Local Office Blogs

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October 6, 2015

The Organisation for Economic Co-operation and Development (OECD) and the G20 Countries continue to release and finalize the remaining deliverables of their 15-Point Action Plan addressing the Base Erosion and Profit Shifting (BEPS) project. As discussed in one of our earlier insights on the topic, transfer pricing documentation is being re-examined in an effort to enhance transparency, certainty, and predictability for both tax administrators and taxpayers. Adoption of the new guidance is being evaluated by many taxing authorities worldwide in which multi-national enterprises do business.

The following list highlights some of the countries that have recently issued updates and developments from across the globe concerning transfer pricing documentation and regulations:

Mexico presented its Congress with a tax reform package for review on September 8, 2015. The package envisions the adoption of BEPS action item 13 relating to country by country reporting (CBCR), master file, and local file reporting requirements. The requirements would be introduced on a calendar year basis with the first due on December 31, 2017 for the tax year ending December 31, 2016. Multinationals with local revenue of approximately $38 million USD would be subject to master file and local file requirements while Mexican owned multinationals with group revenue of approximately $714 million USD would be subject to CBCR.

Australia has released draft transfer pricing legislation which would require a country-by-country report in addition to the master file and the local file in part of compliance with Action 13 (Guidance on the Implementation of Transfer Pricing Documentation and Country-by-Country Reporting). Multinationals headquartered in Australia with group revenues of A$ 1 billion or more will be required to file a country-by-country report in Australia. Multinationals headquartered outside of Australia above the same threshold will be required to prepare Master File and Local File documentation. 

Spain has released new transfer pricing guidance which now requires a country-by-country report in addition to the master file and the local file in part of compliance with Action 13 (Guidance on the Implementation of Transfer Pricing Documentation and Country-by-Country Reporting). Spain reacted quickly to implement recommendations stemming from the work of the OECD’s BEPS project. The guidance would be applicable for multinationals with group revenue of greater than €750 million headquartered in Spain with the first report due within 12 months of the first tax year ending after January 1, 2016.

Earlier this spring, the Ministry of Finance published a draft Royal Decree approving the Corporate Income Tax Regulations.

In February, the Canada Revenue Agency (CRA) released guidance following the OECD’s BEPS project guidelines. Guidance issued included policies on internal audits of intra-group services and the use of multiple year data in transfer pricing analyses. Intra-group services will be deductible only if the services confer genuine benefit or economic value to the recipient.

If your company operates within any of these countries or has questions regarding the continued changing transfer pricing environment worldwide, please reach out to your local CBIZ contact to make sure your documentation will be sufficient to manage risk associated with transfer pricing.

Any outbound payments to overseas related parties will be overseen by the Chinese tax authority as documented in Public Notice 16 to ensure authenticity and adherence to the arm’s length standard. This notice is a direct result of China wanting to show their support for the BEPS initiatives.

Specifically, China is targeting services charges considered to be irrelevant for the Chinese taxpayers function and risk profile, services merely protecting shareholder interests, duplicative of services already paid for locally, services that are a result of passive association of the group or do not bring direct benefit, or services that are already remunerated through other intercompany transactions.

Draft amendments of the Personal Income Tax (PIT) and Corporate Income Tax (CIT) acts, which include new transfer pricing documentation requirements for Polish taxpayers, were released by Poland in May. Drafted requirements are similar to the BEPS initiative and will be more extensive than what is currently required. Amongst other updates, the deadline for preparing the documentation will be changed to reflect the current annual tax return deadline.

Bolivia has officially recognized the new transfer pricing guidelines defined by the OECD and will be enforcing said rules for affected taxpayers in the fiscal year 2015.

The Ministry of Finance introduced amendments to transfer pricing assessment rules and concepts reflected in the OECD guidelines in March of this year.

If you have further questions regarding transfer pricing regulations and updates, feel free to contact our local Transfer Pricing expert Josh Finfrock at jfinfrock@cbiz.com.

September 29, 2015

CBIZ & MHM Memphis is thrilled to announce our selection as one of the Memphis Business Journal’s Best Places to Work. The Best Places to Work is a list of the top workplaces in the Memphis metro area, which is determined solely on employee feedback.

