As we move forward, it's important to set clear expectations and educate you about the current state of the accounting industry. According to the American Institute of Certified Public Accountants (AICPA), from 2016 to 2021, there has been a 33% decline in first-time candidates taking the CPA exam. Additionally, 75% of CPAs are at or nearing retirement age. Consequently, there has been a collective 17% decline in the number of accountants in the U.S.
Given these challenges, we want to inform you about the steps Cornbelt Financial is taking to address the challenges that our industry is presented with. Here are the key areas we are focusing on:

Simple Economics: Increased Demand and Rising Prices
With the decline in the number of accountants, demand for accounting services (and staff) now exceeds supply. As a result, prices for accounting services are increasing across the industry. It's important to understand that this is a widespread trend affecting all firms, not just ours. We are committed to maintaining fair pricing while ensuring we can continue to offer the high-quality services you expect.

Leveraging Technology: Enhancing Efficiency and Client Experience
In response to these industry changes, we have invested heavily in deploying a robust operating system in Canopy. This technology enhances our efficiency and helps streamline processes. We encourage all our clients to follow the processes, read instructions carefully, and use the tools and systems we have made available. By doing so, you help us serve you more effectively and ensure a smoother experience for everyone.

Identifying and Developing New Talent
We are actively addressing the talent shortage by identifying and developing new talent. We are excited to welcome Joven Nelson, who has been interning with us since 2020, as a full-time team member. Additionally, we have hired Sam Billman as an intern this summer, who will graduate in 2025. Investing in the next generation of accountants ensures that we have the skilled professionals needed to continue serving you in the future.

Seeking Remote Talent: Expanding Our Talent Pool
To adapt to the changing landscape, we also seek remote talent. This approach allows us to access a broader talent pool and ensures we have the expertise required to meet your needs. By embracing remote work, we can attract top talent from across the country, further strengthening our team and enhancing our ability to serve you.

How You Can Help
Your cooperation and understanding are essential as we navigate these industry challenges together. Here are a few ways you can help us continue providing you with exceptional service:

1. Timely Document Submission: Submit your tax documents early and completely. Utilize our client portal and check your inbox for notifications from [email protected] & [email protected]. Please also review our new service schedule for additional information. 
2. Use Available Tools and Resources: Follow the processes, read instructions, and use the tools and systems we have provided. This will help us serve you more efficiently and ensure a smoother experience for everyone.
3. Proactive Tax Planning: Engage in off-season tax planning to optimize your tax outcomes and gain insight into what can be expected in the next tax season.
4. Stay Informed: Keep up-to-date with our communications and updates. This will help you stay informed about any changes and ensure you are aware of what we need from you.
5. Be Patient: We generally operate on a first in first out (FIFO) basis addressing deliverables, projects, and requests as they come to us. However, certain tasks take priority over others as we’re working with deadlines every month.  

We are committed to adapting and evolving to meet the challenges of the current accounting industry landscape. Thank you for your continued trust and cooperation. Together, we can navigate these changes and ensure continued success.

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At Cornbelt Financial, we believe that empowering our clients is key to their success. Our approach goes beyond traditional accounting services; we strive to provide a comprehensive client experience that includes utilizing available tools, timely document submission, proactive tax planning, and embracing our paperless and remote office. By empowering our clients with the right resources and guidance, we aim to create a partnership that fosters success and financial well-being. 

Use of Available Tools, Resources, and Workflows
We have carefully selected and developed tools and workflows that streamline our processes and enhance your experience. By adhering to these preferred methods, you not only benefit from our optimized services but also help us maintain efficiency across the board. Exceptions will become limited as outliers often experience a less-than-preferred experience and distract us from serving clients using the preferred tools and resources. Clients who do not use the recommended tools may experience delays and may be subject to additional fees in the future. Let's work together to ensure a smooth and efficient process for everyone.

Timely Document Submission
One of the key factors in providing timely and accurate tax services is the early and complete submission of your tax documents. Utilize our client portal to upload your documents and check your inbox for system notifications from [email protected]                                                           & [email protected]. This ensures that we can start working on your returns promptly and avoid any last-minute rushes.

Proactive Tax Planning
Engaging in off-season tax planning is crucial for optimizing your tax outcomes and gaining insights into what to expect in the next tax season. By working with us proactively, you can take advantage of strategies that minimize your tax liability and improve your overall financial health.

