Tax & Financial Planning News


PAYCHEX INCOME UP Payroll processor Paychex reported net income of $142.5 million for the third quarter ended Feb. 29, a 13 percent increase from last year’s corresponding period.

Revenue reached $532.2 million, a 10 percent rise from a year earlier. Payroll service revenue reached $374.2 million, an 8 percent increase, while human resource services revenue hit $120.6 million, up 18 percent. The company said the increase in payroll revenue stemmed from client base growth, higher check volume and price increases.


Partner Insights

Avalara, a Bainbridge, Wash.-based marketer of sales and use tax applications, plans to buy Independent Systems and Programming of Batavia, Ill.

ISPI publishes sales and use tax and payroll tax applications.

Avalara markets AvaTax, which provides a sales and use tax engine for many accounting applications. ISPI also partners with a number of midmarket vendors such as Dynamics, Syspro and Exact Software.


The PAI Group, based in Moorestown, N.J., has selected Robert Digby, previously president of the company’s PayChoice service bureau unit, as its CEO.

Digby replaces William Scott, who has become chairman. He was previously president of RSM McGladrey Employer Services, and previously president of Ceridian’s Powerpay Internet payroll business.


SpeedTax, a new company in the sales and use tax markets, expected its online application would be on the market by this month.

Based in Laguna Hills, Calif., the company is marketing Manager, which will be sold on a subscription basis, according to CEO Anton Donde.

The company plans to separately price remittance and tax filing services. Donde says that the CPA community is critical to the company’s go-to-market plan and that it is reaching out to leading consultants and influencers.


Petz Enterprises is offering its customers a $100 credit if they refer a customer to the Tracy, Calif.-based company.

The credit would be given for each referred purchaser who buys CrossLink at the standard new customer rate for the first time. Both the referrer and the new customer must remain in good standing with Petz for the next tax season.


SmartPros, which markets continuing education courses and corporate training, reported net income rose to $2.17 million for the year ended Dec. 31, up 44 percent from $1.51 million for 2006.

Revenue for the most recently ended year reached $15.2 million, up 22 percent from $12.46 million the prior year.

The company said it had added 20 employees in the last five months and also said its August acquisition of the FinancialCampus operations would provided a long-term opportunity, although it had produced a lot of overhead.


A vendor of corporate tax products, Vertex, has named Bob Norton to the company’s new position of chief income tax officer.

Norton was most recently vice president of tax solutions for Long View Solutions, where he was responsible for the tax technology business. A CPA, he also managed global tax, treasury and M&A functions for Siemens Medical IT division.


PayCycle, which markets online payroll processing services, has named Jacqueline A. Hendy as vice president of human resources for the Palo Alto, Calif.-based company.

She was previously vice president of human resources USA and Asia operations for Aixtron AG and vice president of Aixtron of Sunnyvale, Calif.

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