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October 8, 2015

Molly Wendland, Specialist in CBIZ’s Tax Incentives Practice, gives insight into Florida’s many tax incentive programs in Part 2 guest post.

 

In the previous post, trigger considerations and eligible industries were covered. Today’s post will review the specific programs and benefits available in Florida.

 

Florida’s many programs help companies offset the costs of making investment, adding jobs, and training employees. Specific programs and benefits vary but can include the following:

 

Programs and Benefits

  • Withholding tax refund of $3,000 - $8,500 per new job created
  • Investment tax credit
    o    Minimum capital investment: $25 million
    o    Can apply 5% of investment toward up to 75% of corporate tax liability
  • High impact project grants available to companies in designated high-impact portions of the following sectors – clean energy, corporate headquarters, financial services, life sciences, semiconductors, and transportation equipment manufacturing. Funding is discretionary. Both of the following additional parameters apply:
    o    Available to companies creating at least 50 new jobs within a three year period (or 25 for R&D facility)
    o    Cumulative capital investment requirement of $50 million within a three year period (or $25 million for R&D facility)
  • Incentives for businesses that choose to locate within a special zone:
    o    Enterprise Zone:
    o  Business machinery & equipment sales tax refund
    o  Jobs tax credit (sales tax)
    o  Jobs tax credit (corporate income tax)
    o  Building materials sales tax refund
    o  Property tax credit
    o  Sales tax exemption for electrical energy
    o    Brownfield:
    o  Tax refunds up to $2,500 per job created on a Brownfield site
    o  Other restrictions apply

Additional incentives with lower wage qualifications available to meet the special needs associated with businesses located in rural counties or urban core areas

 

Training Grants

The often overlooked incentive is the training grant, which is available as a unique means of offsetting the cost of job specific training for new employees or for training existing staff on new technology, processes or equipment. Funds are provided to the company on a cash reimbursement basis and can be used for expenses related to on-the-job and/or classroom training. Expenses can include instructor salaries, vendor training costs, training materials, and curriculum development costs to prepare the training materials.

 

Each program is different, and sifting through the requirements and compliance can be confusing at best and frustrating at the worst. Utilizing an expert in this area will produce the results beneficial to your company.

 

If your business is expanding, please contact Molly at MWendland@CBIZ.com or 816.945.5264 to see if your company may be eligible for these incentives.





October 6, 2015

The Organisation for Economic Co-operation and Development (OECD) and the G20 Countries continue to release and finalize the remaining deliverables of their 15-Point Action Plan addressing the Base Erosion and Profit Shifting (BEPS) project. As discussed in one of our earlier insights on the topic, transfer pricing documentation is being re-examined in an effort to enhance transparency, certainty, and predictability for both tax administrators and taxpayers. Adoption of the new guidance is being evaluated by many taxing authorities worldwide in which multi-national enterprises do business.

The following list highlights some of the countries that have recently issued updates and developments from across the globe concerning transfer pricing documentation and regulations:

Mexico
Mexico presented its Congress with a tax reform package for review on September 8, 2015. The package envisions the adoption of BEPS action item 13 relating to country by country reporting (CBCR), master file, and local file reporting requirements. The requirements would be introduced on a calendar year basis with the first due on December 31, 2017 for the tax year ending December 31, 2016. Multinationals with local revenue of approximately $38 million USD would be subject to master file and local file requirements while Mexican owned multinationals with group revenue of approximately $714 million USD would be subject to CBCR.

Australia
Australia has released draft transfer pricing legislation which would require a country-by-country report in addition to the master file and the local file in part of compliance with Action 13 (Guidance on the Implementation of Transfer Pricing Documentation and Country-by-Country Reporting). Multinationals headquartered in Australia with group revenues of A$ 1 billion or more will be required to file a country-by-country report in Australia. Multinationals headquartered outside of Australia above the same threshold will be required to prepare Master File and Local File documentation. 

Spain
Spain has released new transfer pricing guidance which now requires a country-by-country report in addition to the master file and the local file in part of compliance with Action 13 (Guidance on the Implementation of Transfer Pricing Documentation and Country-by-Country Reporting). Spain reacted quickly to implement recommendations stemming from the work of the OECD’s BEPS project. The guidance would be applicable for multinationals with group revenue of greater than €750 million headquartered in Spain with the first report due within 12 months of the first tax year ending after January 1, 2016.

