Local Office Blogs

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November 14, 2013

As discussed in our last post, our local office has decided to take the national food drive theme, "Heroes Against Hunger," and incorporate a Memphis twist, using Elvis as our hero.

"Ladies & Gentleman, Hunger Has Left the Building," has taken on a life of its own at CBIZ MHM.

Last week, three of our employees dressed up as the Elvis trio, taking pictures with those who had donated money to our collection for the Mid-South Food Bank. The three posed in front of our creative display - a handmade stage, complete with LED lighting, made by one of our own staff members. The office held a "jeans day" on Friday and employees enjoyed a bake sale this week, another fundraising event for our food drive.

We are looking forward to our final event of our local food drive, Pie-A-Partner, which will be a chance for employees to throw a pie at their Managing Director of choice!

November 8, 2013

It's no surprise to today's CFOs and HR Directors that the ever-changing dynamics of healthcare legislation are presenting new challenges in day-to-day business operations. From the benefits perspective, HR and finance professionals are having to work closer together now than they ever have in the past.

These ideas will feed into our Q & A portion of our CFO/Controller Conference on Wednesday, November 13th. Our own CBIZ representatives and moderators, Linda Lauer of the Memphis office and Karen Fenaroli of EFL Associates, Inc., will help lead a panel of experts in discussion over healthcare reform and business strategy. Panelists will include:

  • Barbara Anderson, Sr. Director/Benefits & Compensation, Perkins & Marie Callender's
  • Milton Lovell, CFO & General Counsel, nexAir
  • Ramon Marus, CFO, Bryce Corporation
  • Marcia Vargas, Sr. Vice President/Human Resources, Fred's
These influential Memphis leaders will share their own experiences, best practices, and lessons they have learned so far in dealing with new legislation in healthcare, including the Affordable Care Act. Though the panelists will be taking questions from the audience, if you already know of something you'd like discussed during this presentation, please feel free to send your questions over Twitter using #CFOConf @CBIZCFOConf or leave a comment below. Quick! Seats are running out fast. Pre-register for the event here.

November 5, 2013

As featured yesterday on the national CBIZ blog, the 5th annual national CBIZ food drive has begun! We are proud to be a part of this incredible company-wide competition which has raised more than 2 million pounds of food over the last four years.

This year's national theme is "Heroes Against Hunger," and we have come up with our own take on that idea. This morning we kicked-off our local food drive with a special breakfast. A representative from the Mid-South Food Bank discussed our local needs and fundraising plans. The King himself presented the 2013 CBIZ MHM Memphis Food Drive theme, "Ladies & Gentlemen, Hunger Has Left the Building."

Elvis is most certainly a hero to Memphians (his signature look even includes a cape), and we're excited to incorporate him into our local office theme! Employees bought their way into this morning's event by bringing some of Elvis' favorite foods:

Peanut Butter (Skippy was the King's preference, but all brands accepted)

Pinto Beans & Jiffy Cornbread Mix (Elvis loved beans and skillet cornbread)

Apple Pie Filling (His favorite dessert was deep dish apple pie)

The CBIZ National Food Drive runs through November 15th. Stay tuned for more information and pictures from our efforts in the Memphis office!


October 29, 2013

The Memphis office of CBIZ MHM participated in the annual Juvenile Diabetes Research Foundation (JDRF) Walk to Cure Diabetes at Shelby Farms on October 5, 2013.

Our team was split into two groups - walkers and counters. We had a number of staff participate in the actual walk, as well as some who virtually completed it by donating online.  We also had a team leading the accounting room where they made sure all donations were properly counted and sorted. 

This year was our eleventh year to volunteer in the accounting room. We are honored to also be sponsors of the JDRF Walk, which has raised $1 billion to date. These walks, hosted throughout the nation, help the organization to continue to accelerate progress in T1D research and keep people with T1D healthy while we work towards a cure. This year the Memphis office exceeded our goal and raised $2,695!

JDRF is the leading global organization funding type 1 diabetes (T1D) research. More than 80%  of JDRF’s expenditures directly support research and research education.

More than 15,000 children and 15,000 adults in the United States receive a diagnosis each year.  If you'd like to help JDRF reach their national goal for 2013, you can donate by clicking here.      

October 24, 2013

The Payment Card Industry Security Standards Council (PCI SSC) has announced that the data security standard (PCI DSS) Version 3.0 is expected to be released in November. In a press release, PCI SSC Chief Technology Officer, Troy Leach, said that PCI DSS 3.0 will "provide organizations with the framework for assessing the risk involved with their technologies and platforms." He also noted that the changes will also provide the flexibility to apply these principles to their unique payment and business environments.

