for some advice to prepare for a successful year end and the article by our guest contributor which provides insight on being balanced. For some fun and some help with your holiday shopping, be sure to check out the section which highlights picks by the DMS team for our favorite local shopping destinations. With the holidays right around the corner and gift giving season upon us I want to encourage you to support your neighbors and community and Shop Local!
We look forward to helping you close out this year strong and to prepare for a successful new year. Merry Christmas, Happy Holidays and Happy New Year to you and yours from the DMS Family!


Build Your Business
Tax Season: Why Wait?
Robert Wallish, CPA
DMS Financial Analyst, QuickBooks Certified ProAdvisor

Once Holiday Season comes and goes, as business owners and accountants we are facing another long list of deadlines. These deadlines will come and go faster than your Christmas morning coffee. So now is the time to be proactive and start the New Year off right.

1040’s, 1065’s, 1120’s, 1099s, W-2s, 941’s, State and Local Payroll Tax Returns, enough numbers to make your head spin. All of these loom over us as we start the new calendar year. However, just because the due dates may be January 31st, March 15th, April 15th, etc., it doesn’t mean you have to wait until the last minute to file these returns. Take the month of December to start preparing for these due dates. You will not be able to file the returns until December is over, but you will be able to save the amount of time spent in future months and allow you to focus more of your time on your business.

Some tips for being proactive heading into tax season:

1.     You may close the books every month, however when you close November’s books, go through the books thoroughly. Treat November as a year-end close so that when December closes, you have made your adjustments and have only 1 month to focus on instead of 12 months.

2.     For your income tax returns, you will need estimates paid throughout the year, IRA contributions, medical expenses, etc. Start gathering this information now. During December as you make your payments, add the support to your files simultaneously. Remember, the sooner you provide the information to your tax preparer, the quicker you will receive your refund.

3.     For 1099’s, it is always recommended to request and receive a W-9 before you make payment to vendors. If you don’t follow this practice already, we recommend you implement a new vendor set-up process that requires every vendor has a W-9 on file before the first payment to that vendor is made. Start reviewing which vendors you expect to have to file a 1099. You will not be able to file it, as the amount can change, but gathering the Names, Social Security Numbers and Addresses in a template now allows you to request missing information right away and prevent the late January rush and the immediate need. 

4.     If using a payroll provider to file payroll returns, reach out to them to make sure they have everything they need. If the business is an S Corp, let the provider know whether you have Owner Health Insurance that needs to be added to the owner’s W-2. If you are filing the payroll returns yourself, similar to 1099s, start putting together a template identifying Names, Social Security Numbers, addresses, etc. Once the final payroll is made for the year then you will be able to finalize the information to place on the forms.

All of this is overwhelming to think about now, but it’s even more overwhelming to face a deadline in a few days and have nothing prepared. At DMS Management Solutions, these are just a couple of practices we implement to help you focus on the road ahead instead of information from the past. 

If you need help implementing process improvements that allow you to spend more time growing and operating your business, please reach out to us. We are always happy to discuss and assist where you need us.
DMS Named to Weatherhead100
For the fifth time in six years, DMS is proud to be named to the Weatherhead100.

Established in 1988, the Weatherhead 100 awards are the premier celebration of Northeast Ohio’s spirit of entrepreneurship and the companies leading the way in Northeast Ohio. Each year, the Weatherhead School of Management at Case Western Reserve University recognizes an elite group of companies who are the best examples of leadership, growth and success in our region.

The Weatherhead100 Awards Celebration will be held virtually on December 9th and all winners will be listed in an upcoming special edition of Crain's Cleveland Business.
Ohio Unemployment System Update

Maria Angotti
Chief Onboarding Officer, QuickBooks Certified ProAdvisor

Ohio Unemployment Insurance Tax System Switching from ERIC
(State of Ohio Unemployment Resource for Claimants and Employers)

The SOURCE, Ohio's new unemployment insurance tax system, will go live this month. It should be an improved self-service experience for both claimants and employers.

What do you need to do?
  • Make sure ODJFS has your Federal ID Number
  • Make sure you have working login credentials at eric.ohio.gov
  • Make sure your information, including your email address, is up to date at eric.ohio.gov
  • Make sure your employer/agent authorizations are up to date at eric.ohio.gov

For more information about The SOURCE: jfs.ohio.gov/ouio/thesource

DMS Training &
QuickBooks Certified ProAdvisor Update
DMS Management Solutions places a high priority on providing training, technology tools, and continuing education to our team members so that they can best serve our clients.

Since our last newsletter, we have continued to add to our roster of 2021 QuickBooks Certified ProAdvisors.

QuickBooks Online and QuickBooks Desktop
Brandy Olsen
Casey Kirchner
Kristen Mullen
Laura Granito
Linda McWilliams
Lisa Scrofano
Maria Angotti
Bob Wallish

QuickBooks Desktop
Ralph Fairchild

QuickBooks Online
Denise Levine
Samantha Rada
Sean Brady
Don't Rock the Boat!
by guest contributor
Justin Hamlin, Client Advisor, CFP
HFS Wealth Advisors
Just as a boat sails through the open seas when all four corners of the boat are balanced equally in the water, your overall health allows you to sail through the journey of life when all four pillars are properly balanced.

