Local Office Blogs

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December 11, 2015

Opportunities for a sale can arise quickly. To make the most of those opportunities, it helps to have a plan. Dave Enick, Tampa Bay Managing Director, co-authored an article discussing the key elements that should be included in a sales strategy.

Assembling the right team is a critical first step.  Teams should be made up of individuals who could bring insight or guidance into the sale evaluation process.  This team is important to defining appropriate objectives for proposed transactions.

Once the initial team is determined, discuss what is sought from a purchase offer by weighing all potential outcomes. Before communicating about the strategic opportunities being considered, make sure to solidify objectives and a communication plan. Lastly, make sure to procure outside advisors who have expertise with complex transactions and can assist with the sale preparation process.

For more information about the five step process and assembling the right team, contact Dave Enick at denick@cbiz.com or 727.572.1400.

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 18, 2015

It is that time of the year again for the CBIZ National Food Drive.  In the spirit of the Star Wars Saga, the theme for this year’s food drive was:  HUNGER WARS:  EPISODE 2015.  The food drive ran nationally from November 2-13. CBIZ MHM Tampa Bay donated all collections this year to St. Vincent de Paul Soup Kitchen of Upper Pinellas.

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 Tampa Bay office of CBIZ & MHM exceeded our goal of last year’s total by 23%, with a grand total of 31,812 pounds collected!  $6,252 in monetary donations and 552 pounds of food items will be donated to the SVDP Soup Kitchen this year.

The food drive kicked off with a company-wide breakfast for a minimum donation.  There was also a bake sale silent auction and fundraising luncheon as other donation opportunities.

Thank you to all for rebelling against the “Hunger Wars” and doing our part to make sure no child, senior or family in our community goes hungry this holiday season.

For more coverage on the “Hunger Wars”, search #CBIZFoodDrive on Twitter.


November 10, 2015

The Tampa Bay office of CBIZ MHM participated in the Tampa Bay Heart Walk at Raymond James Stadium over the weekend.

Almost 90 employees participated in the 5k walk for the 2nd year in a row, as well as some who virtually completed it by donating online.  This year’s Heart Walk involved more than 35,000 participants and raised more than $3.8 million for the American Heart Association, exceeding this year’s goal of $3.5 million and making the Tampa Bay Heart Walk one of the top one or two from a fundraising and participation standpoint in the country.  This year the Tampa Bay office raised $8,025!

The American Heart Association is the largest voluntary health organization dedicated to defeating heart disease, stroke and other cardiovascular diseases.  If you’d like to support the Tampa Bay Heart Walk and help the American Heart Association, you can donate by clicking here.

For more coverage on the 2015 Tampa Bay Heart Walk, search #TBHeartWalk on Twitter.

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 26, 2015

The Tampa Bay office of CBIZ MHM participated in Making Strides Against Breast Cancer at Amalie Arena over the weekend.

A number of staff participated in the actual 5k walk for the 4th year in a row, as well as some who virtually completed it by donating online.

Hosted throughout the nation, these walks help the American Cancer Society to continue to accelerate progress in breast cancer research and keep people with breast cancer healthy while we work towards a cure. Over 20,000 walkers participated in this event, raising $613,000 for Making Strides of Hillsborough. This year the Tampa Bay office raised $3,520!

If you’d like to support Making Strides and the American Cancer Society, you can donate by clicking here. Thanks to everyone for their support of this great cause!

October 20, 2015

With the highest level of divorce and collaborative experience on the west coast of Florida, the CBIZ MHM Forensic & Financial Services (FFS) Group maintains a national reputation for their extensive in-depth knowledge of accounting and finance to assist the legal community in identifying, understanding, and presenting complicated financial elements in dispute engagements.

The Tampa Bay FFS Group has participated in numerous collaborative divorce cases by serving as the financial neutral. Their focus is working with collaborative divorce professionals to provide a peaceful and respectful team-based solution for their clients. From premarital assets to civil litigation suits and economic damages, we help clients and their legal teams prepare for, and if possible, avoid trial.

The Tampa Bay FFS team supports the collaborative divorce process by:

  • Providing a team based environment
  • Resolving disputes
  • Addressing complex matters
  • Providing forensic accounting
  • Identifying assets & liabilities
  • Determining income
  • Valuing businesses
  • Preparing support scenarios & analyses
  • Developing creative option building

To explore how to engage CBIZ MHM for your collaborative team, contact Anthony Phillips at Anthony.phillips@cbiz.com or 813.594.1400.

