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February 8, 2017

It feels like the Holidays were just here, but we’re already in February. As with most people, we’re determined to make (and keep!) at least one New Years’ resolution – ours being blogging more frequently. We hope you enjoy hearing about what we’ll be up to this year, and learning more about our amazing team!


January went by quickly for us here at CBIZ. We ushered in the New Year with a busy schedule full of team activities, training, and other community events to help us set the tone for what’s sure to be a VERY busy tax season. Some of our January highlights...

Busy Season Kick-Off Meeting w/ our CEO Jerry Grisko

Each January, the Phoenix office comes together to prepare for the upcoming busy season and to review our plan for the coming months. We usually have snacks and swag to give away, but this year we had a special treat – a visit from our CEO, Jerry!

It was great to hear directly from our fearless leader, and to see what he has in store for CBIZ in 2017 and beyond. Special thanks to Jerry for making his way to Phoenix! 

Coyotes vs. Canucks with FEI

For those of you that enjoy hockey, you’ll like this one. We had the pleasure of hosting a mixer with FEI at a Coyotes vs. Canucks game, and we had a great time! Not only did the Coyotes win 3-0 (*proceeds to howl*) but we had a great time networking with 20+ local financial executives and their families.

 

CBIZ Super Bowl Potluck

During the week leading up to the Super Bowl, trash-talking was at an all-time high between our staunch Patriots fans and, well, everyone else. We figured there was no better way to gear up for the Super Bowl than to have a Super Bowl foods-inspired potluck. Who are we kidding - we'll use any excuse to have a team get together.

Even if some of our team wasn’t happy with the ultimate outcome, we can ALL agree that the Super Bowl has the best foods ever.


Stay tuned for more updates from the Phoenix office!




February 1, 2017

CBIZ MHM Tampa Bay will host a second annual half-day CFO & Controller Conference focused on the new CFO.  The responsibilities of the CFO have become more diverse than ever before. Today’s dynamic environment demands that the CFO play a strategic role in providing financial perspective, building partnerships, marketing strategies, technology decisions, and even employee engagement programs.

Hear the latest on these topics as well as perspectives from local CFOs who have expanded their roles throughout their career.

The event will take place May 23rd at USF Health, Center for Advanced Medical Learning and Simulation in downtown Tampa.  The conference will qualify for 4 hours of CPE credit.  Pre-registration is required, and attendees can register now online for a fee of $50, which includes the cost of the conference, breakfast, lunch, and parking. 

For more information and to register:
www.cbiz.com/newcfo

Stay tuned for future posts about our presenters and topics leading up to the event.



January 27, 2017

It is with great pleasure that CBIZ MHM Memphis announces that four employees have been promoted to Managing Director.

“On behalf of everyone at CBIZ MHM, I would like to congratulate each of our new managing directors in the Memphis office.  I am extremely proud of what this year’s class means to CBIZ MHM,” said Eustis Corrigan, Senior Managing Director, CBIZ MHM.

Brooke Balducci, CPA

  • Specialty: Corporate Tax Compliance and Consulting, State and Local Taxation, Passthrough Taxation, Accounting for Income Taxes
  • Organizations: AICPA, TSCPA, Mid-South Food Bank
  • Education: Mississippi State University
  • Best Advice Brooke Has Ever Been Given: "Do your best even when no one is watching."

Cherry Blanton, CPA

  • Specialty: Financial Statement Audits, Employee Benefit Plan Audits, Privately Held Companies
  • Organizations: AICPA, TSCPA, Memphis Institute for Leadership Education (MILE), Department of Management in Fogelman College of Business at University of Memphis
  • Education: Faulkner University
  • Best Advice Cherry Has Ever Been Given: "You can be anything you want to be."

Rhett Butler, CPA

  • Specialty: Financial Statement Audits, Transaction Advisory, Fraud and Anti-Corruption Services, Acquisition Due Diligence, Manufacturing
  • Organizations: AICPA, TSCPA, Association of Certified Fraud Examiners
  • Education: Rhodes College
  • Best Advice Rhett Has Ever Been Given: "Pursue perfection and accept excellence."

Josh Finfrock

  • Specialty: Transfer Pricing, Development of Planning and Documentation Strategies for Multinational Corporations
  • Education: Wheaton College
  • Best Advice Josh Has Ever Been Given: "You're a problem solver. You will be able to figure this out on your own."

“We are adding 4 strong managing directors with diverse voices and deep industry experience to our leadership team.  We are also promoting leaders we have developed ourselves and who represent the culmination of hard work, focus and passion,” Corrigan said.  “This accomplished group embodies the mission and values we live every day at CBIZ MHM and has exhibited an extraordinary ability to create value for our clients, firm, profession and communities.  The promotion of these new managing directors further ensures that we are prepared for the ever changing environment and highlights our commitment to building a high-performance culture.”

For more information about our team in Memphis, click here.




January 17, 2017

CBIZ MHM is pleased to announce that Dave Janosek has transferred to the Tampa Bay practice as Managing Director.

