The Latest

  • Don't cut that marketing budget - or at least think twice before you get out the scalpel.That's the mantra (or plea) of many accounting firm marketing directors these days, whose departments are often among the first to get downsized in challenging economic times.

    March 15
  • The 2009 Top 100 Firms report that accompanied this issue went to press before CBIZ/Mayer Hoffman McCann released its revenue figures for 2008. The firm reported $553.1 million in revenue, a 10.46 percent increase over 2007, and slightly higher than the estimate we included for the report. The firm's rank on the Top 100 list remains the same.Separately, a sidebar to our story on mutual funds ("Staying disciplined," Feb. 23-March 15, 2009) misspelled the name of the director of mutual fund research and marketing at Raymond James; it is, in fact, Andrew Gotfried. Our apologies for the error.

    March 15
  • M&A

    Philadelphia-based Parente Randolph has combined with Lazar Levine & Felix in a $16 million merger, expanding its footprint in New Jersey and New York City. As part of the deal, Lazar Lipton Valuation Services, an affiliate of the firm, will become a division of Parente Randolph. The deal will increase Parente to 650 members, including 82 principals."[The merger] really started with our strategic planning process several years ago," said Parente Randolph chairman and chief executive Robert Ciaruffoli. "We made the decision to become the go-to firm in the mid-Atlantic region, which we defined from New York City to Washington, D.C."

    March 15
  • CROWE HORWATH COMBINES WITH HAYS & CO.Oak Brook, Ill. - Crowe Horwath is expanding to New York City by combining practices with Hays & Co. LLP.

    March 15
  • Several years ago in this space, I chastised Disney Corp. for awarding a severance package of $140 million to its former president, Michael Ovitz, after his disastrous tenure at the entertainment conglomerate. Ovitz, the founder of the powerful Creative Artists Agency, served just 14 months at the helm of Disney, where he somehow avoided being slapped with a loitering citation after accomplishing exactly nothing.In any event, the Disney shareholders perceived his parting proceeds as so obscene that they filed suit in a Delaware court.

    March 15
  • I found editor-in-chief Bill Carlino's letter to the then-president-elect right on the money (Dec. 15, 2008-Jan. 4, 2009, page 6). I would not venture to guess that he even thought he was uniformly representing your readership - as no editor ever can. And I thought he showed a lot of respect in the tone and substance of his editorial.Using specific examples of what then-President-elect Obama promised during his campaign (even though the things he promised changed as the political winds shifted) to point out the flaws in his proposals is the appropriate way to discuss or debate those promises or proposals.

    March 15
  • Is your firm interested in entering the federal government market? In an uncertain economy, the federal government can be a reliable source of revenues, often with good margins. A terrible economy, ironically, might be about the best time to try, due to a confluence of events - an unending spate of bailout and stimulus initiatives, coupled with the new administration's strong demands for transparency and accountability.Just administering the programs will require the Treasury Department and other branches of the government to use thousands of additional auditors and other accounting professionals. The requirement for extra hands on deck will be compounded by what the chairman of the House Appropriations Committee called an "unprecedented level of accountability" that will be part of the bailout and stimulus programs going forward.

    March 15
  • MCGLADREY SUED IN MADOFF CASENew York - McGladrey & Pullen has been sued by a hedge fund for failing to detect red flags in Bernard Madoff's investment schemes, leading the hedge fund to lose $280 million.

    March 15
  • Despite the current economic slowdown, the busy season is well underway as firms across the country are preparing the onslaught of returns that roll in during the weeks and months prior to April 15. The increased workloads during this period create the need for more workers to assist with the rush, and temporary employees are an effective resource during these times.In years past, firms have increased staff by up to 40 percent during tax season to supplement full-time staff. Temporary employees offer a number of advantages for big firms, and therefore are a commonly used resource during the busy season.

    March 15
  • IRS SEES LESS E-FILINGKennesaw, Ga. - In early February, the Internal Revenue Service reported a nearly 10 percent drop in electronic tax filing from tax professionals, despite a push by the agency to encourage more e-filing.

    March 15