American Express doubles size of its accounting business.MINNEAPOLIS--(BUSINESS WIRE)--March 19, 1997-- Recent acquisitions approach $50 million and include a Top 30 accounting firm American Express has doubled the size of its Tax & Business Services organization since January by acquiring several accounting firms with nearly $50 million in annual revenues. This morning, the company announced its largest acquisition to-date -- the Advisory, Tax and Business & Technology divisions of Checkers, Simon & Rosner LLP LLP - Lower Layer Protocol , one of Chicago's largest local CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. firms. This is the company's first acquisition involving a Top 30 accounting firm and gives American Express a solid foundation in the Chicago market. The acquisition is subject to approval by the Federal Trade Commission. "American Express is a growth company," said Mark Ernst, senior vice president, Workplace Financial Services. "The growth of our Tax & Business Services organization is a prime example. Since 1990, we've acquired more than 80 accounting and business advisory firms in 21 states. We've doubled in size since January -- thanks to acquisitions like Checkers, Simon & Rosner in Chicago." The Advisory, Tax and Business & Technology divisions of Checkers, Simon & Rosner will now be known as the Chicago Metro Area office of American Express Tax & Business Services and will offer a deeper level of business services such as employee benefits, business and technology consulting, tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. and compliance, accounting and compilation, bookkeeping, retirement planning and administration, estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. support. Attest services will be provided through Checkers, Simon & Rosner LLP, which will continue as an independent public accounting firm. According to Bob Basten, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Express Tax & Business Services, the acquisition will give Checkers, Simon & Rosner's clients the ability to access a single source for the services they need most. "The marketplace is becoming increasingly demanding and competitive for accounting firms," said Basten. "Business clients are seeking more non-traditional services, such as financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against . American Express offers a full spectrum of business and financial services. Combining the personal services of a local firm with the support of a large corporation strengthens the ability to meet clients' needs." American Express Tax & Business Services -- a subsidiary of the American Express Company -- is one of the nation's fastest growing business advisory firms, with more than 50 offices in 21 states. The company is expanding throughout the U.S. by acquiring prominent local accounting and consulting firms. In addition to Checkers, Simon & Rosner, recent acquisitions include Friedman and Fuller, LLP, Rockville, Maryland; Curtis, Bailey, Exelby & Sposito, Ann Arbor, Michigan  “Ann Arbor” redirects here. For other uses, see Ann Arbor (disambiguation). Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. and Young, Craig + Company, Los Altos, California Los Altos (IPA: [lɔs ɑltos]) is a city at the southern end of the San Francisco Peninsula, in the San Francisco Bay Area. The city is in Santa Clara County, California, United States. . The American Express Company is a diversified worldwide travel and financial services company founded in 1850. American Express is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, tax preparation, business services, insurance and international banking. CONTACT: Marta von Loewenfeldt American Express 612/671-0625 |
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