Local Office Blogs

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November 4, 2015
Three CBIZ MHM Tampa Bay experts spoke at the 2015 USF Accounting Conference last week. The 2-day conference included presentations on a variety of accounting topics, including economic updates, auditing cyber security, identity theft, affordable care act, and retirement planning.

Brad Hale, Managing Director, presented on revenue recognition, walking attendees through a practical approach to adoption of the new revenue recognition standard including a high-level overview of the technical guidance and the most recent discussions of the Transition Resource Group.

Paul Dunham
, Managing Director, presented a federal tax update where he reviewed fiscal year 2016 budget proposals, the 2015 transportation act, tax rates and general planning, and status of extenders.

Dave Enick
, Managing Director, presented on accounting for M&A, which covered pre- and post-transaction accounting considerations related to M&A activity, from consideration of historical accounting policies and procedures to the technical nuances associated with business combinations and changing capital structures.

For more coverage of the event, search #ficpaUSFAC on Twitter.

November 3, 2015
CBIZ Philly Wins Best Places to Work Award!

Once again, The Philadelphia Business Journal has recognized CBIZ Philadelphia as one of the Best Places to Work in the area!  The companies were selected through employee surveys conducted by Quantum Workspace. To become a finalist, companies had to score 82 percent or higher on the survey.


A huge THANK YOU to everyone in our office that take the time out of their already busy schedules to truly make this a great place!




October 26, 2015

The Tampa Bay office of CBIZ MHM participated in Making Strides Against Breast Cancer at Amalie Arena over the weekend.

A number of staff participated in the actual 5k walk for the 4th year in a row, as well as some who virtually completed it by donating online.

Hosted throughout the nation, these walks help the American Cancer Society to continue to accelerate progress in breast cancer research and keep people with breast cancer healthy while we work towards a cure. Over 20,000 walkers participated in this event, raising $613,000 for Making Strides of Hillsborough. This year the Tampa Bay office raised $3,520!

If you’d like to support Making Strides and the American Cancer Society, you can donate by clicking here. Thanks to everyone for their support of this great cause!

October 23, 2015

Behind every successful company or nonprofit, there’s a hard-working board of directors. CBIZ MHM Tampa Bay is proud to be a presenting sponsor for the Tampa Bay Business Journal’s 2015 Outstanding Directors Awards. The inaugural event recognizes five boards and nine individual board members for their work in helping their organizations thrive.

There are many qualities board members must possess as their responsibilities and accountability increase. “One key trait is integrity, which is vital to keep boards strong. In addition to integrity, directors need to be visionaries.” said Bill Tapp, Senior Managing Director at CBIZ MHM Tampa Bay.

Join us in honoring Tampa Bay’s 2015 Outstanding Directors at their awards luncheon on November 19th. For more information on registration, contact TBBJ Event Manager Briana Sellers at bsellers@bizjournals.com.  

The full list of honorees was announced October 22nd on the Tampa Bay Business Journal website. Here are the Outstanding Directors for 2015:

  • Public company board: Sunshine Bancorp Inc.
  • Public company director — under $1 billion: Hilliard Eure III, MarineMax Inc.
  • Public company director — over $1 billion: Charles Adair, Tech Data Corp.
  • Private company board: Freedom Bank of America
  • Nonprofit board, small: Tampa Bay Technology Forum
  • Nonprofit board, medium: National Forensic Science Technology Center
  • Nonprofit board, large: Lutheran Services Florida Inc.
  • Nonprofit company director, small: Susan Boyd, Seniors in Service of Tampa Bay Inc.
  • Nonprofit company director, medium: Frank Capitano, Pediatric Cancer Foundation
  • Nonprofit company director, large: Theron TD Hawkins, Achieva Credit Union
  • Lifetime Achievement Award: Claudia Straw, Ronald McDonald House Charities of Tampa Bay Inc.
  • CBIZ MHM Audit Committee Chair Award: Graham Savage, Cott Corporation
  • SunTrust Bank Outstanding Director Award: Vera Muzzillo, Proforma
  • Foley & Lardner Director of the Year Award: Allan S. Martin, Atlantic Merchant Capital Investors

October 20, 2015

With the highest level of divorce and collaborative experience on the west coast of Florida, the CBIZ MHM Forensic & Financial Services (FFS) Group maintains a national reputation for their extensive in-depth knowledge of accounting and finance to assist the legal community in identifying, understanding, and presenting complicated financial elements in dispute engagements.

