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March 16, 2016

Manufacturers face pressure to be efficient. As global competition in the manufacturing space continues to accelerate, many in the industry are looking for every opportunity to streamline cost.  Mark Baricos, Managing Director at CBIZ & MHM Memphis, wrote an article discussing three key elements that should be considered in evaluating a well-defined tax strategy.

Recent changes to tax provisions now offer additional opportunities to minimize tax burden. Passed in December 2015, the Protecting Americans against Tax Hikes (PATH) Act makes permanent several tax deductions that previously had to be renewed each year and includes longer-term extensions of others.

In the article, Mark outlines three ways manufacturers can take advantage of these PATH act changes.  Manufacturers that operate internationally should take particular note of the Act’s extension of several tax reduction opportunities for conducting business abroad.  The legislation could mean the chance to lower a company’s overall effective tax rate, bringing significant benefits to operations.

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

To discuss what the PATH Act means to your business, contact Mark at 901.685.5575 or mbaricos@cbiz.com.




February 1, 2016

Lloyd Grissinger, Tax Practice Leader and Lead Managing Director for the Memphis office, was recently featured in an article from NBC News regarding charity-related deductions.

"Many taxpayers miss out on their share of charity-related deductions, because they don't pick up the little contributions they do throughout the year," said Lloyd.  "We all get involved in organizations that ask for volunteer efforts and food drives that involve you spending money not as a donation but as supplies."

Lloyd continues to speak on different examples of charitable donations and cautions individuals to track any and all information related to the donations.

To read the full article on CNBC.com, click the button below.

Lloyd focuses on large privately-held companies and portfolio companies of private equity groups with operations in multiple states and countries. He provides his clients with tax and consulting services, which include entity taxation, asset protection, transaction analysis, family wealth planning, income and estate tax planning, business succession planning, and entity structuring to reduce taxes.

If you have more questions regarding charity-related deductions, contact Lloyd at lgrissinger@cbiz.com or 901-685-5575.





December 15, 2015

Paul Dunham, Tax Managing Director for the Tampa Bay office, published an article, Tax Strategies Unaffected by Extenders, in the November 2015 issue of CPA Magazine. In the article, Paul provides insight into year-end tax strategy discussions with clients.

At the top of every year-end planning list is the status of the “extenders”.  Many of these provisions will likely be reinstated at the last minute as did indeed happen last year. “The purpose of this article is to not address the status of the “extenders,” but rather discuss other year-end tax strategies that are generally effective without regard to the status of the extenders,” Paul shared. His article discusses a list of such strategies.

“While waiting for legislative action regarding the extenders, there are still many tax planning ideas/strategies that should be discussed with clients before year end,” Paul concludes.

For questions regarding tax strategies and the status of extenders, please contact Paul Dunham at pdunham@cbiz.com or 727.572.1400. To view the full CPA Magazine article, click here.



December 8, 2015

CBIZ MHM Tampa Bay hosted the annual year end CPE breakfast last week at Feather Sound Country Club. The seminar kicked off with Tampa Bay Managing Director Paul Dunham’s presentation on federal tax updates. Paul has more than 25 years of experience in public accounting and serves both public and privately held companies on a wide range of strategic tax issues.

Eric Brust, CEO of Matthews Benefit Group, and Derek Johnson, Account Executive with Transamerica Financial Advisors, followed Paul’s presentation with an informational session on how businesses can utilize tax advantaged plans and reduce fiduciary risk. Eric has more than 10 years of experience consulting with public, private and not for profit employers on pension, post-retirement medical/life and other employee benefits issues. Derek has more than 16 years of experience with Transamerica helping individuals, families and businesses succeed through the balance of innovation, education and action.

Wrapping up the breakfast was Yong-Gon Chon, CEO of Cyber Risk Management, who discussed the security threats facing U.S. businesses today. Yong-Gon reviewed significant trends in supply chain threats, current breach data, and strategic solutions and countermeasures to stop cybercriminals, including insider threats. Yong-Gon has more than 20 years of experience building and leading global security teams and is responsible for all aspects of business rhythm.

For more information on our Year end CPE event, contact Paul Dunham at 727.572.1400 or pdunham@cbiz.com.





December 4, 2015

These days, entities classified as partnerships for income tax purposes often hear the calling from partners to monetize a portion of the value the enterprise owns, even though those partners are not yet ready to sell their partnership interests. A recent article by Tampa Bay Senior Manager, Nathan Smith, discusses different way that partnerships can accomplish this.

The tax basis of one’s partnership interest is the key determinant of whether gain recognition is appropriate upon receipt of current cash distributions.  A partner’s tax basis in his partnership interest initially is established by the amount of money and the adjusted basis of property contributed by him to the partnership, or by his cost of such interest if acquired from another partner. A partner’s basis in his partnership interest also includes any increase in a partner’s share of the liabilities of a partnership, or any increase in a partner’s individual liabilities by reason of the assumption by such partner of partnership liabilities.  The manner in which partners are considered to “share” in the liabilities of the partnership is an important factor in the determination of each partner’s adjusted basis in his partnership interest.

For more information about the implications of making debt financed distributions, read the full article here or contact Nathan Smith at NTSmith@cbiz.com or 727.572.1400.



