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August 12, 2015

Linda Lauer has been appointed to the Mayer Hoffman McCann P.C. (MHM) Board of Directors.  Linda serves as the Co-Attest Practice Leader of the Memphis office.  She has been with MHM for four years since joining by acquisition in 2011.  Linda has more than 25 years of industry experience in public accounting as well as Fortune 500 companies.

 “I am proud to see Linda join the MHM Board of Directors as a representative of Memphis and one of the first women to serve on the board,” comments Eustis Corrigan, Senior Managing Director, CBIZ MHM Memphis. “The Board will provide Linda with a unique opportunity to be at the forefront of change and development within our Firm on a national level and will offer her a chance to share insight and feedback from our local office.”

In addition to serving as Co-Attest Practice Leader, Linda leads the office’s employee benefit plan audit practice. Outside of the office, Linda also contributes her time to several committees and Boards including the National CBIZ Women’s Advantage Executive Board, the Leadership Memphis Board, and the Page Robbins Adult Day Care Center Board. 

To see the full press release on Linda’s appointment to the MHM Board, click here.

August 12, 2015

Mayer Hoffman McCann P.C. (MHM) recently completed its annual Board of Directors and Officer elections. Bruce Murphy, Attest Practice Leader of CBIZ & MHM Tampa Bay, was re-elected for his second term on the MHM board.

Bruce has more than 30 years of experience working on both private and publicly-held companies. He has been with the firm for five years since joining by acquisition in 2010 and serves as the Attest Practice Leader for the Tampa Bay practice. Bruce has extensive experience with all aspects of audit, review, compilation, and business advisory services. In particular, he has significant experience with SEC reporting and initial public offerings. Murphy also serves as the Finance Chair for Copperhead Charities.

Click here for the full press release regarding the annual elections.

August 7, 2015

The Tampa Bay Business Journal is now accepting nominations for its inaugural 2015 Outstanding Directors Awards sponsored by CBIZ MHM Tampa Bay and Foley & Lardner. The awards will honor three boards and four individual board members for their work in helping their organizations thrive.

“While there is a wide range of publicly traded companies, privately held firms and nonprofit agencies in Tampa Bay, what they have in common is strong boards,” Bill Tapp, Senior Managing Director at CBIZ MHM Tampa Bay said in an interview with Margie Manning, Print Editor of the Tampa Bay Business Journal.

Award categories include the following:

  • Public Company Director (individual)
  • Private Company Director (individual)
  • Nonprofit Director/Trustee (individual)
  • Public Company Board (entire board)
  • Private Company Board (entire board)
  • Nonprofit Board (entire board)
  • Lifetime Achievement (individual)
Nominations are now open until September 4 and the awards program is November 19. Fill out your nomination form here: http://ow.ly/PKNvB

August 5, 2015

Memphians may have traveled into Mississippi or Arkansas this past weekend to take advantage of tax-free shopping. However, all Tennesseans will be able to enjoy the state’s sales tax holiday, beginning at 12:01 a.m. on Friday, August 7 through Sunday, August 9 at 11:59 p.m. A full list of qualified items can be found on the TN Department of Revenue’s website.  Sonya Daniels, Tax Manager in the Sales and Use Tax department at CBIZ MHM Memphis, offers insight into the holiday for Memphis Business Journal’s “Expert weighs in: How to tackle Tennessee’s tax-free weekend,” and explains what exemptions exist and why some items do not qualify for exemption. 

Consumers should be aware of the limitations on exemptions before making their way to the register since it varies from state to state. For instance, computers priced at $1,500 or less are included in the Tennessee sales tax holiday but in Alabama the price limit on computers is $750 or less. Businesses will likely show an uptick in consumer spending and volume of customers during this time, making the sales tax-free weekend a hit for retailers.

On the other hand, state success varies on a case by case basis. Though consumers may cross state lines to shop in states where the exemption is offered, the sales tax holidays surround items that consumers would be purchasing regardless of the holiday, such as school supplies and clothing. The exemption has even caused some states to report a loss during this period of tax revenue; Georgia reportedly lost upwards of 40 million to host this savings to consumers.  Some states, including Illinois, continuously opt-out of the holiday from year to year.  Sonya was also featured in Chicago Tribune’s “Illinois again skips back-to-school sales tax holiday.” Though there are both pros and cons involved with opting into the event, Sonya suggests Illinois give it a try for a year to test if the benefits outweigh the associated costs: “Most states vote on these on a year to year basis so having one this year doesn’t mean they have to have it the following year.”

Contact Sonya Daniels at sdaniels@cbiz.com or 901-685-5575 for any further questions regarding sales tax.

August 4, 2015

Impending accounting changes may mean more businesses decide to reconsider their customer loyalty programs. Initiatives that provide incentives to returning customers allow companies to track client purchasing activity but can also trigger unclaimed property exposure, cybersecurity liabilities and other risks. A recent article by CBIZ MHM Managing Director, Brad Hale, discusses the new revenue recognition guidelines, which begin to roll out in 2018, and how they may have more businesses deciding their customer loyalty programs are not worth the risk.

Entities currently have two options to account for loyalty programs: the cost/provision method or the revenue deferral method. The favorable cost/provision method however, will soon be going away. The new revenue recognition guidance makes the revenue deferral accounting method mandatory, leaving companies with the difficult decision of whether or not they want to take on the liability of recognizing the revenue associated with the customer loyalty program.

The new revenue recognition guidance is complex and organizations should review the new standard now to prepare for the implementation date. Public entities will adopt the guidance for annual periods beginning after December 15, 2017, and private entities will adopt for annual periods after December 15, 2018, and interim periods after December 15, 2019.

Revenue recognition is not the only liability associated with customer loyalty programs. For more information about other risks, read the full article here.

If you have any accounting advisory needs, please contact Brad at bhale@cbiz.com or 727.572.1400.


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