Local Office Blogs

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February 20, 2014

The CBIZ Women's Advantage (CWA) has elected Megan Murdock, Practice Development Manager, to the CWA Executive Board. Megan has been the chair of a CWA Business Development Subcommittee for the past year and has been instrumental in planning and promoting our local women's programming.

Her appointment to the National Executive Board is an impression of her leadership and success within our own Memphis office. Megan was named a Memphis 'Woman to Watch' by the Commerical Appeal in 2013. She has been with the Memphis office of CBIZ MHM, formerly Thompson Dunavant PLC, for a total of six years.

 "It is a great honor to have Megan serving on this national board, and we are fortunate to have her as an integral part of our team," said Linda Lauer, CWA Executive Board member and Memphis Leader.

CBIZ Women’s Advantage celebrates the uniqueness of the woman business professional. Interally, we direct the development of our women professionals through focused leadership, mentoring and networking. Externally, we provide women decision makers access to a network of highly skilled, seasoned, professional women to assist their every business need. We are “CBIZ Women Helping Women Succeed in Business.”

February 18, 2014

Telecommunications recovery audit is a service that involves a comprehensive review of your telecommunication expenses, which includes land line, mobile line, data, and network configurations, to identify billing errors, best in class prices, and contract compliance.

What are the advantages of performing a cost recovery audit?

  • First year savings range from 10-40% of telecommunication costs
  • Nearly 100% success rate in finding recovery/or cost savings opportunities
  • No charge for the assessment with payment completely based on your savings
  • No utilization of your staff in the evaluation process
  • Consistent savings year after year

How does it work?

  1. You give your last month’s invoices from the categories you want analyzed.
  2. Our cost recovery experts work offsite to check for billing errors, optimized pricing, etc.
  3. You are notified of the services in which you could be saving money.
  4. You decide what saving opportunities you want to implement into your telecommunication services.
  5. The cost recovery team can handle the rest of the transactions, including any necessary adjustments that need to be made.
CBIZ has been nearly 100% successful in finding recovery and/or cost savings opportunities for every company we have approached. We are able to benchmark pricing using state of the art software, experience and expertise. Our team consists of industry experts who have worked for vendors, including Fortune 100 companies, in each of the cost recovery categories and industries such as healthcare, hospitality, retail, and education.      

February 13, 2014

The Affordable Care Act, which was passed in 2010, included provisions that added a 3.8% Medicare surtax on qualifying net investment income to your tax bill beginning with your 2013 return. The final Regulations Section 1.1411 for this tax were issued in 2013. However, Form 8960, the one page form used to report the calculation of Net Investment Income (NII), was just finalized in January. 

Though we are in the beginning of tax season and final instructions for Form 8960 have not yet been released, it's important to take this tax into consideration, as it applies to taxpayers that exceed certain income thresholds. The lack of full guidance from the IRS on how to complete the required form may mean that tax professionals and their clients will be left to interpret key aspects of the calculation from what information is currently available. The legislation refers to this tax as a 3.8% "Medicare tax" on individuals, estates, and certain trusts, yet it is unrelated to Medicare. For individuals, the tax is equal to 3.8% multiplied by the lesser of Net Investment Income (NII) or Modified Adjusted Gross Income (MAGI) in excess of the following thresholds:

  • $250,000 for married couples filing jointly,
  • $125,000 for married couples filing separately,
  • $200,000 for single taxpayers and taxpayers filing as head of household

The Net Investment Income tax includes:

  • Interests, dividends, annuities, royalties and rents (unless such income is derived in the ordinary course of a trade or business), less allocable deductions
  • Income from a passive activity
  • Income from a trade or business of trading in financial instruments or commodities
  • Net gain (to the extent taken into account in computing taxable income) attributable to the disposition of property other than property held in an active trade or business

If you are an individual subject to the 3.8% Medicare tax, keep in mind that there are potential planning ideas such as examining passive and nonpassive activities, grouping elections for material participation and/or considering the election to become a "real estate professional." These opportunities could provide you some relief by minimizing your tax, which we'll expand upon in a future post.

If you have further questions about this newly implemented tax, feel free to contact Bryan Koch at bkoch@cbiz.com or 901.685.5575.  

February 6, 2014

This week, the CBIZ Women's Advantage second Networking Circles group from the Memphis office graduated from their program. This year-long peer networking and professional development program involves a series of small group meetings and program action items. Seven women participated in the group and all came together for a small graduation luncheon at Interim Restaurant & Bar in East Memphis.

One of the goals of the program is to integrate it with CBIZ's ethical and established business principles, in turn, creating a measurable impact on CBIZ's business development and revenue generation. The first graduating class of Networking Circles participants helped as mentors throughout the second group's program.

Linda Lauer, Executive Board Member of CBIZ Women's Advantage, served as the second group's leader, facilitating the eight sessions throughout the year. Linda is also a Managing Director in the Memphis office of CBIZ MHM, leading the Employee Benefit Plan Audit segment. She'll be a featured panelist at The Daily News' Women & Business Seminar, February 27, 2014 at the Brooks Museum.

CBIZ Women's Advantage celebrates the uniqueness of the woman business professional. Interally, we direct the development of our women professionals through focused leadership, mentoring and networking. Externally, we provide women decision makers access to a network of highly skilled, seasoned, professional women to assist their every business need. We are "CBIZ Women Helping Women Succeed in Business."