Prior to moving to Tampa Bay, Dave spent 13 years as the Tax Practice Leader for the CBIZ Northern Ohio business unit. Dave will provide additional expertise to the rapidly-growing tax practice in Tampa Bay.

Dave will be focusing on providing tax and business advisory services to closely held businesses in diverse industry groups, such as real estate, hospitality, wholesale trade, private equity, professional services, and manufacturing.

Janosek received his Bachelor’s degree in Accounting and Finance from The Ohio State University. He is a CPA and a member of the AICPA and OSCPA.



January 9, 2017

The 2017 CFO of the Year finalists were announced in the Tampa Bay Business Journal today. CBIZ MHM Tampa Bay is proud to sponsor the CFO awards, which are designed to honor financial professionals in the Tampa Bay area for outstanding performance in their roles as corporate financial stewards.

The 2017 class of CFOs of the Year include the following:

Small category

  • Gregg Haddad, Avalon Healthcare Solutions
  • Rita Maxwell, Visual Awareness Technologies & Consulting
  • Tayra Paul, Laser Locators LLC
  • Greg Rogers, NAC Group
  • Anthony Sanchez, Accusoft Corp.

Medium category

  • David Bradford, Environmental Pest Service
  • Ashby Green, Gazelle FP&A
  • Jack Laskowitz, Paradise Inc.
  • John McGovern, Star2Star Communications LLC
  • Kris Wiebeck, Baldwin Risk Partners

Large category

  • Brad Baker, GTE Financial
  • Tom Baumlin, Triad Retail Media
  • Tina Dumar, myMatrixx
  • David Fairey, Revcontent
  • Rob Gagliardi, Tampa Bay Rays
  • Patrick Gramling, IRONMAN
  • Nirmal Patel, Benzer Pharmacy

Nonprofit

  • John Donohoe, Academy of the Holy Names
  • Michelle Furan-Sullivan, Directions for Living
  • Larry Gilley, Agency for Community Treatment Services Inc.
  • Lori Glover, Ruth Eckerd Hall Inc.
  • Gloria Manzenberger, Southeastern Guide Dogs
  • Steve Welch, Gracepoint
This year’s CFO of the Year finalists will be honored at an awards luncheon at The Bryan Glazer Family JCC on February 2. To meet this year’s CFO honorees, register for the awards event by clicking here. For more coverage on the 2017 CFO of the Year event, search #TBBJCFO on Twitter.



December 19, 2016

To get in the Holiday spirit, the office hosted a cubical decorating contest and Holiday sweater contest. The winners, pictured below, were announced at a pizza luncheon in the office. A secret Santa calendar exchange topped off the day’s activities.

The Holiday activities wrapped up with the annual Firm Day and Holiday Party held at Busch Gardens this year. To kick off the day, all employees participated in a photo scavenger hunt team-building exercise throughout the park. Employees were divided into 15 teams competing to see who could capture the most compelling, outrageous, and high-point-value photos.

After the team-building, everyone went to the Gwazi Pavilion for lunch and an unforgettable video presentation culminating the day’s events. Employees were free to enjoy the park after lunch for the remainder of the day.

Connect with us on Twitter and LinkedIn to see more fun activities from CBIZ MHM Tampa Bay!





December 14, 2016
The “Taxman” cometh in April; but it is wise to be prepared in December. The dreaded April 15th, when all those hard-earned dollars are due to Uncle Sam, is right around the corner. Manufacturing companies and their owners can and should take steps in December to minimize their tax burden in April. As we explore some of these year-end tax planning opportunities, it is important not to let the tax tail wag the dog; businesses should not spend a dollar to save 40 cents in taxes unless that dollar brings economic value to the company.

Before we delve deeper into tax planning opportunities, there are two underlying considerations: 

  • Coordinate business tax planning with individual tax planning: Most small to mid-market businesses are structured as pass-through entities (S-Corps/Partnerships /LLCs). Under these structures, the business does not pay income tax. The taxable income/loss of the business is reported on the owner’s individual tax return and the tax is paid at that level. As a result, it is critical to coordinate tax planning for a business with ownership tax planning.
  • Assess whether your income brackets are likely to change: As a general rule of thumb, businesses should accelerate deductions and defer income when tax brackets remain consistent year to year, or if the current year is in a higher tax bracket. If 2016 was a strong year, it is likely that you will want to accelerate deductions into 2016 and defer income into 2017. Conversely, if 2016 was a down year, the company would take the opposite approach.

