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April 29, 2016

The healthcare and educational sectors brought renewed scrutiny to nonprofits’ unrelated business income activity in recent years. High rates of noncompliance in the IRS College and University Compliance Project Final Report and renewed focus on spending in the healthcare sector have regulators taking an especially close look at the issue of unrelated business income tax (UBIT).

The changing not-for-profit operating environment is making UBIT compliance risk greater than ever before. Betty Isler, Tampa Bay Managing Director, authors an article discussing main targets of UBIT scrutiny and why one should consider how the following could have an impact on an organization.

  • Digitized Form 990s
  • Website Risks
  • Banners
  • Merchandise
  • Merchant Affiliate Programs
  • Schedule K-1s

Scrutiny on UBIT is only increasing. To avoid penalties and other compliance risks with UBIT, nonprofits need to consistently revisit their sources of revenue and their reporting functions of those revenues. Consider carefully how each source of revenue contributes to the organization’s mission, and whether that activity still fits into the long-term strategic plan of the organization.

For more information about how to manage UBIT considerations, please contact Betty Isler at 727.572.1400 or bisler@cbiz.com.



April 28, 2016

The Memphis office will host a full-day CFO & Controller Conference focused on the ever-changing role of The New CFO.

National speakers, economists, and advisors, along with a panel of local CFOs will share their insights into what the modern CFO should be prepared to face as the role of CFO attracts more business complexity.

The following topics & speakers will be featured in 50 minute sessions:

Executive Compensation in Privately-Held Companies: Best Practices in Today’s Competition
Hal Wallach – Director of Executive Compensation Consulting, CBIZ Human Capital Services

Trends in Cash Automation
Henry Siler – Senior Vice President, Bank of America Merrill Lynch

How to Positively Impact Business Outcomes Through Improved Employee Wellbeing
Emily Noll – National Director of Wellness, CBIZ MHM, LLC
Amy HowellCorporate Wellness Specialist, CBIZ Benefits & Insurance Services

Current Trends in Tax Planning
Lloyd Grissinger – Lead Managing Director & Tax Practice Leader, CBIZ MHM, LLC
Mark Baricos - Managing Director, CBIZ MHM, LLC

An Accountant, A Broker, and A Banker Discuss FASB’s New Leasing Standard 
Brad Hale – Managing Director, CBIZ MHM, LLC 
Kelly Truitt – Senior Vice President, CBRE 
Bruce Clark – Vice President, Bank of America Merrill Lynch

The program will close with a panel of local CFOs who have played a strategic role in the mergers and acquisitions process at their respective companies and throughout their career.  

The event will take place May 17th at The University of Memphis FedEx Institute of Technology.  Registration will begin with a breakfast at 7:30 a.m. and the event kicks off at 8:00 a.m., giving participants eligibility to earn a total of 7 CPE Credits throughout the full-day event.

For more information and to register:
https://cbizmhmcfoconference2016.eventbrite.com/

Can't attend the event?  Follow along with the conversation on Twitter using #CFOConf




April 27, 2016

Dave Enick, Managing Director with CBIZ & MHM Tampa Bay, will speak at the 2016 USF Accounting Circle Conference held on May 26-27th at the USF Marshall Student Center.  The 2-day conference includes presentations on a variety of accounting topics, including best practices for retirement plans, the impact of big data on the accounting profession, revenue recognition update and implementation challenges, SEC update, GAAP update, and cybersecurity.  

Dave will be presenting on the middle market M&A.  The presentation will focus on current trends from a pre-transaction, transaction, and post-transaction basis.

To register for this conference, visit the USF registration website here.  For more coverage of the event, search #ficpaUSFAC on Twitter.

Jenny Matasic, Senior Manager with CBIZ & MHM Tampa Bay, is presenting at the 2016 Not-for-Profit Organizations Accounting Conference held on May 26-27th at the Holiday Inn Westshore in Tampa.  The 2-day conference will cover board governance, single audit, grants, peer review, affordable care act, data security, fraud, new market tax credits, and 403 (b) issues.

Jenny will be presenting on Best Practices in Operating Your 403(b) Plan. This presentation will look at key requirements of operating a 403(b) plan and discuss struggles plan administrators often experience in both large and small 403(b) plans.  It will also cover trends in 403(b) plans.

