Smart and Associates LLP has acquired the compensation and benefits tax practice of KPMG. Terms of the transaction were not disclosed.
As a result of the sale, KPMG will no longer maintain a compensation and benefits tax practice, although KPMG will continue to provide audit and other technical support services for compensation and benefits plans.
"We are very excited about being able to provide a new level of service to our clients and KPMG's former clients as a result of the talented professionals who are joining our firm," said Smart managing partner Jim Smart, in a statement. "Compensation and benefits is a natural complement to our established accounting, tax and consulting services."
The compensation and benefits practice will specialize in a number of services, including offering advisory services in executive compensation, retirement plan evaluation and design, health and welfare, risk management and compliance, merger and acquisitions, corporate recovery, and human resources. The new practice will provide a full range of services.
Judy Thorp, former partner-in-charge of KPMG's Compensation and Benefits Tax Practice, will be the national practice leader for the new group.
Smart ranked No. 30 on Accounting Today's 2005 Top 100 Firms list with revenues of $62 million.
