BDO Acquires TAXPE

Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) has acquired TAXPE LLC, a firm focused on improving income tax reporting processes for large corporate tax departments.

Scott Hice, CEO of TAXPE, joined BDO as a partner and national leader of BDO’s tax transformation services practice. The acquisition was effective April 1.

“Updating processes and advancing the use of technologies within a company’s tax function is becoming increasingly complex. Both changing tax laws and changing technologies have a direct day-to-day impact on the efficiency and effectiveness of the company workforce,” Hice says. “Our team now has the administrative backing of a global accounting firm; gaining access to BDO’s resources to better reinforce, broaden and execute our core competencies for our clients through BDO’s comprehensive, end-to-end tax services.”

The legacy TAXPE team has worked with more than 300 companies on tax performance engineering projects, all of which involved tax provision and compliance software improvements.

With the acquisition comes TAXPE’s expertise surrounding the offerings of the major third-party software vendors – Corptax, Longview, Oracle and Thomson Reuters ONESOURCE – along with TAXPE TAXPOWER workpapers, which can be integrated with general ledger systems and third-party tax software systems.

“As long as changes in policy, regulation and technology continue, tax transformation strategies will be necessary for companies looking to stay ahead,” said. “By adding Scott and his experienced team, BDO will be able to leverage TAXPE’s 20-plus years of process design and tax technology experience to deepen our analysis of operational efficiencies and development of tailored technology solutions, including automation and analytics,” says Barbara Torzewski, BDO’s tax transformation services managing director. “No two businesses will have the same tax transformation journey, and with TAXPE’s capabilities, companies can have even more specialized solutions that move the needle for their organizations.”

More news on BDO USA LLP

IPA INSIDER: April 2019 News

Listed below are the Top 10 most-read stories on the INSIDE Public Accounting blog for the month of April.

  1. CohnReznick Former Chairman and CEO Passes Away
  2. BDO’s Merger, Growth into Biopharmaceuticals Explained
  3. Ilse Rew Joins Briggs & Veselka as COO
  4. Mauldin & Jenkins Acquires Jon Campbell & Associates
  5. Grant Thornton’s Tax Practice Embraces Data Visualization
  6. Grant Thornton Recognizes Its Rising Stars
  7. Allinial Global Welcomes New Member
  8. WSJ: Former Partner at KPMG Faces Trial in PCAOB Scandal
  9. BDO USA Acquires BioProcess Technology Consultants
  10. Center for Audit Quality Names New Executive Director

Friedman Headquarters Moving in May

New York-based Friedman LLP (FY17 net revenue of $101.5 million) is relocating its New York office from 1700 Broadway to One Liberty Plaza at 165 Broadway on May 6.

“We are proud soon-to-be residents of Lower Manhattan – home to innovative tech startups and longstanding firms in a vibrant neighborhood where people come to work, live and visit,” the firm announced.

Friedman has five offices in New Jersey, and is also located in Long Island, N.Y., Philadelphia, Beijing and Shanghai and has been serving offering accounting, tax and consulting services since 1924.

More news from Friedman

EY Makes Massive Investment in Blockchain Analyzer

Big 4 firm EY has announced the launch of the second generation of EY Blockchain Analyzer, a blockchain analytics tool, at the annual EY Global Blockchain Summit on April 16.

The summit featured a first-time demo of the full range of EY blockchain solutions and an overview of the technology’s integration across industries.

EY has made multi-million dollar investments into developing the second generation of the EY Blockchain Analyzer, which is expected to be available for use by EY teams in 2019 for clients who operate in the blockchain ecosystem. These developments include the support of multiple new cryptocurrencies on the platform, added functionality relevant to private and public blockchains, and a globally accessible and available platform.

Paul Brody, EY’s global innovation leader for blockchain, says, “With the second generation of EY Blockchain Analyzer, we are building a true platform solution that can be used for multiple purposes such as audit, tax and transaction monitoring, depending on client needs. From the start, we have had technologists and audit practitioners working together on this platform so we can keep our technology and audit methodology aligned and meet our professional standards.”

EY Blockchain Analyzer will provide evidence for audits in various sectors. In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets. EY will gradually expand the geographic coverage for tax calculation globally after the 2019 tax year.

More news on blockchain

Pathway Forensics Opens Downtown Houston Office

Pathway Forensics, the digital forensics firm of Houston-based Briggs & Veselka Co. (FY17 net revenue of $36.2 million), is opening an office in Houston.

Now located in The Woodlands, Texas, the additional office is designed to better serve the Houston and its surrounding suburbs.

To head up the firm’s new downtown office, Clint Koenig has joined Pathway Forensics as a senior consultant. Koenig brings more than 18 years’ experience in forensic technology, and was most recently with KPMG’s forensic technology practice, where he specialized in providing digital evidence recovery, management, and review services to Fortune 500 companies in support of their ongoing civil litigation, compliance and monitoring, internal investigations and fraud detection.

“Clint brings years of digital forensics experience to Pathway and adds to our already talented cybersecurity team,” says Noel Kersh, principal at Pathway Forensics.

More news from Briggs & Veselka

Withum Marks Opening of its Learning Lab at the University of Central Florida

Princeton, N.J.-based WithumSmith+Brown (FY18 net revenue of $207.6 million) has partnered with the University of Central Florida (UCF) to establish a new learning lab, which offers students a place to seek tutoring services as well as collaborate with fellow accounting majors.

