AAFCPAs acquires Goffstein

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AAFCPAs, a Regional Leader in the New England area, has acquired Scott A. Goffstein & Associates, a 14-person CPA firm based in Waltham, Massachusetts.

The deal expands AAFCPAs’ expertise in international tax and managed accounting solutions.

The addition of the Goffstein staff increases AAFCPAs’ headcount to 34 partners and a total staff of 240. AAFCPAs plans to continue to keep the Goffstein office in Waltham, in addition to its other locations in Boston, Westborough and Wellesley, Massachusetts.

“We couldn’t be more excited about being a part of the AAFCPAs quickly growing family,” said Scott Goffstein, who will become a partner at AAFCPAs, in a statement. “We share the team’s passion, its high standards of service excellence, and we immediately recognized the value of joining the pre-eminent regional CPA and consulting firm in New England.”

Financial terms of the deal were not disclosed. AAFCPAs’ 2019 revenue was approximately $38 million, while Goffstein’s corresponding revenue was $3 million. AAFCPAS ranked No. 6 on Accounting Today’s 2020 list of Regional Leaders for New England.

Goffstein founded his firm in 1987 and it specializes in international tax, tax treaty issues, transfer pricing methodologies and intercompany transactions. The firm also handles a variety of U.S. tax, audit and outsourced accounting services.

With more focus now on international tax matters under the deal, Dave McManus of AAFCPAs will provide strategic leadership to the firm’s growing tax practice across all industries. Carla McCall will assume the sole responsibility of managing partner.

“This acquisition brings even greater depth to AAFCPAs’ strengths as we serve diverse clients globally in nonprofit and commercial sectors — and just as important, the individuals we are welcoming are an outstanding cultural fit,” McCall said in a statement. “Our drive to innovate and grow will continue to flourish with the addition of the Goffstein team.”

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M&A International taxes