Propelled by revenue increases in its payroll and human resources units, payroll and benefits outsourcing provider Paychex Inc. posted a 12 percent climb in fourth-quarter profits, to $137.2 million, versus the year-ago period. For the year, the company, headquartered here, said net income rose 14 percent, to about $532 million, compared with its 2006 fiscal year end. Fourth-quarter revenues spiked 11 percent to $487.3 million, while year-end revenues grew 13 percent, to $1.9 billion. The company reported that over the year, payroll service revenue rose 9 percent to $1.4 billion, while revenue from its Human Resource Services arm grew 22 percent to $396.2 million. The company also recorded an expense of $13 million related to a licensing dispute.
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Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
March 28 -
The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
March 28 -
Experts share what young accountants should look for in a firm and how to approach their careers.
March 28 -
The ERP software provider is expanding its generative AI-driven feature to over 200 new places.
March 28 -
The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.
March 28 -
The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
March 28