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December 18, 2015
In the season of giving, our office has once again joined forces to support the CBIZ National Food Drive.  The theme for this year’s food drive was HUNGER WARS: EPISODE 2015.  The food drive ran nationally from November 2-13. CBIZ MHM Memphis donated all collections this year to Mid-South Food Bank.

The company-wide goal was to collect 700,000 pounds of food, and the challenge for each office was to increase their total by at least 10% over last year.  The Memphis office exceeded that goal with a grand total of 35,000 pounds collected, which will be donated to the Mid-South Food Bank.

The food drive kicked off with a company-wide gumbo potluck for a minimum donation.  In addition, our office came together for a bake sale, galaxy photo-booth, and display that was out of this world – complete with a replica ‘R2FeedU’ made out of various canned foods and large light saber fork!

Thank you to all who participated in this year’s efforts to ensure that children and adults in our community aren’t hungry this holiday season.

May the forks be with you.






December 8, 2015

CBIZ MHM Memphis  is proud to announce our selection as one of The Commercial Appeal's Top Workplaces.  The Top Workplaces is a list of the best places to work in the Memphis metro area, which is determined based solely on employee feedback.  The employee survey is conducted by WorkplaceDynamics, LLP. 

“We are honored to have been selected for the award, particularly as the judges were our own employees,” said Moira House, Director of Operations of the Memphis office.

Here are just a couple of our employee comments:
  • "I am able to add value and make a difference."
  • "I have an incredible work/life balance and a supervisor who genuinely cares about my success."

In addition to being recognized as a Top Workplace, our office also received the "Appreciation Award."  Only given to one company among all finalists, this award recognizes a company whose employees felt the most appreciated by their employer.

CBIZ MHM employees attended the Top Workplaces awards banquet held at Hilton Memphis on December 3, 2015.  CBIZ MHM Memphis was recognized alongside 59 other companies as a sought after workplace in the Memphis metro area.

To see the full list of Memphis Top Workplaces click here. Interested in working for us? To explore career opportunities at CBIZ, visit www.cbiz.jobs.




December 3, 2015
Linda Lauer, Co-Attest Practice Leader and Lead Managing Director for the Memphis Office, published an article, Audit Quality Study Signals Changes Ahead for Employee Benefit Plans, in the November 2015 issue of HR Professionals Magazine.  In the article, Linda provides valuable insight in regards to the recent employee benefit audit study performed by the Department of Labor (DOL).

"Nearly 4 in 10 employee benefit audits in the 2011 plan filing year failed to meet regulatory standards,” Linda shared. Her article touches on the study’s findings, including areas of noncompliance, deficiency rates, a response from the regulators, and implications for plan sponsors.

“The 2014 Study has ramifications for everyone involved with benefit plan financial statements...Staying on top of these changes will be critical for future benefit plan compliance,” Linda concludes.

For questions regarding the study and/or the impact on your company, please contact Linda Lauer at llauer@cbiz.com or 901-685-5575.  To view the full HR Professionals Magazine article, click the button below.




December 1, 2015

Steve Dunavant was honored at Christian Brothers University's Bell Tower Gala with the 2015 Distinguished Alumnus Award - the highest award presented by the CBU Alumni Association.  The award recognizes Steve for his notable level of success in life, significant contributions to his profession, support of CBU efforts, and contribution to society through public service and church activities.

Steve has more than 30 years of public accounting experience and was one of the founding members of our predecessor firm, Thompson Dunavant PLC.  Steve provides guidance on a variety of financial and taxation matters involving: pass through entities, acquisitions/divestitures, utilization of tax incentives, and healthcare reform.

Aside from serving the Memphis office as Managing Director, Steve has contributed time to many committees and Boards.  Currently, he serves on the Board of Trustees at Christian Brothers University and the Americana Music Association.  Formerly, Steve was Chairman of the Board at Visible Music College, and on the Board of Directors at Triumph Bank.

