•  

Local Office Blogs

rss
Feel free to peruse our blog or search for posts based on a specific term.





March 30, 2016
There has been a renewed interest in the distinction between employees and independent contractors.  Bryan Koch, Managing Director at CBIZ & MHM Memphis, wrote an article discussing how this renewed interest can be attributed to the Affordable Care Act, as many of the provisions associated with the law relate to the number of employees working at a company.

In a previous article, the tests used to differentiate between employees and independent contractors were discussed.  In this article, Bryan outlines four different fines and penalties that can be levied by the DOL if a worker is misclassified:

  1. Federal Income Tax
  2. Federal Insurance Contributions Act (FICA)
  3. Unemployment Tax
  4. Payroll Tax

Given the focus on this ACA-related topic, businesses should be aware of how they classify employees versus independent contractors.  In order to avoid penalties and fines, it is important to stay up to date with changes in the tax code— especially with the consultation of a tax professional.

For the full article on our CBIZ Insights & Resources, click here.

To discuss how these potential penalties for misclassification can affect your business, contact Bryan at 901.685.5575 or bkoch@cbiz.com.




March 29, 2016

The optimal sale price for a business reflects all of the components that helped the business secure its marketplace position. In Step 3 of the Five Steps to Selling Your Business, co-authored by Tampa Bay Managing Director, Dave Enick, the significance of identifying physical, financial and intangible assets and putting an objective purchase price on them is discussed

Valuing a business can take many forms, and management will need to carefully consider which approach to select. A typical business valuation uses discounted future cash flows as the basis of its estimation. Determining which formula works best for a business and protecting value early in the process is critical to the success of a transaction.

Many factors are taken into consideration when determining the ultimate purchase price for an operation. Additionally, time at the end of the valuation process needs to be spent to evaluate how the price point for a business matches up to objectives for the sale. The value determined might indicate a need to readjust priorities for the timing or type of sale.

For more information about the five step process and valuing your business objectively, contact Dave Enick at denick@cbiz.com or 727.572.1400.



March 25, 2016
The Memphis Business Journal’s Table of Experts discussion for March 2016 focused on Tax & Investments. Eustis Corrigan, Senior Managing Director for the Memphis Office of CBIZ & MHM served as the tax panelist.  Other panelists included Becky Bridgmon of Morgan Stanley and Staci Jackson of Paragon Bank.

Moderated by Bryce Corporation’s CFO Ramon Marus, the discussion started off with a reference to the ‘year of uncertainty’ in 2016.  Eustis shared how businesses are strengthening their balance sheets and making wise investments in the midst of an ‘uncertain year’ with a potential recession ahead.  When asked about changes in the tax law that could affect businesses this year, Eustis mentioned the PATH Act, R&D tax credit, Section 179 deduction, and charitable distribution change with IRAs.

Specifically referencing the R&D tax credit, Corrigan stated “In a year of uncertainty, we have more certainty long term because many tax credits are now permanent.  It used to be that the credit would get close to expiring each year and taxpayers and accounting firms would be on pins and needles waiting for Congress to extend it. Now it’s permanent.”

In further discussion, Eustis shared how current tax laws are affecting them, the tax advantages of 401k participation, and the importance of strategy in tax planning.

To read the full discussion from the experts, click here.

If you have any further questions for Eustis Corrigan, contact him at 901.685.5575 or ecorrigan@cbiz.com.




March 22, 2016

Steve Grove, Tax Managing Director for the Tampa Bay office, published an article, 4 Tax Deductions You Don’t Want to Miss, in Next Avenue last week. In the article, Steve provides insight into tax write-offs that can boost your refund or trim your taxes due.

Knowing which deductions and credits you can claim on your tax return isn’t easy these days. To help you avoid paying any more in taxes than necessary, Steve discusses four often-overlooked tax deductions that you may be entitled to claim on your 2015 return:

  • Itemized Deductions of State Income and Sales Taxes
  • A State Income Tax Overpayment
  • The Deduction for the Self-Employed
  • Write-offs for Business Machinery and Equipment

To make the most out of your 2015 tax return, be sure to carefully consider the full range of opportunities, so you receive any tax savings you’re due.

For questions regarding tax deductions or returns, please contact Steve Grove at sgrove@cbiz.com or 727.572.1400. To view the full Next Avenue article, click here.