Now let’s examine some of the various tax planning opportunities:

  • Timing of payments: Determine when to make related-party payments. Most related-party transactions (owner’s interest related-party rent, ownership bonuses, etc.) are treated on a cash basis. Companies should make these payments depending on if they want to accelerate or defer deductions.
  • Have your fixed asset ledger up to date: Due to Section 179 deductions and Bonus Depreciation, fixed asset additions create a tremendous opportunity to manage taxable income for assets purchased and placed in service before year-end. Although these determinations do not need to be made until after year-end, a company needs to know what impact tax depreciation will have on their taxable income while making other time-sensitive decisions.
  •  Managing your capital gains and losses: Capital gains and losses offset. If a pass-through business has generated any capital gains or losses, there should be coordination with the ownership’s investment advisors to explore opportunities to harvest capital gains or losses in the ownership’s personal investment portfolio.
  • Obsolete inventory: In general, manufacturers cannot take a deduction for obsolete inventory until it is physically disposed. If you have obsolete inventory that you have reserved for, dispose of it before the year-end to get the deduction.
  • Research and Development Tax Credits: The R&D credit provides significant tax savings to a significant number of manufacturers. If your manufacturing company does not take the R&D credit, double check to see if you qualify. If you are already
    taking advantage of the R&D credit, be sure to coordinate with your R&D expert regarding any changes in the laws and in your operations to maximize the credit.
  •  Explore creating an IC-DISC (Interest-Charge, Domestic International Sales Corporation): Manufacturers may be missing this lucrative U.S. tax incentive. Manufacturers that export (directly or indirectly) U.S. made goods may qualify for reduced tax rates on export profits. Because of the complexity involved with this tax strategy, many manufacturers are not taking advantage of this opportunity.
  • Don’t forget the bank: These tax planning strategies, along with others, can’t be considered in a tax planning vacuum. As always, manufacturers need to consider any impact that these decisions would have on their debt covenants with their lenders. Tax planning time is the perfect time to also review your compliance with bank covenants since many financial covenants are measured at year-end. There can be opportunities to coordinate tax planning and covenant compliance decisions. One example is the timing of tax distributions. If a company is planning on a significant tax distributions to ownership in early 2017 to cover 2016 tax liability, and the company could make those distributions in 2016 while still being in compliance with their bank covenants, consideration should be given to accelerating those distributions into 2016.

These are just a few of the various tax opportunities out there. The key to keeping taxes low in April is to make sure your ducks are in a row by December. Be sure to coordinate with your financial and tax advisors to minimize your tax obligations.

By Brian Barsi

BRIAN BARSI, CPA, is a Managing Director at CBIZ MHM and a Shareholder of Mayer Hoffman McCann P.C., an independent CPA firm. Brian has extensive experience serving mid-market clients primarily in the manufacturing and distribution industries, and leads the CBIZ MHM Minneapolis Manufacturing group. He can be reached at 612-376-1237 or bbarsi@cbiz.com.





December 13, 2016

For the second year in a row, the CBIZ Florida offices sponsored the ACG Capital Connection Conference in Amelia Island. This year’s conference, held November 15-16, attracted more than 450 attendees from 26 states to the Ritz-Carlton. The CBIZ Transaction Advisory Services (TAS) group was present and sponsored charging stations at the event.

Our CBIZ TAS professionals assist with decision-making throughout the transaction process. They stand at the ready to assist you with due diligence, quality of earnings reports or by providing financial and business services during the lifetime of your investment. With responsive service, a personalized approach and team continuity, they deliver a full suite of services to get you from deal evaluation through post-sale transition.

Contact Dave Enick, Southeast Transaction Advisory Leader, for more information on how to keep you connected to your complex transactions.




December 9, 2016

The holiday season is a time of giving. However, before you set plans into motion, it’s important to understand the tax advantages – as well as the possible complications – that are associated with gifting assets to family, charities and institutions.

That’s why we compiled the infographic below from the CBIZ 2016 Individual Tax Planning Supplement that details our top gift and estate tax planning ideas to consider. Please remember that these and other planning strategies need to be executed in the context of balancing who controls the assets and who benefits from the assets.

Note that some of these opportunities – specifically the ability to use valuation discounts in certain situations – are subject to revision by Congress and the IRS, so it’s important to start thinking about your gifting strategies now.

For other tax strategies, contact your CBIZ tax professional, or check out the CBIZ website and the rest of the Individual Tax Planning Supplement as a comprehensive guide to minimize your 2016 tax bill.






December 6, 2016

CBIZ MHM is pleased to announce that Steve Lackey has rejoined the Memphis practice as Managing Director. Steve is a Certified Public Accountant (CPA) with significant experience with local and national firms. Most recently, Steve served as the Controller at the University of Memphis.

Steve spent more than 15 years as a Partner at Thompson Dunavant PLC and Managing Director of CBIZ MHM, focusing on audit and consulting services for a diverse group of businesses, governments, and not-for-profits. In addition to engagement management, Steve will focus on deepening relationships with the leadership and personnel of client organizations, contributing to business development efforts, and serving as a trusted business advisor to clients.

"We are pleased that Steve Lackey is rejoining CBIZ MHM and the profession. Steve brings back to our Firm a sense of familiarity with our clients, our processes, and our people," said Eustis Corrigan, Senior Managing Director, CBIZ MHM. "He will be key in executing our strategy to expand on our relationships and opportunities in the Greater Memphis area and in delivering exceptional client service."

Lackey received his bachelor's degree in Accounting from the University of Memphis. He is a member of the American Institute of Certified Public Accountants and the Tennessee Society of Certified Public Accountants.