To register for this conference, visit the FICPA registration website here.  Follow the FICPA on twitter @ficpa and use #ficpaNPC to tweet about this conference.



April 21, 2016

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

Sonya Daniels serves as a Manager and leads the State and Local Tax practice for CBIZ & MHM Memphis.  Sonya has more than twenty years of experience in state and local tax and has extensive knowledge of multi-state sales/use tax.  In addition to time spent at a Fortune 500 company, Sonya spent six years as a Tennessee Auditor where she conducted sales and use tax audits as well as franchise/excise tax audits, liquor by the drink audits, and business tax audits.

Sonya  answers important questions like “What questions should you ask your tax consultant?”  The conversation continues with Sonya discussing the common issues she finds, steps she takes to educate her clients, and why it’s important to research a state’s laws before starting new operations in areas of unfamiliar governing.

More resources featured on Sonya’s Conversation page include previously featured articles, a Sales Tax Compliance Flysheet, and information on how to get on our event email list.

Read the full conversation by clicking here.




April 21, 2016

Although busy season can be a daunting and stressful couple of months, it definitely has its perks.  Busy season gives employees the opportunity to come together to build a sense of camaraderie and team spirit.  It’s especially true when you add some fun activities into the mix to help maintain the team’s positive attitude.  

 

Here’s a glimpse into our Tampa Bay practice’s busy season:

 

Food is definitely a necessity for any office! Our staff enjoys nightly dinners catered from our favorite places in the Tampa Bay area, and you can’t forget about our infamous ice cream sundae bar where Managing Directors serve our staff.  A Super Bowl pizza luncheon allowed employees to wear their favorite NFL apparel, and our Rays Home Opener luncheon kicked off baseball season with some burgers, hot dogs, popcorn, and peanuts.  Talk about a home run!

 

Competitions! A little friendly competition can make the long hours go faster.  This year, our Tampa Bay office participated in the USF Firm Kickball Tournament, a March Madness Bracket challenge, and Corporate Sports Fest on St. Pete Beach.

 

Our weekly ‘Throwback Thursday (TBT)’ trivia included pictures from the past along with a themed trivia question for a chance to win gift cards to restaurants and shops around the area.

 

Sometimes you just need a little R & R.  Safari Oasis Massage provided massage and reflexology breaks to help our staff unwind and relieve stress.

 

Monthly happy hours during the busy season also give our team time to relax and enjoy a fun night out of the office.

 

For more information about how to join our team and grow your career with CBIZ MHM, click here.



April 19, 2016

More than 10,000 women came together across the nation for Bizwomen’s third annual Mentoring Monday event this year.  CBIZ MHM is proud to be a national sponsor.  The Tampa Bay event, hosted by the Tampa Bay Business Journal, took place at Metropolitan Ministries on April 4, 2016.

In Tampa Bay alone, more than 150 women participated in brief 7-minute one-on-one conversations with C-Suite executives of public, private and not for profit organizations in the Tampa Bay area.  To see the full list of mentors, click here.

Dana Burton, Senior Manager, was one of 42 female mentors participating in the event.  Dana provides audit, review, and compilation services.  Dana is also passionate about her involvement with USF.  Since 2007, she has been a Board Member of the USF Accounting Circle, whose mission is to enhance student professional development and promote student and faculty success through opportunities that engage the Tampa Bay Area.  Dana participates in student mock interviews, student mentoring, event coordination for students, alumni and the Tampa Bay business community, and guest speaking to classes. 

For more coverage of the event visit our @CBIZTampaBay Twitter page or search #MentoringMonday on Twitter.




April 14, 2016

In part one of this three part series covering the latest in revenue recognition, Brad Hale, Tampa Bay Managing Director, gives the background on the different accounting rules throughout the world, specifically focusing on one of the IASB and FASB’s first projects - creating a set of universal standards for revenue recognition.

Brad discusses why the IASB and FASB set out to make these changes and covers some frequently asked questions about the new rules and what they entail.

