Ernst & Young saw its revenue grow 15% and the tax group headcount grew 5% this year, both impressive figures, given the market. The firm has more than 150 tax professionals in international tax in the Midwest area with 110 in Chicago. The firm's successful ...
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Ernst & Young saw its revenue grow 15% and the tax group headcount grew 5% this year, both impressive figures, given the market. The firm has more than 150 tax professionals in international tax in the Midwest area with 110 in Chicago. The firm's successful foreign desks initiative sees Chicago play host to the lead Netherlands and Luxembourg desks. Given the change in economic circumstances the tax group has been helping clients with accessing cash around the world and finding ways to bring it back to the US without paying significant taxes. The firm has seen transfer pricing growing recently with a new principal being added in this area, Colleen Warner. Chicago is a manufacturing base in the US, meaning work relating to China is very active, both inbound and outbound, and a lot of business restructuring is going on in this field with clients shutting factories and so on. The firm has also seen an uptick in controversies and advance pricing agreements are in demand.
The firm reports seeing a lot of audit activity relating to intangibles, with many audit initiatives coming from abroad, Japan and Canada in particular. Private equity has slowed down but strategic transactions are still strong. Another key area for the firm is helping clients with preparing for proposed changes to the tax regime.
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