Earlier this spring, the Ministry of Finance published a draft Royal Decree approving the Corporate Income Tax Regulations.

Canada
In February, the Canada Revenue Agency (CRA) released guidance following the OECD’s BEPS project guidelines. Guidance issued included policies on internal audits of intra-group services and the use of multiple year data in transfer pricing analyses. Intra-group services will be deductible only if the services confer genuine benefit or economic value to the recipient.

If your company operates within any of these countries or has questions regarding the continued changing transfer pricing environment worldwide, please reach out to your local CBIZ contact to make sure your documentation will be sufficient to manage risk associated with transfer pricing.

China
Any outbound payments to overseas related parties will be overseen by the Chinese tax authority as documented in Public Notice 16 to ensure authenticity and adherence to the arm’s length standard. This notice is a direct result of China wanting to show their support for the BEPS initiatives.

Specifically, China is targeting services charges considered to be irrelevant for the Chinese taxpayers function and risk profile, services merely protecting shareholder interests, duplicative of services already paid for locally, services that are a result of passive association of the group or do not bring direct benefit, or services that are already remunerated through other intercompany transactions.

Poland
Draft amendments of the Personal Income Tax (PIT) and Corporate Income Tax (CIT) acts, which include new transfer pricing documentation requirements for Polish taxpayers, were released by Poland in May. Drafted requirements are similar to the BEPS initiative and will be more extensive than what is currently required. Amongst other updates, the deadline for preparing the documentation will be changed to reflect the current annual tax return deadline.

Bolivia
Bolivia has officially recognized the new transfer pricing guidelines defined by the OECD and will be enforcing said rules for affected taxpayers in the fiscal year 2015.

Taiwan
The Ministry of Finance introduced amendments to transfer pricing assessment rules and concepts reflected in the OECD guidelines in March of this year.

If you have further questions regarding transfer pricing regulations and updates, feel free to contact our local Transfer Pricing expert Josh Finfrock at jfinfrock@cbiz.com.




September 30, 2015

Molly Wendland, Specialist in CBIZ’s Tax Incentives Practice, gives insight into Florida’s many tax incentive programs in part 1 of this 2 part guest post.

 

At the end of each day, we would all like to think that we have acted in our company’s best interest. But what if we haven’t? Have we left the company’s money sitting on the table?

 

Is your company growing? Are you adding jobs faster than you can process the paperwork? Are you making significant capital investment? If so, your company may be in a favorable position to reap the benefits of one or more of Florida’s many tax incentive programs.

 

Like most states, Florida offers multiple programs to companies to help offset the cost of an expansion. Florida incentives can come in many forms, including but not limited to cash; tax credits for new jobs and investment; sales tax credits, refunds, and exemptions; corporate income tax credits, and more.

 

Trigger Considerations

If your company is considering one or more of the following, you may be poised to reap the benefits of these programs:

  • Increasing headcount
  • Acquiring new space, building a new facility or signing a new lease
  • Making significant capital investment
  • Incorporating new technology that requires existing workforce to be trained

It should be noted that incentives are a "but for" proposition (e.g., "But for the incentives offered through the state of Florida, Company X would not have chosen to expand here.") Therefore, it is crucial to begin working on this process prior to making any final decisions on the expansion.

 

Eligible Industries

Florida targets companies that are creating high wage jobs in the following for-profit industries:

  • Manufacturing
  • Life Sciences
  • Financial / Professional Services
  • Clean Tech
  • Research & Development
  • Aviation / Aerospace
  • Homeland Security / Defense
  • IT
  • Global Logistics
  • Headquarters (regardless of industry)

Retail, utilities, mining and other extraction or processing businesses are ineligible.

 

Stay tuned for Part 2 to find out what types of programs and benefits are available. 

If your business is expanding, please contact Molly at MWendland@CBIZ.com or 816.945.5264 to see if your company may be eligible for these incentives.



September 29, 2015

CBIZ & MHM Memphis is thrilled to announce our selection as one of the Memphis Business Journal’s Best Places to Work. The Best Places to Work is a list of the top workplaces in the Memphis metro area, which is determined solely on employee feedback.

The employee survey is conducted by Quantum Workplace, a national research firm.  We are honored to have been selected as a finalist, particularly as the judges were our employees!

As part of this year's nomination process and employee engagement surveys, CBIZ & MHM Memphis was named a finalist in the category for mid-size companies.  Official winner will be announced in a Best Places to Work special section in the October 30, 2015 print edition of the Memphis Business Journal.

