Local Office Blogs

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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 15, 2015

Paul Dunham, Tax Managing Director for the Tampa Bay office, published an article, Tax Strategies Unaffected by Extenders, in the November 2015 issue of CPA Magazine. In the article, Paul provides insight into year-end tax strategy discussions with clients.

At the top of every year-end planning list is the status of the “extenders”.  Many of these provisions will likely be reinstated at the last minute as did indeed happen last year. “The purpose of this article is to not address the status of the “extenders,” but rather discuss other year-end tax strategies that are generally effective without regard to the status of the extenders,” Paul shared. His article discusses a list of such strategies.

“While waiting for legislative action regarding the extenders, there are still many tax planning ideas/strategies that should be discussed with clients before year end,” Paul concludes.

For questions regarding tax strategies and the status of extenders, please contact Paul Dunham at pdunham@cbiz.com or 727.572.1400. To view the full CPA Magazine article, click here.

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 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 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.

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.


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