CROWE HORWATH COMBINES WITH HAYS & CO.Oak Brook, Ill. - Crowe Horwath is expanding to New York City by combining practices with Hays & Co. LLP.
David Lifson, a former president of the New York State Society of CPAs, and Ed Kuzmarski lead the team of approximately 50 professionals at Hays, who will be working out of Crowe's new Madison Avenue offices. The merger is expected to close in the late spring. Terms were not disclosed.
Crowe ranked No. 9 on Accounting Today's 2009 Top 100 Firms list with revenues of $493 million in 2008.
INT'L TAX GAP NUMBERS QUESTIONED
Washington, D.C. - The amount of taxes owed to the U.S. government from cross-border transactions by U.S. and foreign citizens and businesses is murky, according to a new report, but could be as high as $123 billion. The Treasury Inspector General for Tax Administration said in a report that the Internal Revenue Service has not developed an accurate or reliable estimate of the size of the international tax gap, but non-IRS estimates range from $40 billion to $123 billion.
FAF ELECTS NEW CHAIR
Norwalk, Conn. - The Financial Accounting Foundation has chosen John J. Brennan, chairman of mutual fund giant Vanguard Group, as its new chair and a member of its board of trustees. Brennan succeeds Robert Denham, who has served as FAF chair since 2004, and has been a member of the FAF board since 2003. Brennan is the first chair to serve under a revised structure approved last year. His role has been expanded with additional responsibilities, and is to focus primarily on strategic initiatives, and providing vision and leadership.
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