November 4, 2015
Three CBIZ MHM Tampa Bay experts spoke at the 2015 USF Accounting Conference last week. The 2-day conference included presentations on a variety of accounting topics, including economic updates, auditing cyber security, identity theft, affordable care act, and retirement planning.

Brad Hale, Managing Director, presented on revenue recognition, walking attendees through a practical approach to adoption of the new revenue recognition standard including a high-level overview of the technical guidance and the most recent discussions of the Transition Resource Group.



Paul Dunham
, Managing Director, presented a federal tax update where he reviewed fiscal year 2016 budget proposals, the 2015 transportation act, tax rates and general planning, and status of extenders.




Dave Enick
, Managing Director, presented on accounting for M&A, which covered pre- and post-transaction accounting considerations related to M&A activity, from consideration of historical accounting policies and procedures to the technical nuances associated with business combinations and changing capital structures.

For more coverage of the event, search #ficpaUSFAC on Twitter.




October 15, 2015

Featured for her expertise in State and Local Taxes, Sonya Daniels is making a big impact by providing insight to multiple national resources.

Sonya has been featured in both local and national news on web and print resources.  In the Memphis Business Journal, Sonya offered insight into Tennessee's tax-free weekend-- explaining what exemptions exist and why some items do not qualify for exemption.  Sonya was also referenced in the Chicago Tribune as it relates to the pros and cons of Illinois skipping back-to-school sales tax holidays.  Lastly, Sonya provided her insight on the topic for an article published by AccountingToday.  She spoke on the diverse specifics that exist on tax returns for states as well as the various reporting rules that are ambiguous from state to state.

More recently, Sonya authored a national blog post where she outlined tips on reporting for sales tax holidays and how important it is to remain compliant with state tax collectors.  Lastly, Sonya was quoted in the Tip of the Day published by Manta Media Inc.  Giving advice on tax-audit options to small business owners, Sonya explains why finding financing options through banks might be better than paying the high rates of tax authorities.

Too see previous blog posts referencing Sonya, click here.  For questions related to sales and use tax, contact Sonya Daniels at sdaniels@cbiz.com or 901-685-5575.




October 13, 2015

Whether your tax-free reorganization is acquisitive or divisive in nature, it must have continuity and business purpose principles in order to avoid tainting the tax-free nature of the transaction. These principles constitute the rationale which the courts have developed over time for the nonrecognition of tax in reorganization transactions.

Business Purpose Principle

The business purpose principle relates to the non-tax purpose of the reorganization. The courts and the IRS are typically weary of transactions being carried out for tax avoidance reasons and will disqualify any tax-free organization whose purpose includes tax avoidance. A valid business purpose may include resolution of a shareholder dispute or a facilitation of a merger.

Continuity Principle

The continuity principle includes the continuity of interest and the continuity of business enterprise doctrines.

Continuity of Interest Doctrine

As the name suggests, the continuity of interest doctrine relates to the ownership role of stockholders after reorganization. Stockholders must continue to play a role in the business post-reorganization. This rule applies to all tax reorganizations except in a Recapitalization or Identity Change transaction. Continuity is preserved when the value of the target holders stock in the new corporation is at least 50% of the stock value previously held. In the event of a divisive reorganization, the stockholders of the divided corporation must hold at least 50% of the stock value of the newly formed corporation.

Continuity of Business Enterprise Doctrine

The continuity of business doctrine examines a business’ activities to determine whether they are continued or whether a significant portion of the assets are used after the reorganization. Meeting the requirements of either one of these activities will satisfy the continuity of business enterprise principle. In continuing business activities, at least one of the lines of business of the target must be continued after in the reorganization. Asset continuity is measured on a facts and circumstances basis. In general, the significance in the portion of the assets being used post-reorganization is measured by the relative importance of the asset to the operations, and not necessarily the quantity being used.

While each type of tax-free reorganization has additional statutory requirements, following these principles will help anchor your tax-free reorganizations in the future. For further information on tax reorganizations, feel free to contact me, Karen Burton at kburton@cbiz.com, or one of my colleagues at CBIZ MHM Memphis.




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 16, 2015

Although back-to-school sales tax holidays are over for consumers, accountants still have the responsibility of accurately reporting what is and isn’t taxable.

Sonya Daniels, Manager in the State and Local Tax department at CBIZ MHM Memphis, provided her insight on the topic in a recent article published by AccountingToday.

When filing the normal monthly tax return for stores, accountants in some states need to look out for a specific line to report sales made during sales tax holidays.  “There are several states that have a specific line that they would like you to report those sales on,” said Daniels. “For instance, in Missouri, it can totally change the actual return that you file. If you normally file a short form, they can actually switch you to a long form just because of the sales tax holiday. In that particular state the local jurisdictions can decide if they want to participate or not."

Reporting sales tax holidays on returns can be quite the project.  Accountants should be aware that there is no across-the-board set of rules for reporting sales taxes.  In addition, ambiguity continues from year to year and across states.  It is important for accountants who work for retailers—or who have retailers among their clients—to stay up-to-date on reporting sales taxes.

For questions, please contact Sonya Daniels at sdaniels@cbiz.com or 901-685-5575.  To view the full AccountingToday article, click the button below.




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