The new guidelines, which encourage organizations to focus on security rather than compliance, were created to:

  • Clarify PCI DSS requirements;
  • Build greater understanding on the intent of the requirements and how to apply them;
  • Improve flexibility for all entities implementing, assessing, and building to the Standards;
  • Drive more consistency among assessors;
  • Align with changes in industry best practices;
  • Clarify scoping and reporting; and
  • Eliminate redundant sub-requirements and consolidate documentation.

Some of the more significant changes are still under review before the final version is released. All entities that process, store or transmit cardholder data are expected to comply with Version 3.0 by December, 2014. We expect to see sub-section requirements recommended as a best practice until July, 2014.

This post was written by Brenda Brigman, Executive Vice President of CBIZ Security & Advisory Services, LLC. Brenda is responsible for performing Payment Card Industry Data Security Standard compliance assessments (PCI-DSS), IT SOX testing, HIPAA, ISO, network security reviews and IT risk assessments including assessing and testing the level of IT security over infrastructure components and application integrated controls. Visit www.cbiz.com/pci for more information regarding CBIZ Security & Advisory Services, LLC and contact Karen Cassella (kcassella@cbiz.com), Executive Vice President, CBIZ SAS at (901) 685-5575 or email the CBIZ SAS team at pci@cbiz.com.    

October 17, 2013

The Memphis Business Journal’s 4th annual CFO of the Year Awards took place this morning at the Holiday Inn University of Memphis. These awards are designed to honor financial professionals in Memphis and the Mid-South for outstanding performance in their roles as corporate financial stewards. We are proud to have been a sponsor of these awards since their inception in 2010.

Steve Dunavant, Sr. Managing Director, is pictured at left presenting the award for the winner of CFO of the Year in the Non-Profit Company (more than $30 million annual revenue) category. Nominees for these awards must be a Chief Financial Officer or hold an equivalent position at a local company or organization.The following is a list of the award winners in their respective categories:

Private Company (less than $100 million annual revenue)

Winner: Brent Patterson, Semmes-Murphey Clinic

Private Company (more than $100 million annual revenue)

Winner: David Rosenthal, Buckman

Non-Profit Organization (less than $30 million annual revenue)

Winner: Brandon Wellford, Memphis Bioworks Foundation

Non-Profit Organization (more than $30 million annual revenue)

Winner: David Zettergren, University of Memphis

Lifetime Achievement Award

Winner: Richard Carney, Chuck Hutton Company

Congratulations to all of the award finalists! Click here to see the full list of CFO of the Year finalists. Learn more about all of the nominees in the CFO of the Year section of this week's Memphis Business Journal.  

October 15, 2013

The Memphis office of CBIZ MHM will host the 3rd seminar in our CFO/Controller Conference Series on November 13, 2013. Pre-registration is required, and attendees can register now online for a fee of $50, which includes the cost of breakfast and lunch.

The event will follow a half-day schedule running from 8:30 a.m. to 1:00 p.m. at the University of Memphis Fogelman Center. Presentations will focus on providing CFOs and Controllers with direction on addressing current challenges within their respective organizations. The conference will qualify for 4 hours of Continuing Professional Education (CPE) credit.  Speakers and topics will include:

  • YOUR PEOPLE STRATEGY IS AS CRITICAL AS YOUR FINANCIAL STRATEGY (Howard Cleveland, Principal, PeopleCap Advisors & Andy Nix, Principal, PeopleCap Advisors)
  • THE FUTURE OF EMPLOYER-PROVIDED HEALTHCARE (Jennifer Kiesewetter, Founding Member, Kiesewetter Law Firm, PLLC)
  • AFFORDABLE CARE ACT - WHAT CFOS NEED TO KNOW (Steve Dunavant, Senior Managing Director, CBIZ MHM, LLC & David Gearhardt, Employee Benefit Specialist, CBIZ Benefits & Insurance of TN)
  • TODAY’S CFO & HR DIRECTOR - PARTNERS IN DRIVING STRATEGY (Barbara Anderson, Sr. Director/Benefits & Compensation, Perkins & Marie Callender’s; Milton Lovell, CFO & General Counsel, nexAir; Ramon Marus, CFO, Bryce Corporation; Marcia Vargas, Sr. Vice President/Human Resources, Fred’s)

Stay tuned to our blog for future posts from our presenters leading up to the event. Participants and those who cannot attend the event can follow along with the conversation on Twitter by using #CFOConference. For more information, please contact Megan Murdock at mmurdock@cbiz.com.

