Local Office Blogs

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August 31, 2015

July 8, 2015

Cautious optimism about the future is the overarching theme of the technology and life sciences survey conducted by CBIZ and Mayer Hoffman McCann P.C. The majority of respondents said they plan to hire more employees and expand domestically in the next 24 months. Additionally, most companies cite growth as the end goal for their company, and less than a third plan to exit in the next three years.

Download the full report here.

July 2, 2015
Whether it’s big or little game, encouraging and celebrating new business success is crucial! CBIZ MHM celebrates five individuals who brought in new business over the last month. They have certainly made their presence known in the field and these hats are a symbol of that – you can’t miss them!

July 1, 2015

Betty Nelson-Ekey, Managing Director of the CBIZ Tax Incentives group, was among several local economic development experts who participated in a recent roundtable discussion hosted by The Kansas City Business Journal. The discussion was focused around best practices for business owners trying to navigate the plethora of available programs to identify those worth pursuing, in order to help their business grow.

To read the moderated panel discussion click here.

June 30, 2015

Faced with a $400 million budget shortfall, Kansas Legislators recently passed significant tax law changes which may impact you and / or your organization. The two different bills, H.B. 2109 and S.B. 270, are generally effective July 1, 2015 (other effective dates are noted if different). A major change will make guaranteed payments retroactively taxed in Kansas from January 1, 2015. This will put partnerships on par with S-Corporations whose wages remained taxable under previous rules. Additionally, an amnesty program for state taxes is authorized from September 1, 2015 to October 15, 2015. More details are provided below.

Kansas Tax Law Changes

  • Kansas sales tax will increase from 6.1% to 6.5% effective July 1, 2015. Certain transition rules apply to contractors who have entered into a written, binding contract before May 1, 2015 for construction projects. Certification must be made to the state by July 10, 2015.
  • Taxing guaranteed payments for pass through entities retroactive to January 1, 2015;
  • Income tax rates freeze at 2.7% for the bottom rate and 4.6% for the top rate until tax year 2018. In 2018, the bottom rate drops to 2.6% and the top rate remains at 4.6%. The rates will remain in effect in the future unless changed by a formula that begins in 2019 (if certain general fund revenues increase more than 2.5% over the previous year, the formula lowers the income tax rate. KPERS spending is not subject to the formula);
  • Acceleration of deduction phase down and repeal of income tax deductions, repealing all deductions except for the mortgage interest deduction which can be claimed at 50% and the charitable deduction which could be claimed at 100% and a property tax deduction equal to 50% of the federal deduction, retroactive to January 1, 2015;
  • The cigarette tax increases by 50 cents a pack;
  • Exemption of certain low income Kansans from income tax is included (joint filers with taxable income of $12,500 or less and single filers with taxable income of $5,000 or less would pay nothing);
  • The food sales tax rebate program eliminated in 2012 is restored;
  • Individual development account tax credits eliminated in 2012 are resumed;
  • Tax amnesty for state taxes authorized from September 1, 2015 to October 15, 2015. The amnesty is limited to penalties and interest for tax periods ending prior to January 1, 2014 and does not apply to taxpayers who have received an assessment or for which an audit has been initiated prior to September 1, 2015.
  • Requiring SSN for claiming tax credits; and
  • Rural Opportunity Zone sunset extension for 5 years through taxable years beginning before January 1, 2022.

If you have questions regarding the Kansas Tax Law changes or would like more information, please reach out to your local CBIZ MHM contact.

June 25, 2015

Today CBIZ MHM, LLC and the Kansas City CFO Group hosted their second quarter breakfast event featuring Karen R. Glickstein. Glickstein is a Shareholder at Polsinelli and focuses her practice on assisting employers with all types of human resources and employment law issues.

Today, Glickstein focused on the top employment law issues that may affect the bottom line, including social media, whistleblowing and more! To view the presentation from today’s event, click here.

To learn more about Karen R. Glickstein or to contact her directly, visit her web bio.

If you are a CFO or owner and would like to receive more information on future Kansas City CFO Breakfast Series events, join our group on LinkedIn.

June 15, 2015

Traditionally, the campus recruitment process is socially driven, so how does someone who doesn’t necessarily thrive in this environment set themselves apart as a viable candidate?

This is the question our local Recruiting Manager, Roxanne LaMonica, aimed to answer when she assembled a team of CBIZ & MHM staff to develop and pitch the idea of the 2015 CASE Competition, a program designed to attract, challenge and identify recruits who are more technically driven. To start, LaMonica reached out to three area colleges to identify partners in helping to promote this event. The University of Missouri Career Services was very enthusiastic and agreed to partner with CBIZ & MHM on this initiative. 

