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January 23, 2014

The final tangible property regulations and proposed regulations on partial dispositions will likely require changes in tax accounting practices and also may create numerous tax planning opportunities. Recently, Eustis Corrigan, Managing Director, filmed a Youtube video which describes the impact of the final regulations.

Important topics covered include: the final regulations release and effective dates, changes in tax accounting practices for these regulations, and compliance and application of the new regulations, including modifications to internal processes. Make sure to continue watching until the end, as Eustis shares 6 questions to determine whether the new regulations have application to your company.




November 21, 2013
Managing Director, Eustis Corrigan, in the Memphis office has co-authored a new whitepaper on Tangible Property Regulations, taking the complex final tangible property regulations and distilling them down to the key issues most likely to impact or benefit your business.
"The tangible property regulations (TPRs) are the most dramatic changes in tax law to affect businesses since the overhaul of the Internal Revenue Code in 1986. The TPRs apply to all forms of business, whether a "C" corporation, an "S" corporation, a partnership, an LLC, a sole proprietorship (Schedule C on individual return), or a rental (Schedule E on individual return)."
It's important to note that the tangible property regulations become effective January 1, 2014. Find out the issues that require immediate action by taxpayers and view a checklist of questions that highlight tax opportunities your business may be missing in this helpful guide: Capturing Tax Opportunities Within the Final Tangible Property Regulations. If you have any questions on these complex rules and related tasks, feel free to contact Eustis Corrigan at ecorrigan@cbiz.com or 901.685.5575.



September 17, 2013

Today's post is co-authored by Managing Directors, Eustis Corrigan and Lloyd Grissinger. Together, they offer insight into the captive insurance segment of the insurance industry. Learn more about structuring your own risk financing, including the reasons companies choose to establish captive and the effects captive will have on your taxes. 

Organizations today have a wide variety of choices when structuring their risk financing arrangements. In the past 60 years, a significant portion of all U.S. commercial insurance premiums have moved from the traditional insurance market into the captive insurance segment of the insurance industry. From purchasing first dollar insurance to joining, or creating, a captive insurance company arrangement, the options available tend to favor a financially efficient model that matches the risk appetite.

What is a captive insurance company?

A captive insurance company is an organization formed to provide insurance coverage to their owners or affiliates (policyholders). Captives are established in specific geographic locations (both domestic and foreign) to take advantage of resident services and favorable regulations. It provides mid-sized companies the potential to create significant savings in its costs of insurance.

What are the reasons companies choose to establish a captive?

Choosing Captive

What are the typical captive programs?

  • Workers' Compensation
  • General Liability
  • Property
  • Professional Liability
  • Directors' & Officers' Liability
  • Credit Risk
  • Warranty
  • Other Enterprise Risks

What are the potential drawbacks of a captive?

  • Initial capital requirements and upfront fees
  • Underwriting losses
  • Reduced diversification

How does a captive affect my taxes?

For federal tax purposes a captive is oftentimes classified as a "C" corporation. The taxability of the earnings and profits of the captive for federal tax purposes will depend on the amount of premium income and investment income generated on an annual basis.

Clearly, deciding whether or not to utilize a captive is tricky. Becoming a captive participant may be profitable or fraught with an unacceptable degree of risk. Our National Captive Practice Group can help walk plan sponsors through the analytics so they can make an informed decision regarding whether or not to make the move to a captive. To read more about the risks and rewards of health care captives click here.

Learn more about how using captive structures can help you manage risk, reduce insurance costs and achieve your estate or succession planning goals. View the CBIZ SlideShare Presentation.




September 12, 2013
Managing Director, Eustis Corrigan (@eustiscorrigan), has been recognized as a "Top Accountant on Twitter." Masters in Accounting ranked the leading accountants at accounting businesses and universities who are effectively using social media to engage with the accounting community. Their rankings are based on the number of Twitter followers and Klout Score, a measure of social media influence. You can view the list in its entirety here.

 

Eustis Twitter

 

 




August 6, 2013

We held our bi-annual office-wide meeting this past Thursday, August 1st. The two hour event featured an opening presentation from Senior Managing Director, Steve Dunavant, who spoke on Q1, Q2 and projected local office numbers for the next six months. He also introduced new Managing Director, Eustis Corrigan, who was attending his first office-wide meeting since his start in May. Corrigan noted the talent and potential for the Memphis office to expand its reach in the Greater Memphis Area and surrounding markets. Other speakers included representatives from the tax, audit and marketing departments, as well as more light-hearted presentations from the social and community involvement committees. Moira House, Director of Human Resources, spoke on the new renovations and updates made to the Memphis office facilities. Construction began on the 29th and 30th floors of Clark Tower earlier this summer. New office space, technology upgrades and additional conference rooms will be the end result of an almost two-month long project.

The office-wide event concluded with an address by Gordon Thompson, Managing Director and founding partner of Thompson Dunavant PLC. He commented, "I think the services, growth and opportunity we have seen in the past two years shows that we made the right move by joining CBIZ. The presentations and leadership we've seen today are a testament to your hard work."

Indeed, the overall consensus is that CBIZ MHM Memphis is on track for a great 2013 and an even greater next few years.




June 6, 2013

We are excited to announce the addition of J. Eustis Corrigan, Jr. to our tax services division as a Managing Director. Eustis has more than 25 years of comprehensive tax, accounting, and strategic business consulting experience. Eustis joins us with extensive experience advising publicly-traded and privately-held companies regarding complex tax and financial issues.

His major areas of expertise include federal and state corporate taxation, entity planning and structuring, mergers & acquisitions, and accounting methods. He has served clients in a variety of industries including financial services, energy, manufacturing, mortgage banking, telecommunications, distribution, transportation and real estate. Eustis' role within CBIZ will be in the coordination and delivery of high-quality services to corporate clients via a focused multi-disciplinary approach. He will serve in a client service role as well as a subject matter expert in certain areas ofcorporate taxation.

He has experience with detailed aspects of state and local tax compliance and planning matters. Eustis' client experience includes the following:

  • Developing and implementing proactive tax planning for corporations
  • Assisting companies with ASC 740 (formerly FAS 109) & ASC 740-10 (formerly FIN 48)
  • Tax accounting methods
  • Tax controversy
  • Executive compensation
  • Due diligence
  • Mergers & acquisitions

“Eustis’ extensive tax and industry experience will continue to add to the depth of tax and consulting services we already offer,” said Steve Dunavant, Senior Managing Director.  “His addition showcases our commitment to delivering superior tax and consulting services to the Greater Memphis market.”

Eustis is a graduate of Louisiana State University where he received his Bachelors of Science in Accounting. He also is a Certified Public Accountant, a past Editorial Advisory Board Member of the Journal of Accountancy, a tax section member of the American Institute of Certified Public Accountants (AICPA), and a member of both the Mississippi and the Louisiana Society of Certified Public Accountants. Outside of work Eustis enjoys cooking, reading, running, college sports, and spending time with his family.




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