October 8, 2013

According to a recent survey, tax executives have a growing concern over one thing - global transfer pricing. It ranked second in potential corporate tax risk, only behind U.S. tax legislation and regulation changes.

Josh Finfrock, Senior Manager in the Memphis office and transfer pricing expert, analyzes the results of the global survey and shares his insight on transfer pricing risks:

Since the economic downturn, tax authorities from both developed and developing economies are gaining sophistication as transfer pricing has become one of their highest priority issues in the prevention of tax base erosion. Tax executives are increasingly balancing global transfer pricing risk in an environment where tax authorities worldwide have shifted from not only viewing transfer pricing as a tax base erosion prevention issue, but also utilizing transfer pricing as an active tool to increase tax revenue. With the economics of government under ever increasing pressure, tax executives are forced to carefully assess and mitigate the global risk of double taxation resulting from aggressive transfer pricing adjustments.

The survey conducted included participants from 20 countries with over 300 senior tax executives from large public and private companies. You can read the full story on Accounting Today's website.

October 3, 2013

Our blog has been up and running since early spring (our first blog post was published March 26, 2013), bringing you tax and accounting news, industry updates, expert insight, and a small glimpse into our company culture. Hopefully, through all the heavy subject matter, you've learned we like to have fun both inside and outside of the office.

As we move into the Fall season, though the weather still needs to catch up, we'd like to share our list of the Top 5 Most Popular Blog Posts as a refresher on all that's good at CBIZ MHM Memphis:

1.   The Health Insurance Marketplace: Model Notice to Employees

2.   Top 10 Reasons to Work at CBIZ MHM Memphis

3.   CBIZ Memphis to Host CFO/Controller Conference Series (watch out for similar posts featuring the speakers of our upcoming November 2013 CFO/Controller Conference)

4.  An Overview: Verizon 2013 Data Breach Investigations Report

5.   Is Employee Satisfaction Enough? Time to Rethink Employee Enagagement Strategies

Have a topic you would like to see covered on our blog? Click "Leave a reply" to post a question or concern.

October 1, 2013

The Government of India's Central Board of Direct Taxes (CBDT) issued the finalized draft of India's safe harbor rules after considering comments made on its first version from various stakeholders.

Its draft, released in August, outlined the minimum acceptable operating margins for a variety of intercompany services and export of manufactured auto-parts as well as acceptable spreads in terms of basis points for financial transactions. With the intention to benefit India taxpayers, the finalized version revises the minimum acceptable operating margins and transaction amount ceilings. It also states that those who opt into the safe harbor can elect to use it for a period of one to five years, but nothing greater than five assessment years beginning from the 2013-14 year will be applicable.

A safe harbor essentially specifies a transfer price that taxpayers may elect as an alternative and thereby generates a greater level of certainty concerning their tax positions in a given country. Although a safe harbor relieves taxpayers from providing third party comparables, it is necessary for taxpayers to document a functional and risk profile analysis for the respective services provided. India specifies safe harbors for the following categories of intercompany services:

  • Software development services
  • Information technology enabled services (iTes)
  • Knowledge process outsourcing (KPO) services
  • Research and development (R&D) services wholly or partly related to software development
  • Research and development (R&D) services wholly or partly related to generic pharmaceutical drugs

In addition, it specifies safe harbors for the following financial transactions: advancing of intra-group loans to wholly owned subsidiary and providing corporate guarantee to wholly owned subsidiary. Lastly, it specifies safe harbors for manufacturing as follows: Manufacture and export of core and non-core auto components.

Although the CBDT's intention is to provide multinational corporations (MNCs) more certainty in their tax positions, these corporations may encounter an increase in scrutiny from other foreign income-tax authorities, as safe harbors are not necessarily considered arm's length prices on the corresponding side to any intercompany transactions with an India-based party affiliate. The CBDT's revisions to its draft safe harbor rates are certainly more appealing to taxpayers than its original proposal. However, the revised amounts are still considerably higher than the margins produced by third party comparables.

As a result, MNCs will need to assess the cost and benefits of opting into India's safe harbor policy, i.e. will the simplification of documentation, increased tax position certainty, and avoidance of audit controversy merit the potential increase in scrutiny from corresponding foreign tax jurisdictions?


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