February 4, 2014

Josh Finfrock, Senior Manager in our Transfer Pricing division, gives insight into the updated transfer pricing documentation rules affecting qualified French taxpayers.

As part of the Finance Bill for 2014 partially enacted by the French Government, updated transfer pricing documentation rules will affect qualified French taxpayers (including French permanent establishments of foreign companies). As noted in Section L13AA of the French Tax Procedure Code, the updated transfer pricing documentation rules affect French taxpayers that satisfy one or more of the following:

  • Turnover or gross assets equal to or exceeding EUR 400 million;
  • Owns, directly or indirectly, at least 50% of a company that meets the EUR 400 million criteria;
  • More than 50% of the entity’s capital or voting rights are owned, directly or indirectly, by French or foreign entities that meet the EUR 400 million criteria; or
  • Part of a consolidated tax group in France and at least one group company meets any of the above criteria.

These updated rules now require French taxpayers to file transfer pricing documentation within 6 months of filing their tax return, whereas the previous transfer pricing documentation rules only required French taxpayers to provide transfer pricing documentation if requested during a tax audit. When documenting, the qualified French taxpayers will now be required to disclose a detailed summary of the entity and the related affiliates. They will also be required to provide a detailed summary of each intra-group transaction valued over EUR 100,000. French taxpayers that fail to file transfer pricing documentation properly (in proper detail, in a timely manner, etc.) may be penalized up to 5% of the reassessment by the French Tax Authorities.  

January 30, 2014

Over 100 employees attended our semi-annual office meeting at the Racquet Club of Memphis. CBIZ guests including Jerry Grisko, CBIZ President/Chief Operating Officer, Bill Tapp, Senior Managing Director in the Tampa Bay office of CBIZ MHM, and Ken Rideout, CBIZ President of Employee Services Tennessee, gave presentations reflecting the national, regional and local perspectives of CBIZ.

These perspectives served to inform Memphis employees of where the company has been and where it is headed. Steve Dunavant kicked off the meeting with 2013 metrics and then steered the conversation into office plans for 2014 - the firm's third year with the national accounting services provider. Representatives from different service lines also gave short presentations reflecting on 2013 results and announcing 2014 goals and initiatives. Eustis Corrigan, a New Orleans native, gave the closing remarks to the firm, and he certainly kicked it up a notch by bringing in personalized CBIZ MHM tabasco bottles for the staff. The takeaway: CBIZ MHM is 'Spicing it up' in 2014!        

January 28, 2014

We are proud to announce the promotion of Karen Cassella, CICA to Managing Director in the Memphis office of CBIZ MHM. Karen has more than 20 years of experience in accounting, internal audit, and consulting services. Her expertise is in risk management with her most recent concentration in the payment card industry, particularly with data security assessment and compliance. She excels at designing and documenting internal controls, lean accounting and business processes, financial and operational policies and procedures, and developing formal risk assessments involving finance, information technology and fraud.

“Karen has been an asset to our organization, as well as a national leader in the CBIZ Security & Advisory Services division,” said Steve Dunavant, Senior Managing Director, CBIZ MHM, Memphis. “Her promotion is well deserved, and we anticipate her new role as Managing Director to be one of great influence in our company.”

She received her Executive MBA from the University of Memphis and her bachelor’s in accounting from Christian Brothers University. She is a Certified Internal Control Auditor (CICA) and a member of the Association of Certified Fraud Examiners (ACFE), the Institute of Internal Auditors (IIA), and the Accounting & Financial Women’s Alliance (AFWA). Karen served as President of the Memphis Chapter of Financial Executives International (FEI) from 2011-2013.

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.

January 21, 2014
The Memphis Grizzlies won in the last two seconds of Friday's home game against the Sacramento Kings, and the Memphis office of CBIZ MHM was there to witness the final score of 91-90. Office Night Out at the Grizzlies, voted by our employees as their #1 favorite CBIZ MHM social event, is our "can't miss" of the year. We had more than 100 people representing CBIZ MHM in the FedEx Forum's club level, and two of our lucky associates made it on the 'fan cam!'    

January 16, 2014

Before meeting with your adviser, plan sponsors should know what to anticipate in an annual review and take steps to complete the following list of responsibilities in order to ensure a successful plan year. Take a look at our fast five on what to achieve in your 401(k) Annual Review:

1. Review what did and did not work in your plan during the prior year. The annual review is not just an advisory meeting. You should expect a more comprehensive review of your investment performance and be ready to make necessary adjustments if needed.

2. Anticipate changing financial environments and mirror these in your plan. While you will want to look at the past year to review plan design and performance, you may also want to think ahead to the coming year. Keep in mind changes in the marketplace or your company dynamics that could affect financial investment plan options for the future, then make changes accordingly.

3. Communicate plan changes to employees. While implementing these changes in your new plan is important, informing your employees of changes and any effective dates is perhaps just as pressing of a matter.

4. Discuss fee arrangements. Though reviewing and negotiating fees is never an easy topic to include in your annual review, it is a necessary one. If your 401(k) investment adviser is not initiating the conversation surrounding your provider fees, you should do so.

5. Confirm that your plan is in compliance with the Investment Policy Statement (IPS). Though your plan should already be in compliance, yearly review of these standards should be commonplace to ensure that any changes in the plan and related investment holdings are in accordance with the IPS.

If you have any questions regarding your 401(k) Annual Review, feel free to contact our Certified Employee Benefit Specialist, Linda Lauer at llauer@cbiz.com or 901.685.5595.


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