  • When will the new standards take effect?

o   For public companies, the standards will kick in during the fiscal year beginning after Dec. 15, 2017. 

o   Private companies will be required to implement the standards exactly one year later, beginning the fiscal year after Dec. 15, 2018.

  • How will businesses be affected?

o   Businesses will find they have to disclose more.   Under the new standards, there will likely be several pages of disclosure, most of which will discuss the reasoning that led to management’s decisions and conclusions about how to recognize revenue.

  • What should businesses do now to prepare?

o   Businesses should continue to monitor the amendments being made by the FASB, as there are still several amendments that need to get finalized.  Businesses should also make every effort to get up to speed on the standards so they are ready when the time comes for implementation.

Stay tuned for parts two and three, which will discuss the challenges businesses will face during and after implementation and how they should prepare ahead of the transition.  To read the full article, click here.  For more information on how to adopt the new revenue recognition standard, click here or contact Brad at bhale@cbiz.com or 727.572.1400.



April 12, 2016
Lloyd Grissinger, Tax Practice Leader and Lead Managing Director for the Memphis office, was recently featured on the Stacking Benjamins podcast show on the ’Last Minute Tax Tips for Procrastinators and Super Savers’.

It's crunch time for last minute tax filings and Lloyd shares tips for all of those last minute procrastinators.  The conversation starts off by addressing penalties associated with not meeting the filing deadline and how to strategically file late to avoid the maximum penalties.

The five different tax tips outlined include:

  1. Tax Savings through IRA contributions
  2. Healthcare related deductions
  3. Job search expenses qualified as deductions
  4. Charitable contributions
  5. Unreimbursed business expenses

To listen to the full podcast on StackingBenjamins.com, click here!

If you have more questions regarding last minute tax-filing tips, contact Lloyd at lgrissinger@cbiz.com or 901-685-5575.




April 12, 2016

For the 5th consecutive year, CBIZ & MHM Tampa Bay has been named one of the 2016 Top Workplaces by the Tampa Bay Times.  100 finalists in the Tampa Bay area were selected by Workplace Dynamics, an independent research firm.  To pick the Top Workplaces, Workplace Dynamics went straight to the experts — the employees.  The survey measured four metrics: the basics, organizational health, leadership, and engagement using a seven-point scale from Strongly Disagree through Neutral to Strongly Agree.

Here are just a couple of our employee comments:

  • “The leadership stands out as exceptional, which channels down into the team. The work is challenging and interesting.”
  • “Strong commitment to doing what is right and fair for everyone as well as making it a great place to work.”

“We are proud to be recognized for the 5th year in a row as a Top Workplace in the Tampa Bay area” says Bill Tapp, Senior Managing Director. “Our ability to attract and retain top talent directly contributes to our consistent growth, profitability, and future leadership.”

To see the official announcement from the Tampa Bay Times, click here

This award is the second this year for the Tampa Bay practice, who was also named one of the best places to work by the Tampa Bay Business Journal.

Interested in working for our award-winning Tampa Bay team? Visit our Careers page.





April 7, 2016

As part of an ongoing Executive Roundtable Series, CBIZ MHM Memphis hosted a breakfast seminar last week focused on International Tax.  This session covered an array of international tax topics including proposed government regulations, outbound planning (hybrids, treaties, etc.), and base erosion & profit sharing (BEPS) reports.

With a room full of tax executives eager to gain knowledge on international tax trends, Don Reiser, Managing Director for CBIZ & MHM’s National Tax Office, began discussing the proposed Section 367(d) regulations and the effective government concerns and definition of tangible/intangible property.  Furthermore, Don educated attendees on the evolving permanent establishment (PE) issues as well as hybrid entity structures and multiple examples of offshore IP transfers.

In closing, Josh Finfrock, Director of Transfer Pricing for the Memphis Office, reviewed the impact of BEPS final reports as well as transfer pricing documentation and country-by-country reporting (CBCR).  Josh outlined in detail BEPS Action 13, which presents a 3-step approach to transfer pricing compliance including: a master file, local file, and CBCR details.

To attend one of our future seminars, join our mailing list by clicking here.  For questions regarding the topics and/or your company's international operations or practices, please contact Josh Finfrock at jfinfrock@cbiz.com or 901-685-5575.




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