The lab, which was designed by Withum’s Creative Director Jin Park, features state-of-the-art workstations and amenities. The décor also features inspirational messages that align with Withum’s corporate culture.

“The Withum Learning Lab is an extension of our ties to UCF and its College of Business, where the next generation of business advisors and accountants are being challenged to refine their skills and creativity,” says Russell Goldberg, PIC of Withum’s office in Orlando, Fla. “At Withum, we take our responsibility very seriously to contribute to and pave the path for the future of our profession, which will only soar to new heights that not-too-long-ago once seemed unfathomable.”

The Withum Learning Lab was established in memory of three of the firm’s late team members who were an inspiration to their peers: Sandi Breitenstein and Barb Sorenson, who passed in 2015, as well as Robin Word, who passed in 2016.

Gregory Trompeter, director of the Kenneth G. Dixon School of Accounting at UCF College of Business, says, “For those who are being tutored, they obviously receive one-on-one education from more senior-level students. Less obvious, is the expertise developed by the tutors who really solidify their knowledge of the subject by teaching it to others. In both instances, Withum is helping UCF develop future leaders for the community and the profession.”

More news from WithumSmith+Brown

LeaseCrunch Partnering with Moore Stephens North America

The lease accounting software company LeaseCrunch has announced that it is now a strategic partner of Moore Stephens North America (MSNA).

“In addition to delivering an expanded distribution channel for LeaseCrunch software to over 40 firms with more than 150 offices and nearly 7,000 professionals, the program offers LeaseCrunch the ability to partner with Moore Stephens North America member firms by providing products that are integrated into their member client solutions,” says Joel Hess, principal at LeaseCrunch.

“We’re always looking to deepen our bench, and LeaseCrunch delivers solutions to problems our members have faced in the past, and the tools to help them plan for the future,” says Laura Metz, MSNA marketing and communications manager.

The LeaseCrunch software is customizable to the size of the company and enables the accounting firm to either act as bookkeeper or set clients up within the system to manage their own lease portfolio. LeaseCrunch is designed to reduce the time it takes clients to prepare for an audit and for CPA firms to perform the audit.

MSNA has 43 member firms in the United States, Canada and Mexico, with 130 collective offices in most major North American markets and nine member firms on the INSIDE Public Accounting Top 100 Firms list.

More news from Moore Stephens North America

Tim Forstad Named Minneapolis MP for KPMG

Tim Forstad

Tim Forstad

Big 4 firm KPMG has announced that the leader of its audit practice in Minneapolis, Tim Forstad, has been named the new MP of the 500-person office, replacing George Kehl, who is retiring.

Forstad had served as PIC of the audit practice in Minneapolis and Des Moines for the past two years. He’s been a partner in KPMG since 1998 and has worked in San Francisco, Taipei and Amsterdam. His expertise is in audit and SEC services for food and consumer product companies.

“I am excited to lead a talented and dedicated group of professionals who have the skills and expertise to help clients solve a broad range of audit, tax and advisory-related issues like acquisitions, restructurings, business transformations and many other issues,” Forstad said in a statement.

Over the past nine years, KPMG’s Minneapolis has grown from 336 to more than 500 employees.

“Tim is a respected leader and seasoned audit professional whose global industry expertise and strong local business connections make him ideal for the role,” said John Kunasek, KPMG’s vice chairman of clients and markets, in a statement.

More news from KPMG

California Firm Added to Alliott Group

Rogers Anderson Malody & Scott (RAMS) of San Bernardino, Calif., is the latest addition to Alliott Group’s 65-country alliance of independent professional services firms.

Alliott Group, which includes both accounting and law firms, says the appointment of the firm strengthens its coverage in North America.

COO Giles Brake says, “RAMS has been providing high-quality, timely accounting and related services to its clients for over 70 years. Their reputation is such that an existing Alliott Group member, Dawn Brenner of Grant Bennett Associates in Sacramento, personally recommended the firm to our group. Through the support offered by our global platform and structured program of services, RAMS will be able to extend and enhance its reputation for service excellence and become a local firm of choice for the type of clients sought by the firm.”

The firm provides a range of services to clients across a number of sectors, including government organizations, closely held businesses, non-profit organizations and individuals. The team of 32 includes five partners, and services can be delivered in English as well as Mandarin, Korean and Spanish.

“We believe Alliott Group and its membership of top tier independent accounting and law firms provides a growth platform that can be utilized to retain existing clients and attract prospective clients,” says partner Leena Shanbhag.

Anders Focuses on Cannabis Industry Following Missouri Legalization

St. Louis-based Anders CPAs + Advisors (FY17 net revenue of $31.8 million) is expanding expertise and services for businesses in the cannabis industry following the legalization of medical marijuana in Missouri.

Anders says it has a team committed to staying on the forefront of evolving regulations, licensing procedures and accounting practices for the cannabis industry.

“This is a great opportunity for the firm to enter into a progressive industry and offer valuable insight and expertise to cannabis businesses, from seed to sale,” explains Adam S. Prest, tax principal and leader of the Anders cannabis team.

The firm works with cannabis entrepreneurs, including cultivators, extractors, manufacturers, dispensaries and investors. The team has the tools to help cannabis businesses succeed and navigate regulations and complex tax challenges, including Section 280E. Anders is offering services to help with entity selection and business plan development prior to the license and application process, to performing valuations to assist in the sale of a business.

More news from Anders CPAs + Advisors

More news on Cannabis Practices