Magazine article The CPA Journal

American Express Acquires Goldstein Golub Kessler

Magazine article The CPA Journal

American Express Acquires Goldstein Golub Kessler

Article excerpt

American Express Tax and Business ervices (TBS) announced on July 13, 1998, that it had acquired the nonattest assets of Goldstein Golub Kessler & Company (GGK), which according to TBS is the largest singleoffice accounting firm in the United States, employing more than 400 people. TBS also named GGK Chair and Managing Partner Gerald L. Golub Chairman of TBS and promoted acting CEO Jeff Yabuki to CEO of TBS.

TBS says that the organizational structure for providing services to GGK clients is similar to the one used by Checkers Simon & Rosner in Chicago (see The CPA Journal, February 1997). TBS provides all the services to the former GGK clients except attest services, which are performed by GGK LLP using staff leased from TBS.

The acquisition of the GGK assets represents the long-awaited breakthrough by TBS into the New York market. According to a TBS spokesperson, TBS was able to reach an agreement with the New York State Education Department (SED) that would enable it to provide the nonattest services that GGK previously provided. Much of this work is performed by or under the supervision of CPAs, who would use that designation in providing those services. SED, according to an article last year in Accounting Today, had had questions as to whether the TBS model could be used under the regulatory structure in New York.

AICPA chair Stuart Kessler, a partner of GGK, on the same day wrote to many of his colleagues in the profession informing them of the "merger" but stating that he had not participated in the discussions or negotiations with TBS. …

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