For more information about Steve and the other honorees, click here. To learn more about the Bell Tower Gala, visit cbu.edu/gala.




November 17, 2015

Steve Dunavant, Managing Director for the Memphis Office, will present at the Emerging Trends event hosted by the Urban Land Institute of Memphis.  Highlighting one of the city's biggest real-estate development projects in decades, Steve will give attendees an inside look at Crosstown's New Market Tax Credits.  Joel Superfon, Director of Investment Management & Advisory Services at Dudley Ventures, and Gil Uhlhorn, Member at Bass, Berry & Sims, PLC., will co-present.

The breakfast will be held on Thursday, December 3rd from 8:00 am to 10:30 am at the Memphis Botanic Garden.  Check-in opens at 8:00 am with coffee and continental breakfast.  The program begins promptly at 8:30 am.

For more information or to register for the event, click here.




November 12, 2015

Eric Barnes, publisher of The Daily News, opened the Nov. 5th Commercial Real Estate Seminar with a nod to the attendees, "This is our best attended seminar series, and I’m sure today’s panelists will not disappoint."

McLean Wilson of Kemmons Wilson Inc., headlined as the keynote.  Since 2011, McLean has been leading the re-development efforts of the Sears Crosstown Redevelopment Project in Memphis.  During his address, McLean spoke about the importance of the mix-use space at Crosstown Concourse and its intentional collaboration between the arts, education, and healthcare.

The overarching theme to the group of presentations was that Memphis is a city on the rise and of choice for many investors. In fact, Brian Whaley of CBRE Memphis noted that there is over one million square feet of retail space planned or currently under construction, and we continue to see investors from outside of Memphis bring new life to the community.

In addition to Wilson and Whaley, other event panelists included Tim Mashburn of Colliers International, Jimmy Ringel of Makowsky Ringel Greenberg, and Kemp Conrad of Cushman & Wakefield | Commercial Advisors LLC.

A crowd of over 250 gathered for the #MEMCRE event at the Brooks Museum.  To read further coverage of this event, visit the Memphis Daily News website.




November 10, 2015

Josh Finfrock, Director of the Memphis Office recently authored an article covering the Base Erosion and Profit Sharing (BEPS) recommendations.

On October 5, 2015, the Organisation for Economic Co-operation and Development (OECD) presented final recommendations relating to the BEPS project to the G20 Finance Ministers. The recommendations represent a multi-year focus on international tax policy aimed at curbing tax avoidance by multinational enterprises (MNEs) and include more than 1,600 pages covering 15 action points.

Josh’s article gives detailed insight into each of the 15 action points and summarizes key topics and recommendations presented by the OECD.

For questions on how these recommendations may have an impact on your company, please contact Josh Finfrock at jfinfrock@cbiz.com or 901-685-5575.  To view the full article on CBIZ’s Insights & Resources, click the button below.




November 4, 2015

The sixth annual CFO of the Year Awards were held at the Holiday Inn at the University of Memphis on October 29th.  These awards recognize outstanding financial professionals in the Mid-South for exceptional performance in their roles as corporate financial stewards.

The event kicked off with a packed breakfast to honor all the finalists for the various categories.  Winners in each category were chosen from an independent panel of judges.  The winners in their respective categories are as follows:

  • Private Company Less Than $50 Million Annual Revenue:
    • Marcus Mobley, J. Strickland & Co.
  • Private Company More Than $50 Million Annual Revenue:
    • Jim McMahon, American Residential Services
  • Nonprofit Company Less Than $25 Million Annual Revenue:
    • Cecil McGee, Metropolitan Inter-Faith Association (MIFA)
  • Nonprofit Company More Than $25 Million Annual Revenue:
    • Mike Swift, Shelby County

Alan Graf, CEO of FedEx, was also honored with the Lifetime Achievement award for his service within the financial sector.

CBIZ MHM has been proud to sponsor these awards since their inception in 2010.

To see a full list of the finalists, click here.




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.




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