October 8, 2015

Molly Wendland, Specialist in CBIZ’s Tax Incentives Practice, gives insight into Florida’s many tax incentive programs in Part 2 guest post.


In the previous post, trigger considerations and eligible industries were covered. Today’s post will review the specific programs and benefits available in Florida.


Florida’s many programs help companies offset the costs of making investment, adding jobs, and training employees. Specific programs and benefits vary but can include the following:


Programs and Benefits

  • Withholding tax refund of $3,000 - $8,500 per new job created
  • Investment tax credit
    o    Minimum capital investment: $25 million
    o    Can apply 5% of investment toward up to 75% of corporate tax liability
  • High impact project grants available to companies in designated high-impact portions of the following sectors – clean energy, corporate headquarters, financial services, life sciences, semiconductors, and transportation equipment manufacturing. Funding is discretionary. Both of the following additional parameters apply:
    o    Available to companies creating at least 50 new jobs within a three year period (or 25 for R&D facility)
    o    Cumulative capital investment requirement of $50 million within a three year period (or $25 million for R&D facility)
  • Incentives for businesses that choose to locate within a special zone:
    o    Enterprise Zone:
    o  Business machinery & equipment sales tax refund
    o  Jobs tax credit (sales tax)
    o  Jobs tax credit (corporate income tax)
    o  Building materials sales tax refund
    o  Property tax credit
    o  Sales tax exemption for electrical energy
    o    Brownfield:
    o  Tax refunds up to $2,500 per job created on a Brownfield site
    o  Other restrictions apply

Additional incentives with lower wage qualifications available to meet the special needs associated with businesses located in rural counties or urban core areas


Training Grants

The often overlooked incentive is the training grant, which is available as a unique means of offsetting the cost of job specific training for new employees or for training existing staff on new technology, processes or equipment. Funds are provided to the company on a cash reimbursement basis and can be used for expenses related to on-the-job and/or classroom training. Expenses can include instructor salaries, vendor training costs, training materials, and curriculum development costs to prepare the training materials.


Each program is different, and sifting through the requirements and compliance can be confusing at best and frustrating at the worst. Utilizing an expert in this area will produce the results beneficial to your company.


If your business is expanding, please contact Molly at MWendland@CBIZ.com or 816.945.5264 to see if your company may be eligible for these incentives.

September 30, 2015

Molly Wendland, Specialist in CBIZ’s Tax Incentives Practice, gives insight into Florida’s many tax incentive programs in part 1 of this 2 part guest post.


At the end of each day, we would all like to think that we have acted in our company’s best interest. But what if we haven’t? Have we left the company’s money sitting on the table?


Is your company growing? Are you adding jobs faster than you can process the paperwork? Are you making significant capital investment? If so, your company may be in a favorable position to reap the benefits of one or more of Florida’s many tax incentive programs.


Like most states, Florida offers multiple programs to companies to help offset the cost of an expansion. Florida incentives can come in many forms, including but not limited to cash; tax credits for new jobs and investment; sales tax credits, refunds, and exemptions; corporate income tax credits, and more.


Trigger Considerations

If your company is considering one or more of the following, you may be poised to reap the benefits of these programs:

  • Increasing headcount
  • Acquiring new space, building a new facility or signing a new lease
  • Making significant capital investment
  • Incorporating new technology that requires existing workforce to be trained

It should be noted that incentives are a "but for" proposition (e.g., "But for the incentives offered through the state of Florida, Company X would not have chosen to expand here.") Therefore, it is crucial to begin working on this process prior to making any final decisions on the expansion.


Eligible Industries

Florida targets companies that are creating high wage jobs in the following for-profit industries:

  • Manufacturing
  • Life Sciences
  • Financial / Professional Services
  • Clean Tech
  • Research & Development
  • Aviation / Aerospace
  • Homeland Security / Defense
  • IT
  • Global Logistics
  • Headquarters (regardless of industry)

Retail, utilities, mining and other extraction or processing businesses are ineligible.


Stay tuned for Part 2 to find out what types of programs and benefits are available. 

If your business is expanding, please contact Molly at MWendland@CBIZ.com or 816.945.5264 to see if your company may be eligible for these incentives.


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