March 18, 2016
Lloyd Grissinger, Tax Practice Leader and Lead Managing Director for the Memphis office, was recently featured in an article from GoBankingRates regarding the ’15 Biggest Tax Problems for Single-Income Families’.


Single-income families can face a variety of problems at tax time. These problems can lead to smaller refunds or bigger tax bills.  This article outlines 15 problems that single-income families might face, and what they can possibly do to avoid the problem or lessen the impact.

In regards to filing single versus head of household, Grissinger said "single parents can hurt themselves at tax time if they file as a single taxpayer rather than head of household.”  He added, “to qualify as head of household, you must be not married, pay more than half the cost of housing for a year, and have your dependent live with you more than half the year.”

Lloyd also comments on different tips and tax benefits for single-income families cautioning individuals to track any and all information related to the donations.

To read the full article on GoBankingRates.com, click the button below.

If you have more questions regarding filing for single-income families, contact Lloyd at lgrissinger@cbiz.com or 901-685-5575.





March 16, 2016

Manufacturers face pressure to be efficient. As global competition in the manufacturing space continues to accelerate, many in the industry are looking for every opportunity to streamline cost.  Mark Baricos, Managing Director at CBIZ & MHM Memphis, wrote an article discussing three key elements that should be considered in evaluating a well-defined tax strategy.

Recent changes to tax provisions now offer additional opportunities to minimize tax burden. Passed in December 2015, the Protecting Americans against Tax Hikes (PATH) Act makes permanent several tax deductions that previously had to be renewed each year and includes longer-term extensions of others.

In the article, Mark outlines three ways manufacturers can take advantage of these PATH act changes.  Manufacturers that operate internationally should take particular note of the Act’s extension of several tax reduction opportunities for conducting business abroad.  The legislation could mean the chance to lower a company’s overall effective tax rate, bringing significant benefits to operations.

For the full article on our CBIZ Insights & Resources, click here.

To discuss what the PATH Act means to your business, contact Mark at 901.685.5575 or mbaricos@cbiz.com.




March 14, 2016

For the 11th consecutive year, CBIZ & MHM Tampa Bay has been named one of the 2016 Best Places to Work by the Tampa Bay Business Journal.  Sixty finalists were selected by an independent research firm employing various research techniques to measure and manage employee engagement, loyalty and retention.  The employee survey measures engagement categories focusing on items including team effectiveness, trust in senior leaders, feeling valued, manager effectiveness, compensation and benefits.

Bill Tapp, Senior Managing Director, commented, “We could not receive this honor without the amazing, talented and devoted CBIZ & MHM Tampa Bay employees.  We appreciate all their hard work and dedication. You cannot be the “Best” without the best – we truly have the best.”

As part of this year's nomination process and employee engagement surveys, CBIZ & MHM Tampa Bay was named a finalist in the category for biggest companies.  Scores and ranking will be announced at an awards ceremony at Topgolf Tampa on April 21st.

For more information about joining our award-winning Tampa Bay team, visit our Careers page.



March 9, 2016

CBIZ MHM Tampa Bay will host an inaugural half-day CFO & Controller Conference focused on the CFO’s role in mergers and acquisitions.  As a result of the significant role that mergers and acquisitions play in corporate growth strategy, the function of the CFO has greatly expanded.  This dynamic environment demands that the CFO play a strategic role in providing financial perspective, building partnerships, and working closely with chief executives and board members.

The event will take place May 11th at USF Health, Center for Advanced Medical Learning and Simulation in downtown Tampa.  The conference will qualify for 4 hours of CPE credit.  Pre-registration is required, and attendees can register now online for a fee of $50, which includes the cost of the conference, breakfast, lunch, and parking. 

For more information and to register:
https://tampabaycfoconference.eventbrite.com/

Stay tuned for future posts about our presenters and topics leading up to the event.



March 4, 2016

Over the next six months, the Memphis office is focusing on different specialties and services by featuring a Q & A with one of our local experts each month.

Josh Finfrock serves as a Director and leads the transfer pricing practice for CBIZ & MHM Memphis.  Josh has significant experience providing guidance on the development of internal transfer pricing policies and on the development of planning and documentation strategies for multinational clients operating in various countries worldwide.

