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August 30, 2016

Betty Isler, Tax Managing Director for the Tampa Bay office, published an article, Draw on the Crowd: How Not-for-Profits Can Take Advantage of Crowdfunding, in Nonprofit Information earlier this month.

In this article, Betty provides insight into how not-for-profit organizations can use crowdfunding for a number of organizational functions, from specific projects to broader causes and general support.

As not-for-profit organizations face new opportunities for receiving support from their community, the fastest growing resource comes from crowdfunding platforms. To help maximize the advantages under crowdfunding, Betty discusses five things to consider when determining how to use the crowdfunding tools:

  • Find the Right Fit
  • Be Descriptive and Project Results
  • Keep in Mind Crowdfunding Isn’t the Ultimate Solution
  • Broader Reach Means More Regulations
  • Other Additional Considerations
For questions regarding crowdfunding, please contact Betty Isler at bisler@cbiz.com or 727.572.1400. To view the full Nonprofit Information article, click here.



August 9, 2016

Sonya Daniels, Manager at CBIZ MHM Memphis, was featured in a recent article published by AccountingToday about the discussion of sales tax holidays.

When Massachusetts decided to cancel its sales tax holiday this year, many began to believe this will become a trend in the upcoming years.

Daniels explains that a state depends heavily on sales taxes for revenue, and canceling the sales tax holiday is a way to counter budget deficits.

For 2016, 17 states are offering sales tax holidays, including Tennessee. “From the end of July through early September, what they’re running basically is back-to-school,” said Daniels.

Many, like Daniels, wonder how many states will continue with the tax free holidays. “A lot of states are talking about the loss of revenues during that time,” she said. With the ability for consumers to also get the tax exemption online, there’s an even greater loss for the states.

But there is a helpful hint for those trying to navigate the waters. There are often good sales leading up to the tax holidays, and Daniels urges you to keep your eye in the paper during that time.

For questions about sales tax, contact Sonya Daniels at sdaniels@cbiz.com or 901-685-5575.



April 29, 2016

The healthcare and educational sectors brought renewed scrutiny to nonprofits’ unrelated business income activity in recent years. High rates of noncompliance in the IRS College and University Compliance Project Final Report and renewed focus on spending in the healthcare sector have regulators taking an especially close look at the issue of unrelated business income tax (UBIT).

The changing not-for-profit operating environment is making UBIT compliance risk greater than ever before. Betty Isler, Tampa Bay Managing Director, authors an article discussing main targets of UBIT scrutiny and why one should consider how the following could have an impact on an organization.

  • Digitized Form 990s
  • Website Risks
  • Banners
  • Merchandise
  • Merchant Affiliate Programs
  • Schedule K-1s

Scrutiny on UBIT is only increasing. To avoid penalties and other compliance risks with UBIT, nonprofits need to consistently revisit their sources of revenue and their reporting functions of those revenues. Consider carefully how each source of revenue contributes to the organization’s mission, and whether that activity still fits into the long-term strategic plan of the organization.

For more information about how to manage UBIT considerations, please contact Betty Isler at 727.572.1400 or bisler@cbiz.com.



April 28, 2016

The Memphis office will host a full-day CFO & Controller Conference focused on the ever-changing role of The New CFO.

National speakers, economists, and advisors, along with a panel of local CFOs will share their insights into what the modern CFO should be prepared to face as the role of CFO attracts more business complexity.

The following topics & speakers will be featured in 50 minute sessions:

Executive Compensation in Privately-Held Companies: Best Practices in Today’s Competition
Hal Wallach – Director of Executive Compensation Consulting, CBIZ Human Capital Services

Trends in Cash Automation
Henry Siler – Senior Vice President, Bank of America Merrill Lynch

How to Positively Impact Business Outcomes Through Improved Employee Wellbeing
Emily Noll – National Director of Wellness, CBIZ MHM, LLC
Amy HowellCorporate Wellness Specialist, CBIZ Benefits & Insurance Services

Current Trends in Tax Planning
Lloyd Grissinger – Lead Managing Director & Tax Practice Leader, CBIZ MHM, LLC
Mark Baricos - Managing Director, CBIZ MHM, LLC

An Accountant, A Broker, and A Banker Discuss FASB’s New Leasing Standard 
Brad Hale – Managing Director, CBIZ MHM, LLC 
Kelly Truitt – Senior Vice President, CBRE 
Bruce Clark – Vice President, Bank of America Merrill Lynch

The program will close with a panel of local CFOs who have played a strategic role in the mergers and acquisitions process at their respective companies and throughout their career.  

The event will take place May 17th at The University of Memphis FedEx Institute of Technology.  Registration will begin with a breakfast at 7:30 a.m. and the event kicks off at 8:00 a.m., giving participants eligibility to earn a total of 7 CPE Credits throughout the full-day event.

For more information and to register:
https://cbizmhmcfoconference2016.eventbrite.com/

Can't attend the event?  Follow along with the conversation on Twitter using #CFOConf




April 21, 2016

Over the next few months, the Memphis Office is focusing on different specialties and services by featuring a Q & A with one of our local experts each month.

Sonya Daniels serves as a Manager and leads the State and Local Tax practice for CBIZ & MHM Memphis.  Sonya has more than twenty years of experience in state and local tax and has extensive knowledge of multi-state sales/use tax.  In addition to time spent at a Fortune 500 company, Sonya spent six years as a Tennessee Auditor where she conducted sales and use tax audits as well as franchise/excise tax audits, liquor by the drink audits, and business tax audits.

Sonya  answers important questions like “What questions should you ask your tax consultant?”  The conversation continues with Sonya discussing the common issues she finds, steps she takes to educate her clients, and why it’s important to research a state’s laws before starting new operations in areas of unfamiliar governing.