The Tampa Bay FFS Group has participated in numerous collaborative divorce cases by serving as the financial neutral. Their focus is working with collaborative divorce professionals to provide a peaceful and respectful team-based solution for their clients. From premarital assets to civil litigation suits and economic damages, we help clients and their legal teams prepare for, and if possible, avoid trial.

The Tampa Bay FFS team supports the collaborative divorce process by:

  • Providing a team based environment
  • Resolving disputes
  • Addressing complex matters
  • Providing forensic accounting
  • Identifying assets & liabilities
  • Determining income
  • Valuing businesses
  • Preparing support scenarios & analyses
  • Developing creative option building

To explore how to engage CBIZ MHM for your collaborative team, contact Anthony Phillips at Anthony.phillips@cbiz.com or 813.594.1400.

October 15, 2015

Featured for her expertise in State and Local Taxes, Sonya Daniels is making a big impact by providing insight to multiple national resources.

Sonya has been featured in both local and national news on web and print resources.  In the Memphis Business Journal, Sonya offered insight into Tennessee's tax-free weekend-- explaining what exemptions exist and why some items do not qualify for exemption.  Sonya was also referenced in the Chicago Tribune as it relates to the pros and cons of Illinois skipping back-to-school sales tax holidays.  Lastly, Sonya provided her insight on the topic for an article published by AccountingToday.  She spoke on the diverse specifics that exist on tax returns for states as well as the various reporting rules that are ambiguous from state to state.

More recently, Sonya authored a national blog post where she outlined tips on reporting for sales tax holidays and how important it is to remain compliant with state tax collectors.  Lastly, Sonya was quoted in the Tip of the Day published by Manta Media Inc.  Giving advice on tax-audit options to small business owners, Sonya explains why finding financing options through banks might be better than paying the high rates of tax authorities.

Too see previous blog posts referencing Sonya, click here.  For questions related to sales and use tax, contact Sonya Daniels at sdaniels@cbiz.com or 901-685-5575.

October 14, 2015

Six proposed, small-scale changes have been added to the list of updates to ASU 2014-09, Revenue from Contract with Customers (Topic 606). The exposure draft of the changes, released by the Financial Accounting Standards Board (FASB), does not materially change the five-step process for revenue recognition put in place by ASU 2014-09. A recent article by Tampa Bay Managing Director, Brad Hale, discusses the changes and how they are designed to address six areas of implementation concern raised by the Transition Resource Group:

  1. Collectability Criterion
  2. Presentation of Taxes Collected from the Customer
  3. Noncash Considerations
  4. Contract Modifications at Transition
  5. Completed Contracts at Transition
  6. Technical Correction to Transition Guidance

As part of the exposure draft, the FASB agreed to add items related to the adoption and transition to the new revenue recognition guidance to its technical agenda. Further implementation concerns and issues will likely arise before the guidance starts to roll out in 2018, and we will keep you up-to-date as these changes occur.

For more information about the six proposed changes, read the full article here. If you have questions about how revenue recognition will impact your organization, please contact Brad at bhale@cbiz.com or 727.572.1400.

October 13, 2015

Whether your tax-free reorganization is acquisitive or divisive in nature, it must have continuity and business purpose principles in order to avoid tainting the tax-free nature of the transaction. These principles constitute the rationale which the courts have developed over time for the nonrecognition of tax in reorganization transactions.

Business Purpose Principle

The business purpose principle relates to the non-tax purpose of the reorganization. The courts and the IRS are typically weary of transactions being carried out for tax avoidance reasons and will disqualify any tax-free organization whose purpose includes tax avoidance. A valid business purpose may include resolution of a shareholder dispute or a facilitation of a merger.