Not only does this series allow you to get to know Josh on a more personal level, but he also answers important questions like “What should be in consideration as you're doing business internationally?”  The conversation continues with Josh discussing the common issues he finds, consequences of companies not in compliance, and why it’s important for transfer pricing to be controlled and monitored.

More resources featured on Josh’s Conversation page include previously featured articles, a BizTip Transfer Pricing video, and information on the latest CBIZ MHM Executive Roundtable Series.

Read the full conversation by clicking here.




March 4, 2016

This morning the Kansas City CFO group met for their first quarter event , entitled “How to Finance Your Business: A discussion with Kansas City’s local banks & non-traditional financing resources”, featuring a panel of financial experts including Mike Maddox, CrossFirst Bank, Cory Miller, UMB Bank and Mike Roznowski, Fractal Capital Advisors.

The panel discussion focused on the current state of the lending environment, as well as the financing options available at varying risk levels. The panel fielded a variety of questions including how the new rules and requirements surrounding HVCRE will affect the real estate market, trends in pricing and leverage multiples, personal guarantees, covenants and the new guidelines regarding leverage loans and the impact on credit decisions moving forward. 

A few key notes: 

How should a CFO prepare, to present their company in the best possible light when meeting with a lender?

Mike M: “Be organized, prepared and ready to talk about your company and what’s going on.”

Cory: “Be responsive, as the finance executive, it’s important to be responsive when receiving questions from a lending source. For example, if you are taking too long to respond to emails containing financing questions, it may add unnecessary skepticism to how much of a handle you actually have on your business.”

Mike R: "From an alternative funding perspective, companies seeking this option have often been turned away by the bank(s) for one reason or another – clearly getting those hurdles out front early, so we can work together to move forward, is key."

What should a CFO look for / consider when seeking a financial resource?

Mike M: "Do your due diligence on the source and consider the four C’s. Does your source have character?  Are they committed to the market and industry you are working within? Are they competent in your business, your industry and your growth potential and most importantly, do you connect?"

Mike R: "Adding on to Mike’s comments, the connection and commitment are key – it’s imperative you understand how the lender is going to behave if everything doesn’t go exactly as planned."

Cory: “Use your peers. Your CPA and Attorney have those banking relationships and understand how those resources work. You want to make sure you have a good relationship and connection with whomever you choose, so that you can work through those unexpected bumps in the road.”

Save the date for the second quarter Kansas City CFO Breakfast event on June 2nd, featuring Greg Graves. Look for more information in your inbox in the coming months! 
 




Tags

Phoenix tax Accounting affordable care act Alex Elliott anna howell Audit audit and assurance Award Awards awards and recognition BEPS Best Places to Work Betty Isler Bill Tapp BizJournals biztips bizwomen Blog Brad Hale brenda brigman bryan koch CBIZ CBIZ Kansas City CBIZ KC CBIZ MHM CBIZ MHM Memphis CBIZ MHM Tampa Bay cbiz security and advisory services CBIZ Women's Advantage CBIZBlog CBIZKC CBIZMHM CFO CFO & Controller Conference cfo conference CFO of the Year CFO of the year awards Charity Community Involvement Conference Construction Controller Conversation With country club plaza Craig Gilman cwa Dave Enick DOL EBP EBP Audits Ed Rataj Employee Benefit Plan Audits Employee Benefits employee engagement EmployeeBenefits EntreprenurialServicesGroup ESG Eustis Corrigan events Food Drive healthcare HR Human Resources Innovation International Tax Jenny Matasic Josh Finfrock Joyce Farris Kansas City KansasCity karen cassella KC CFO Breakfast Series KCEvents Linda Lauer Lloyd Grissinger Local Managing Director Manufacturing Mark Baricos MBJ Megan Murdock memphis Memphis Business Journal Memphis Daily News memphis super women in business mentoring monday mergers and acquisitions moira house Networking NFP Not-for-profit Paul Dunham pci compliance Phoenix promotions real estate Revenue Recognition SALT Service Social Committee sonya daniels Sponsorships Start Ups State and Local Tax steve dunavant Success Super Women in Business Tampa Bay Tampa Bay Business Journal tangible property regulations Tax Tax Incentives tax reform The Daily News Top Workplaces Tracey McDonald transaction advisory services Transfer Pricing UMB Bank University of Memphis Volunteer workplace award