Paperless and Remote Firm
We are proud to operate as a paperless and remote firm, saving approximately 60,000 pages of paper annually, which is equivalent to about six trees and over 16 tons of carbon by not requiring staff to commute. This commitment to sustainability not only benefits the environment but also enhances our efficiency and reduces overhead costs, allowing us to focus more on serving you.

Essential Requirements for Clients
To ensure a smooth and efficient process, we require the following from our clients:

• An email address for each person (taxpayer, spouse, children 18 and up if filing a return, etc.).
• Acceptance of the engagement online before any work starts. Once accepted, this becomes recurring.
• Ability to submit an organizer online.
• Ability to e-sign documents.
• Ability to view PDFs.
• Ability to upload and download documents to/from our portal.

If you need assistance with any of these items, please identify a person who can help, and we will capture their contact information along with a Disclosure Authorization.

Setup Direct Debit / Deposit for Refunds and Balances Owed
Setting up direct debit for balances owed and direct deposit for refunds simplifies the payment process and ensures timely transactions. This also reduces the risk of errors and delays associated with manual payments.

Update Tax Withholding or Submit Quarterly Estimates Online
To avoid any surprises at tax time, it’s essential to regularly update your tax withholding or submit quarterly estimates. This proactive approach helps manage your cash flow and ensures you stay compliant with tax obligations throughout the year.
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By following these guidelines and utilizing the resources we provide, you can maximize the benefits of our services and ensure a smooth and successful partnership with Cornbelt Financial. We are here to support you every step of the way and help you achieve your financial goals.

At Cornbelt Financial, providing exceptional service means operating on a carefully structured timeline. To set clear expectations and help you plan ahead, we've created a firm calendar highlighting key dates and deadlines. 

While tax season is our busiest period, our work is truly a year-round endeavor. We follow a structured calendar to ensure we can devote the proper time and attention to each client's needs. Maintaining a defined schedule allows us to thoroughly analyze your financial situation, identify opportunities, and deliver accurate, timely results. We'll partner closely with you to align our timelines with your needs, pivoting as circumstances demand. Open communication is key to making this a seamless, stress-free experience every year.

Here's what you need to know about how we'll collaborate smoothly throughout the year. We'll update this on an ongoing basis going forward. 

January 1st - Engagement Renewals & Tax Organizers:

• Deadline: Engagements renew effective January 1st near which time you should have received your tax organizer.
• Why: Submitting the tax organizer annually provides a great resource for clients to compile their tax information and update any information or inform us of any changes.

March 1st - Tax Document Submissions:

• Deadline: Submit your tax documents before early March.
• Why: This timing gives us the best chance to file your returns before the April 15th tax deadline.
• Note: Communication and response times will slow starting around this time until the conclusion of the tax deadline.

April 1st - Extension Estimate Submissions:

• Deadline: Submit your tax documents before April 1st.
• Why: This ensures we can provide an accurate estimate with your extension and going forward at this time our focus will shift to communicating next steps needed with your extensions.
• Note: Buzzer beaters are rare in sports and should be in tax accounting too.

April 15th - April 22nd - Office Closure:

• Status: Offices will be closed or only lightly staffed.
• Why: To give our team a much-needed break after the tax season rush.

April 22nd - Mid-May - Reduced Operations:

• Status: Limited capacity for tax returns and other services.
• Why: We need to catch up on both other services and personal matters. Conferences and vacations are common during the window. 

June - Resumption of Normal Operations:

• Status: Normal operations resume.
• Focus: Late submissions, kick-off of tax planning, and off-season initiatives.

August 1st - Extension Submissions:

• Deadline: Submit documents if you are on extension by August 1st.
• Why: We need time to prepare for the September 15th deadline for S-Corporations and Partnerships and the October 15th deadline for personal returns.
• Note: If you are still missing documents, submit what you have available and we'll coordinate a plan for the remaining missing items. 

Thanksgiving Week - Reduced Operations:

• Status: Reduced staff and slower operations.

December 15th - Year-End Tax Planning:

• Deadline: Request year-end tax planning before December 15th, thereafter we'll have reduced operations. 
• Why: The last couple of weeks in December are reserved for holidays and preparation for the upcoming tax season. Expect to receive tax organizers and announcements during this time.