The Program
The event was promoted on the MU campus for a month and attracted more than 20 interested applicants. Participants were then divided into teams and asked to research and make a recommendation on how changes to the revenue recognition standards would impact a specific industry. Teams then had a few days to research their topic before presenting their findings and recommendations to a panel of experts including CBIZ & MHM leadership, in addition to Vairam Arunachalam, Director of the School of Accountancy at the University of Missouri. 
The Result
Through the presentation and Q&A response process, "it was clear we had attracted and engaged top talent and, as a result, we are now actively pursuing several of them," commented LaMonica. Our partnership with MU Career Services not only provided those more technically driven a chance to thrive in a different recruiting environment, but also provided the opportunity for CBIZ & MHM to increase our name recognition on the MU campus. This event generated positive results and is a concept we are actively pursuing on other college campuses.

June 10, 2015

The Kansas City CFO Group invites you to join us on Thursday, June 25th for our second quarter event featuring Karen R. Glickstein. Karen is a Shareholder at Polsinelli and focuses her practice on assisting employers with all types of human resources and employment law issues. On the 25th, Karen will focus on the top employment law issues that may affect the bottom line, including social media, whistleblowing and more!

When: Thursday, June 25th | 7:30 AM - 9:00 AM (continental breakfast will be available)
Where: CBIZ & Mayer Hoffman McCann P.C. Kansas City | 700 W. 47th Street, Suite 1100, Kansas City, Missouri

Register now!

June 4, 2015

In 1997 Joyce Farris, Managing Director and current leader of our Kansas City Construction Industry group authored an article which appeared in the May - June edition of The Builders Association publication, Modern Builder. Her article contains helpful information for those considering starting their own construction company, then and 18 years later. Following is her original article – “A Few Basics for the Start-Up Company”.
So, you’re thinking about starting your own construction company. You have lots of great ideas and the technical capabilities, but what now? To some it may sound as easy as hanging out a sign and opening the office doors, but unfortunately, there are a few more behind the scenes items for you to think about.

Develop A Cash Flow Plan:
Developing a cash flow plan should be your first objective when considering a new company. Cash flow is merely cash coming in to the business and cash going out of the business. There never seems to be a problem with figuring out how to spend cash in a start-up company – the need for supplies, hiring of personnel, leasing office space, phone lines, utility deposits, etc. The problem is where to get the funds to start with. A decision should be made on how much of your personal savings you will need to invest in the company and whether you will also seek outside financing.

Before you can seek outside financing you will need to develop a business plan or a cash flow projection. A projection is a tool for mapping out when you will be required to expend cash in relation to when you will receive cash for the work performed. As you estimate cash inflows, consider seasonality of your work, sales history of similar businesses, and the overall economy. In determining the cash inflows and outflows, remember that you may have to spend the money to do the job before you can bill anyone and expect to receive payment. The major issue in developing a projection is to be realistic.

There are several sources for outside financing from friends, family, banks to the Small Business Association. Regardless of whom you reach out to, you will need to demonstrate that you have a sound business plan. Know “how much” you will need, “how long” until you would be able to start repaying the borrowed funds and “for what” the borrowed funds will be foremost on any lender’s mind.

Seek Advice From Your Accounting and Legal Advisors:
Now that you’ve developed your business plan it is time to consider what type of legal and tax entity would best fit your needs: an S-corporation, C-corporation, Partnership, LLC or Sole Proprietorship? The differences in the entities mainly involve the method for reporting and payment of tax and the business liability that you as the business owner are willing to accept. A discussion with both your accounting and legal advisor will provide you with the best options for your situation.

Once the entity type is decided, your advisors will draft and file articles of incorporation for the company, if necessary, and file for federal and state I.D. numbers. The I.D. numbers are a company’s equivalent to an individual’s social security number. The I.D. numbers will be required for  opening bank accounts, filing payroll and sales tax returns, and filing federal and state income tax returns.

Develop a Financial Information System:
Financial information lets you track the profitability of the company and the cash flow requirements. Accurate financial information is essential for you to make management decisions and is imperative if you intend to continue to borrow money or bond jobs.

At first, you may wish to have outside accounting company prepare the payroll and payroll tax returns or to perform all of the accounting functions. This type of arrangement is termed “outsourcing”. Outsourcing is well suited for start-up companies as it allows for accurate and efficient accounting records to be maintained while allowing the company to hire limited accounting and administrative personnel.

However, if you prefer to hire the administrative personnel and prepare the financial information in-house, then you will need to select an accounting system to fit your needs. As you select a system, leave room to grow and consider any special information tracking you require (i.e. job costs). In addition, you will need to consider the information that you will need to supply to the users of your statements – bankers, bonding companies, investors.

Develop Relationships With Other Professional Advisors:
Throughout the stages of your company, you will have a need for insurance or bonding and a good insurance advisor can help you determine how much coverage you need, when you need it and how to pay for it.

Other advisors, such as marketing consultants, may be needed at some time during the life of your business. In choosing any professional advisor, consider someone who understands your industry and who understands your needs as a start-up company.

Now that you have administrative basics out of the way, it’s time to open the doors.

June 2, 2015
Spring weather brings increased growth across the Construction industry. The April 2015 Construction industry vital statistics show a spike in Permits and Starts, leading to a 2% decline in unemployment for the sector. View full infographic here.


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