To see the official announcement from the Memphis Business Journal, click here.  Interested in working for us?  To explore career opportunities at CBIZ, visit: www.cbiz.jobs




September 28, 2015

To support the highway system, the federal government, states and some jurisdictions impose a tax on motor fuel consumption. Fuel tax rates and exemptions vary on the federal, state and local level. Additionally, there are a number of fuel tax exemptions, which further complicates fuel tax planning.

If your company transports cold goods, if you use diesel particulate filters, pave roads, provide bus services or export goods, you may benefit from a CBIZ MHM fuel tax refund study. These studies help companies meet their fuel tax obligations while maximizing the benefits of the available exemptions.

Learn more about CBIZ MHM Fuel Tax Refund Studies.




September 28, 2015

The Tampa Bay Business Journal has announced the finalists for the 2015 Up & Comers Awards. A panel of four volunteer executives from the business community spent two days with almost 200 nomination packets and found 46 Up & Comers to introduce to the Tampa Bay business community.

Shaun McClung from CBIZ MHM Tampa Bay was selected as one of the 2015 finalists. Shaun is a Tax Senior Manager and focuses on providing tax consulting and compliance services for public and privately-held clients in a variety of industries.

Join us in honoring Shaun and all of the finalists at their awards gala on October 29th. For more information on registration, contact TBBJ Events Manager Briana Sellers at bsellers@bizjournals.com.

The full list of finalists was announced on September 25th on the Tampa Bay Business Journal website.



September 25, 2015

Featured in The Memphis Daily News, Senior Managing Director Eustis Corrigan explains why he is passionate about his [now] home of Memphis, TN.

The “I Choose Memphis” special feature on the Daily News website spotlights Memphians who are passionate about calling this community home.  Profiles are provided by a local non-profit, leadership development organization called the New Memphis Institute.

Corrigan, a Louisiana native, talks about some of his personal favorites in Memphis as well as his first memory of the Bluff City.

Eustis has more than 25 years of comprehensive tax, accounting, and strategic business consulting experience, the majority of which he served as a tax services partner with an international accounting firm. Prior to joining CBIZ, Eustis was a tax partner with a Top 50 accounting firm, where he held a leadership role for all tax services. His career also includes serving as the Chief Financial Officer for a publicly-traded, Southeast-based regional bank holding company.

For more information on Eustis Corrigan,
view his bio on our website.  To view the full Memphis Daily News feature, click the button below.


 




September 23, 2015

This seminar will include discussions surrounding the following topics:


FASB Update and Simplification Project


FASB's New Revenue Recognition Standard


Going Concern - A New Accounting Standard


Report from the Hill - Legislative Update


IRS Update


Judicial Update

 




September 23, 2015

Fiduciary Training: Roles, Responsibilities & Liabilities

A plan fiduciary’s failure to comply with the strict fiduciary standards imposed by the Employee Retirement Income Security Act of 1974 (ERISA) may have serious consequences, including personal liability and enforcement actions by the Department of Labor (DOL). Therefore, CBIZ MHM feels it is vital to educate those who oversee and administer ERISA plans about their fiduciary obligations. This training will assist those responsible for overseeing employee benefit plans in understanding the fiduciary responsibilities under ERISA and how to manage the associated liabilities from both a legal and corporate compliance perspective. 

Many corporate officers do not feel comfortable with their level of understanding of even basic issues regarding plan governance. Frequently, plan documents do not accurately reflect day-to-day plan administration. In both of these circumstances, corporate officers and boards of directors could be exposed to potential ERISA liability for matters over which they inadvertently exercise improper control or for which they really do not have any functional control.

By going through a good fiduciary training program facilitated by CBIZ MHM, those responsible for administering and overseeing ERISA plans can gain a better understanding of the legal rules and how to manage liabilities in light of their company’s particular circumstances and governance goals.




September 23, 2015

Are you an avid golfer or have always wanted to learn how to play? If so, please join the CBIZ Women's Advantage group at our next event, Ladies on the Links Golf Clinic! Guests will have the opportunity to work with top-level golf instructors to learn, refine and improve upon their golf game. This event is perfect for golfers of all skill levels (including non-golfers). A networking reception with food and drinks will follow the clinic and will feature a short speech centered around forwarding women in business. We will have rental clubs on hand free of charge, but feel free to bring your own set. We look forward to seeing you there!




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