Continuity Principle

The continuity principle includes the continuity of interest and the continuity of business enterprise doctrines.

Continuity of Interest Doctrine

As the name suggests, the continuity of interest doctrine relates to the ownership role of stockholders after reorganization. Stockholders must continue to play a role in the business post-reorganization. This rule applies to all tax reorganizations except in a Recapitalization or Identity Change transaction. Continuity is preserved when the value of the target holders stock in the new corporation is at least 50% of the stock value previously held. In the event of a divisive reorganization, the stockholders of the divided corporation must hold at least 50% of the stock value of the newly formed corporation.

Continuity of Business Enterprise Doctrine

The continuity of business doctrine examines a business’ activities to determine whether they are continued or whether a significant portion of the assets are used after the reorganization. Meeting the requirements of either one of these activities will satisfy the continuity of business enterprise principle. In continuing business activities, at least one of the lines of business of the target must be continued after in the reorganization. Asset continuity is measured on a facts and circumstances basis. In general, the significance in the portion of the assets being used post-reorganization is measured by the relative importance of the asset to the operations, and not necessarily the quantity being used.

While each type of tax-free reorganization has additional statutory requirements, following these principles will help anchor your tax-free reorganizations in the future. For further information on tax reorganizations, feel free to contact me, Karen Burton at kburton@cbiz.com, or one of my colleagues at CBIZ MHM Memphis.

October 8, 2015

Megan Murdock, Marketing Manager for the Memphis and Tampa Bay offices, has been named to the 2015 class of Memphis Business Journal’s Top 40 Under 40, a list of young professionals who have proven records of accomplishments, having made a difference both with their careers and their community.

Eustis Corrigan, Senior Managing Director, commented “Megan clearly has a track record of accomplishments. Her passions have no boundaries, and she successfully juggles her career and personal interests. It is an honor to have this rising star both at CBIZ MHM and as part of the Memphis community.”

With more than 10 years of experience in professional services marketing, Megan manages the organic growth and branding programs for the Memphis and Tampa Bay practices. She works closely with the Managing Directors to generate opportunities, manage relationships, and track growth for services and industries, including manufacturing, distribution/logistics, real estate, not-for-profit, and construction.

Memphis Business Journal’s annual Top 40 Under 40 awards event will be held at noon on Friday, November 13th at Hilton of Memphis.

To see the full list and more details about the awards, visit the MBJ press release here.

October 8, 2015

Together, with Spencer Fane, CBIZ MHM proudly sponsored the 2nd Annual Architecture, Engineering and Construction industry seminar on October 1st. This year the half day seminar was focused on Transition and Next Generation Planning and concluded with legal trends in the industry. The A/E/C industry is important to CBIZ MHM and we are very pleased to have had several clients and guests attend the event to learn more about the challenges faced and available options when transition planning. The following is a brief summary of the seminar. As an additional resource, the slide deck from this presentation can also be downloaded here

KEY TAKE AWAY: Whether you’re planning for ownership transition of the business during life or planning for the ownership transition of the business upon death, it is imperative that you have a transition plan in place now. 

Joyce Farris, Managing Director at CBIZ MHM, LLC and David Seitter, Partner at Spencer Fane LLP, co-presented the main portion of this half day seminar. During this time, Farris and Seitter focused on the aspects of the transition planning process, available options, the steps you need to consider when formulating a long term action plan and how to ensure you have aligned all of the key aspects which fall within the plan. The presentation slides provide more information on the important steps you should consider when putting a plan in place, and your next steps to ensure you and your business are covered for the future.

David Schatz, Partner at Spencer Fane LLP, concluded the day with legal trends in the construction industry. This section is also reflected in our slide deck and includes important 2015 industry trends and how they may affect your bottom line.

For more information or any questions regarding the presentation or slide deck, please contact Joyce Farris, David Seitter or David Schatz.

Did you miss the seminar, but want to make sure you are added to future invitation lists? Contact aelliott@cbiz.com


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