The employee survey is conducted by Quantum Workplace, a national research firm.  We are honored to have been selected as a finalist, particularly as the judges were our employees!

As part of this year's nomination process and employee engagement surveys, CBIZ & MHM Memphis was named a finalist in the category for mid-size companies.  Official winner will be announced in a Best Places to Work special section in the October 30, 2015 print edition of the Memphis Business Journal.

To see the official announcement from the Memphis Business Journal, click here.  Interested in working for us?  To explore career opportunities at CBIZ, visit: www.cbiz.jobs

September 25, 2015

Featured in The Memphis Daily News, Senior Managing Director Eustis Corrigan explains why he is passionate about his [now] home of Memphis, TN.

The “I Choose Memphis” special feature on the Daily News website spotlights Memphians who are passionate about calling this community home.  Profiles are provided by a local non-profit, leadership development organization called the New Memphis Institute.

Corrigan, a Louisiana native, talks about some of his personal favorites in Memphis as well as his first memory of the Bluff City.

Eustis has more than 25 years of comprehensive tax, accounting, and strategic business consulting experience, the majority of which he served as a tax services partner with an international accounting firm. Prior to joining CBIZ, Eustis was a tax partner with a Top 50 accounting firm, where he held a leadership role for all tax services. His career also includes serving as the Chief Financial Officer for a publicly-traded, Southeast-based regional bank holding company.

For more information on Eustis Corrigan,
view his bio on our website.  To view the full Memphis Daily News feature, click the button below.


September 22, 2015

Although transfer pricing services are not as commonly known in the accounting industry, the work has an international reach that can have a major economic impact on companies big and small.

Josh Finfrock, Director in the Memphis Office is leading this niche, an essential division that focuses on international taxation.  Recently featured in an article published by The Daily News, Josh gives insight on his work, industry details, and personal experience.

“We’re helping companies on one end just starting to figure out how to expand internationally or maybe they are just coming to the U.S.,” he said. “They are trying to get their arms around what they have to do. But then we’re working with really established companies. They have a big international footprint with a significant amount of changes happening or compliance issues to make sure they are doing things right.”

For questions on transfer pricing’s impact on your company, please contact Josh Finfrock at jfinfrock@cbiz.com or 901-685-5575.  To view the full Memphis Daily News article, click the button below.

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.

September 14, 2015

This year's CFO of the Year finalists will be honored at an awards breakfast at the University of Memphis Holiday Inn on October 29, 2015.  CBIZ MHM Memphis has sponsored these awards since inception in 2010.


The Memphis Business Journal (MBJ) has divided the finalists into four categories:



Private Company, Small Category

    • Pete Hastings, CFO/COO BPI Packaging, LLC
    • Lance Henderson, Vice President of Operations/ CFO, Henry Turley Company
    • Chris Kolehmainen, Vice President of Finance, Lokion Interactive, LLC
    • Marcus Mobley, COO, J. Strickland & Co.

Private Company, Large Category

  • Warren Davenport, CFO, Universal Asset Management, LLC.
  • Joe Lyons, Vice President and CFO, Barr Brands International
  • Jim McMahon, Senior Vice President and CFO, American Residential Services
  • Alan Waxler, CFO, Centro, Inc

Nonprofit Company, Small Category

  • Jim Henderson, Executive Vice President of Finance, Porter- Leath
  • Tee Jones, CFO, National Civil Rights Museum
  • Cecil McGee, CFO, Metropolitan Inter-Faith Association
  • Christy Weir Krueger, Director of Finance and Operations, Make-A-Wish Mid-South

Nonprofit Company, Large Category

  • Forrest B. Artz, Vice President of Finance & Administration/CFO, Memphis Shelby County Airport Authority
  • Carolyn H. Head, VP of Finance & Administration/CFO, Christian Brothers University
  • Paul Makris, CFO, Christ Community Health Services
  • Mike Swift, CFO, Shelby County

To meet this year's CFO honorees, register for the awards event by contacting events coordinator, Meade Carlisle by phone at 901-259-1776 or by email at: mcarlisle@bizjournals.com


September 11, 2015

Moira House, Director of Operations for the Memphis office was named Human Resource Practitioner of the Year by the Memphis Chapter of the Society for Human Resource Management (SHRM) at Wednesday’s awards ceremony.  This award is given to an individual that has demonstrated significant impact to the Human Resource function- specifically recognizing examples of strategy implementation that have directly contributed to firm achievements, innovation and unique approaches to addressing key business issues, and quantifiable contributions to overall business strategy.

