TOP 100 FIRMS UPDATE
While most of the firms in the Top 100 Firms report published with our last issue reported net revenues, as requested, three of the Big Four firms reported gross revenues. To facilitate an apples-to-apples comparison, PricewaterhouseCoopers has since provided its gross revenue for 2009: $8.221 billion, a decline of 2.6 percent from the previous year. The new figure moves it up to No. 2 on the list. It also results in a slightly different fee split: A&A - 52 percent; Tax - 32 percent; and MAS - 16 percent (its advisory services were listed in the original report under "Other.")
Separately, the Firm Highlights entry for Sikich mislocated one of its merger partners, Frederick M. Marcus. The firm was in Rockford, Ill., not Rockville.
HEALTH REFORM, JOBS ACT CREATE FLOOD OF TAX CHANGES
Washington, D.C. - The historic $940 billion reform legislation that was signed into law last month to provide health care to 32 million uninsured people contains a large number of tax provisions affecting both individuals and businesses - too many to mention here. For more details, visit WebCPA.com.
Earlier in March, President Obama signed the Hiring Incentives to Restore Employment, or HIRE, Act into law. The act offers an exemption from Social Security payroll taxes for newly hired workers who have been unemployed for at least 60 days, as well as an extension of Section 179 expensing thresholds, and more.
VEIHMEYER APPOINTED KPMG CHAIRMAN
New York - KPMG LLP CEO John B. Veihmeyer has been named U.S. chairman and CEO of the firm, succeeding Timothy P. Flynn, who will focus on his role as chairman of KPMG International.
Veihmeyer, 54, had been deputy chair of KPMG since 2005, CEO since 2008 and chair of the Americas region since 2007. He will begin a five-year term as chairman and CEO on June 10, 2010.
The U.S. firm also elected Henry R. Keizer, 53, to the position of deputy chairman and chief operating officer for a five-year term. Previously, he served as global head of audit for KPMG International, as well as vice chair of the U.S. audit practice.
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