4 Pillars of Health:
  • Physical/Mental
  • Work/Activities
  • Family/Friends
  • Finances

Suppose I said to you that…
Balancing the 4 pillars in the lives of each of your employees allows your company’s boat to sail through the open seas. This keeps individuals fresh, focused, and also creates an overall improvement in their well-being. When employees are feeling at the top of their game, then they are not distracted by handling personal items on company time.

Think of taking the time to take care of your employees, and all four pillars of health as “filling up the gas tank in your boat…with a full tank of gas your business can sail any place that you want to go on your journey.”

Caring for your health is done by trusting the team around you to know when to assist in balancing your boat, as well as to help you plan for the journey ahead.
Life purpose…well-being.
About the author

Justin Hamlin and his team at HFS Wealth Advisors are firm believers in the client/advisor relationship to attain and preserve the 3 L’s in life. He works diligently with clients to support the lifestyle they wish to live and to preserve a legacy by which they will be fondly remembered. Justin specializes in helping families create a motto of what is important to them and then helps them set goals to live by it.

HFS Wealth Advisors
3866 Brecksville Road, Richfield, OH 44286
8205 Wales Avenue NW, N. Canton OH 44720

*Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC.
Investment Advisory Services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge Investment Research and HFS Wealth Advisors are not affiliated companies.
This message is the property of HFS Wealth Advisors or its affiliates. It may be legally privileged and/or confidential and is intended only for the addressee(s). No addressee should forward, print, copy or otherwise reproduce this message in any manner that would allow it to be viewed by any individual not originally listed as a recipient. If the reader of this message is not the intended recipient, you are hereby notified that any unauthorized disclosure, dissemination, distribution, copying or the taking of any action in reliance on the information herein is strictly prohibited. If you have received this communication in error, please immediately notify the sender and delete this message.
Would you like to be a guest contributor to a future DMS newsletter? Contact Sean Brady.
We're Moving!

We have outgrown our space!

On January 4th, DMS will be moving just south of our current location on Crocker Road to the American Greetings campus at the south end of Crocker Park.

Our new expanded space will allow for better collaboration with our clients and partners, and continued growth as a company.

Please update your records with our new physical and mailing address effective 1/4/2022!
DMS Sponsors Lakewood Chamber
Holiday Raffle

DMS is proud to be a Jingle Bell Sponsor of the 25 Days of Lakewood Holiday Calendar Raffle!

This event features local businesses and supports the Lakewood Chamber of Commerce. It's not too late - buy your raffle tickets today!
Enhancing Value for Succession Planning

Corrigan Krause CPAs
After devoting so much time and effort to building your business, maximizing its value becomes more important as the timeframe for a succession plan grows near. Estimating a value for the business is one important step to undertake at the outset of the succession planning process. From that starting point, you can then plan for enhancing value for the eventual exit from the business, and focus on the areas that can “drive” increases in exit value. These areas are commonly referred to as value drivers.

What Are Value Drivers?
While you might not be considering selling your business now, that day may come sooner than you think, so it’s important to focus on your business’ value. A value driver is an important facet of your business that drives improvement in cash flows and/or reduces risks, and therefore increases the value of your business. There are value drivers that can vary by industry, so check with a Corrigan Krause professional to make sure you’re considering your important value drivers, such as:
  • Management
  • Employees
  • Reduction/Mitigation of Other Risks
  • Revenues
  • Cash Flow

Additionally, having a planning mindset for “five years down the road”, so there are explanations and/or analyses ready for potential future buyers, will help to enhance the value of your business.

To help walk you through succession planning and valuation issues for your business, meet with one of our consulting team focused in these important planning areas, Tom Harrison, CPA, CEPATom Krause, CPA, and Derek Solomon, CPA, MA, CVA, and chart the course for your future. The certification, training and experience of this group includes the Certified Exit Planning Advisor designation of the Exit Planning Institute and the Certified Valuation Analyst designation of the National Association of Certified Valuators and Analysts. Don’t wait. Start the conversation today by reaching out to us at info@corrigankrause.com.

Even if you’re not currently planning any major transition, unplanned transitions are an unpredictable possibility in life. An unplanned transition often falls into one of these categories: death, disability, disagreement and distress. You’ll want to ensure you are making planning decisions today that will prepare you and your company for whatever may come.
About Corrigan Krause

Corrigan Krause is a mid-size CPA firm located in Westlake, Ohio, specializing in servicing closely-held businesses since 1989. With a team of over 70 individuals, Corrigan Krause provides various accounting, tax, compliance, and consulting solutions to the challenges that small companies face in the ever-changing business environment. Corrigan Krause is also an independent member of MSI Global Alliance, a worldwide organization of professional accounting firms and business advisors in more than 100 countries.
DMS News
Congratulations to Sean and Samantha Rada Bockelman! Sean and Samantha were married in Nashville on October 8th.
Pictured L-->R: Nicholas and Madison (Sean's children), Sean and Samantha, Nicholas and Noah (Samantha's children).
Laura and Vince's Son Andrew Recognized
at October 3rd Ceremony

Andrew Granito (second from left above) and the Westlake Fire Department were honored by the Lakewood Fire Department on October 3rd. The WFD was credited with helping to save the life of a man trapped in chest-deep dirt from a collapsed sewer project trench on August 11th. 
...a few of our favorite things...
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DMS Staff Picks for Holiday Shopping
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DMS Management Solutions | (440) 799-4615 | dmsmgmtsolutions.com