September 26, 2022

Accounting News Roundup: PwC’s Humblebragging and KPMG’s Tax Breaks | 01.26.17

PwC's humblebragging

PwC's announcement that it would bring over 600 GE tax professionals to the firm surprised a lot of people. Naturally, the firm is feeling good about this, especially since it's getting calls from other companies about it. Vice Chair of Tax Mark Mendola told Bloomberg BNA that "he received about a dozen calls from clients interested in making similar moves." And yes, recognition from clients and new business opportunities feels good, but you know what else feels good? Sticking it to your competition!

PwC is interested in pursuing other similar arrangements, Mendola said. The firm won the GE deal through a competitive bidding process that included some other “Big Four” accounting firms, he said. The top tier of U.S. accounting firms are PwC, Ernst & Young LLP, KPMG LLP and Deloitte LLP.

When the arrangement was announced Jan. 12, “I’m sure the other firms woke up pretty upset,” Mendola said.

I'm sure he's right! Had any of the other firms won the deal, you'd better believe they'd be on the media blitz, too. Victors, spoils, etc. I'm looking forward to an all out war between the firms to hire their clients' tax teams.

What's going on at the SEC?

Reuters reports that Donald Trump's nominee to chair the SEC, Jay Clayton, has won over Republican Senators, likely leading to an easy confirmation.

KPMG's Kampus

The Orlando Sentinel reports that KPMG will receive $3.5 million in tax exemptions from Orange County for its new ginormous training center. The Sentinel has previously reported the total cost of the development to be $430 million.

Previously, on Going Concern…

I wrote about that PwC #BallotBriefcase being a germaphobe. In Open Items, someone is shouting about rejecting a mid-tier firm offer to try get into a Big 4 firm.

In other news:

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