More resources featured on Sonya’s Conversation page include previously featured articles, a Sales Tax Compliance Flysheet, and information on how to get on our event email list.

Read the full conversation by clicking here.




April 12, 2016
Lloyd Grissinger, Tax Practice Leader and Lead Managing Director for the Memphis office, was recently featured on the Stacking Benjamins podcast show on the ’Last Minute Tax Tips for Procrastinators and Super Savers’.

It's crunch time for last minute tax filings and Lloyd shares tips for all of those last minute procrastinators.  The conversation starts off by addressing penalties associated with not meeting the filing deadline and how to strategically file late to avoid the maximum penalties.

The five different tax tips outlined include:

  1. Tax Savings through IRA contributions
  2. Healthcare related deductions
  3. Job search expenses qualified as deductions
  4. Charitable contributions
  5. Unreimbursed business expenses

To listen to the full podcast on StackingBenjamins.com, click here!

If you have more questions regarding last minute tax-filing tips, contact Lloyd at lgrissinger@cbiz.com or 901-685-5575.




April 7, 2016

As part of an ongoing Executive Roundtable Series, CBIZ MHM Memphis hosted a breakfast seminar last week focused on International Tax.  This session covered an array of international tax topics including proposed government regulations, outbound planning (hybrids, treaties, etc.), and base erosion & profit sharing (BEPS) reports.

With a room full of tax executives eager to gain knowledge on international tax trends, Don Reiser, Managing Director for CBIZ & MHM’s National Tax Office, began discussing the proposed Section 367(d) regulations and the effective government concerns and definition of tangible/intangible property.  Furthermore, Don educated attendees on the evolving permanent establishment (PE) issues as well as hybrid entity structures and multiple examples of offshore IP transfers.

In closing, Josh Finfrock, Director of Transfer Pricing for the Memphis Office, reviewed the impact of BEPS final reports as well as transfer pricing documentation and country-by-country reporting (CBCR).  Josh outlined in detail BEPS Action 13, which presents a 3-step approach to transfer pricing compliance including: a master file, local file, and CBCR details.

To attend one of our future seminars, join our mailing list by clicking here.  For questions regarding the topics and/or your company's international operations or practices, please contact Josh Finfrock at jfinfrock@cbiz.com or 901-685-5575.




March 30, 2016
There has been a renewed interest in the distinction between employees and independent contractors.  Bryan Koch, Managing Director at CBIZ & MHM Memphis, wrote an article discussing how this renewed interest can be attributed to the Affordable Care Act, as many of the provisions associated with the law relate to the number of employees working at a company.

In a previous article, the tests used to differentiate between employees and independent contractors were discussed.  In this article, Bryan outlines four different fines and penalties that can be levied by the DOL if a worker is misclassified:

  1. Federal Income Tax
  2. Federal Insurance Contributions Act (FICA)
  3. Unemployment Tax
  4. Payroll Tax

Given the focus on this ACA-related topic, businesses should be aware of how they classify employees versus independent contractors.  In order to avoid penalties and fines, it is important to stay up to date with changes in the tax code— especially with the consultation of a tax professional.

For the full article on our CBIZ Insights & Resources, click here.

To discuss how these potential penalties for misclassification can affect your business, contact Bryan at 901.685.5575 or bkoch@cbiz.com.




March 25, 2016
The Memphis Business Journal’s Table of Experts discussion for March 2016 focused on Tax & Investments. Eustis Corrigan, Senior Managing Director for the Memphis Office of CBIZ & MHM served as the tax panelist.  Other panelists included Becky Bridgmon of Morgan Stanley and Staci Jackson of Paragon Bank.

Moderated by Bryce Corporation’s CFO Ramon Marus, the discussion started off with a reference to the ‘year of uncertainty’ in 2016.  Eustis shared how businesses are strengthening their balance sheets and making wise investments in the midst of an ‘uncertain year’ with a potential recession ahead.  When asked about changes in the tax law that could affect businesses this year, Eustis mentioned the PATH Act, R&D tax credit, Section 179 deduction, and charitable distribution change with IRAs.

Specifically referencing the R&D tax credit, Corrigan stated “In a year of uncertainty, we have more certainty long term because many tax credits are now permanent.  It used to be that the credit would get close to expiring each year and taxpayers and accounting firms would be on pins and needles waiting for Congress to extend it. Now it’s permanent.”

In further discussion, Eustis shared how current tax laws are affecting them, the tax advantages of 401k participation, and the importance of strategy in tax planning.

To read the full discussion from the experts, click here.

If you have any further questions for Eustis Corrigan, contact him at 901.685.5575 or ecorrigan@cbiz.com.




March 22, 2016

Steve Grove, Tax Managing Director for the Tampa Bay office, published an article, 4 Tax Deductions You Don’t Want to Miss, in Next Avenue last week. In the article, Steve provides insight into tax write-offs that can boost your refund or trim your taxes due.

Knowing which deductions and credits you can claim on your tax return isn’t easy these days. To help you avoid paying any more in taxes than necessary, Steve discusses four often-overlooked tax deductions that you may be entitled to claim on your 2015 return:

  • Itemized Deductions of State Income and Sales Taxes
  • A State Income Tax Overpayment
  • The Deduction for the Self-Employed
  • Write-offs for Business Machinery and Equipment

To make the most out of your 2015 tax return, be sure to carefully consider the full range of opportunities, so you receive any tax savings you’re due.

For questions regarding tax deductions or returns, please contact Steve Grove at sgrove@cbiz.com or 727.572.1400. To view the full Next Avenue article, click here.



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