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March 2, 2017

It is with great pleasure that CBIZ MHM Memphis announces that three employees have been promoted.

Kayla Carr, Audit Manager, CPA (pictured above, right)

  • Specialty: Audit and Assurance Services for Corporations, Employee Benefit Plans, Non-Attest Services Related to Acquisition Accounting
  • Education: University of Wisconsin Oshkosh
  • Organizations: American Institute of Certified Public Accountants, Tennessee Society of Certified Public Accountants, Accounting Career Education Committee
  • Favorite Restaurant in Memphis: Central BBQ

Jennifer Elton, Audit Senior Manager, CPA (pictured above, left)

  • Specialty:: Attest Services for Large Corporations, Investment Companies, and Privately Held Businesses, GAAP Accounting Standards, Financial Statement Analysis and Reporting
  • Education: Christian Brothers University
  • Organizations: American Institute of Certified Public Accountants, Tennessee Society of Certified Public Accountants, Board Member and Treasurer
  • Favorite Restaurant in Memphis: Restaurant Iris

Sarah Murphy, Tax Senior Manager, CPA (pictured above, middle)

  • Specialty: Tax Compliance, Multifamily and Commercial Real Estate, IRS and State Notice Response and Resolution
  • Education: Christian Brothers University
  • Organizations: American Institute of Certified Public Accountants, Tennessee Society of Certified Public Accountants, Give365
  • Favorite Restaurant in Memphis: Sekisui Pacific Rim

For more information about our team in Memphis, click here..




March 5, 2015

A common mistake (often most applicable with small businesses) is the issuance of a Form W-2 to a partner in a partnership. Surprisingly, tax advisors continue to see partners treating themselves as employees. Today, more small businesses are offering profits interest as a form of compensation to their employees at all levels, which terminates the employee status in the eyes of the IRS.

When an employee becomes a partner, payroll withholding becomes his or her own financial burden and filing obligation. Previously responsible for withholding and remitting the employment taxes of that employee, the employer must now report guaranteed payments on Schedule K-1 to the partner as opposed to issuing a W-2. Through his or her receipt of a profits interest, the partner is now responsible for making quarterly estimated payments to the IRS.

Both partners and employees should be aware of these changes when capital or profits interests are awarded as a form of compensation. If you are a partner and have received a W-2, you should consult with your tax advisor for the appropriate steps to correct your filing and withholding obligations for 2015.

If you have further questions regarding partnerships, please feel free to reach out to me (samurphy@cbiz.com) or one of my colleagues.




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