Awards were also presented in the following categories: Executive of the Year, Emerging Leader, Innovative Deployment of HR Technology, and Student of the Year. Trish Holliday, Assistant Commissioner and Chief Learning Officer in the Department of Human Resources for the State of Tennessee, was the keynote speaker.

To read more about Moira's nomination and role in our Memphis office, visit our previous blog post.  To read more about the awards, visit the Memphis Business Journal article for more details.

September 8, 2015

This year's Super Women in Business Awards was a memorable event recognizing the Mid-South's most influential women in business.  As a sponsor of the awards since its inception in 2012, we are proud to spotlight women playing a role in the success of their businesses and helping make the Memphis community a success through their involvement.

The awards luncheon was held at Hilton Memphis on Friday, August 28th. With 450 people in attendance, the crowd was energized as each Super Woman took the stage to accept a plaque and pink cape as well as to share ten words that described their idea of a "Super Woman," their award dedication, or their commitment to the city of Memphis. Though each woman's words were thoughtfully crafted, many chose to say more than their allotted ten words, and in doing so, donated a women’s clothing item for each word over ten to the DeNeuville Learning Center. Perhaps the most memorable selection came from Estella Mayhue-Greer of Mid-South Food Bank (pictured above right) when she said "To my family, you are the wind beneath my cape!"

For a full list of this year's Super Women in Business, click here.

For more information on CBIZ Women's Advantage and its impact on the Greater Memphis community, please contact Linda Lauer at llauer@cbiz.com or Megan Murdock at mmurdock@cbiz.com.

September 3, 2015

The FASB has proposed significant changes to the reporting requirements for Not-For-Profit entities in the Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Organizations subject to this update will be required to change the presentation of their financial statements in order to meet the new standards.

A significant modification included in the proposal would require reporting under a standard operating measure in the financial statements. Included in this proposal is a change that would affect the current classifications of net assets which include permanently restricted, temporarily restricted, and unrestricted to be replaced with only two categories: net assets with donor restrictions and net assets without donor restrictions. Not-for-profit organizations will also be required to report expenses by both the nature and function of the expenditures.  The proposal allows for the presentation of expenses by function and by nature on the face of the statement of activities, as a separate statement, or within the note disclosures.

Other changes include the required use of the direct method for the cash flow statement presentation of cash provided by operating activities and classifying cash flows consistently with the classifications used in the statement of activities.   

Comments on the proposal will be accepted on the FASB website until August 20. If you have questions regarding these proposed changes or not-for-profit financial reporting requirements, feel free to contact me, Jason Pittman, at jpittman@cbiz.com or one of my colleagues at CBIZ MHM Memphis.

Further information about the released exposure draft can be found on the Mayer Hoffman McCann, P.C. website.

September 1, 2015

The Memphis Office of CBIZ MHM hosted a lunch seminar on "How DOL Enforcement and Recent Litigation is Impacting Your Employee Benefit Plan."

Co-Presenters for the seminar included Linda Lauer, Co-Attest Practice Leader and Lead Managing Director, and Jennifer Kiesewetter, Attorney and Managing Partner of Kiesewetter Law Firm, PLLC.

Linda and Jennifer reviewed the recent Department of Labor (DOL) enforcement actions and court cases to help benefit plan sponsors develop best practices in plan administration.  In addition, the presentation looked at how the DOL’s inspection of audit firms has impacted plan sponsors. According to a recent EBP Audit Quality Study published by the DOL, nearly 4 in 10 EBP audits in the 2011 plan filing year contained major deficiencies and failed to meet regulatory standards making it even more important for companies to conduct thorough due diligence when selecting an auditor for their plan.

For more information on recent DOL activity and how it impacts your employee benefit plan, contact Linda at 901.685.5575 or llauer@cbiz.com.


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