The tax practice of Big Four accounting firm Deloitte said Monday it has acquired certain assets of Trust Processing Solutions, a Cincinnati, OH-based boutique firm that specializes in fiduciary tax compliance.
Financial terms of the deal weren’t disclosed. As a result of the acquisition, the Deloitte Tax Institutional Trust Group and former TPS employees will form one unified team, offering fiduciary tax services, as well as charitable, individual, gift, estate, and information reporting tax services.
The acquisition will enhance the Institutional Trust Group’s presence, capitalizing on TPS’s strong connections in the marketplace and positioning Deloitte Tax to become one of the largest providers of fiduciary tax services in the U.S., Deloitte says in a media release.
“The acquisition of certain assets of Trust Processing Solutions creates an incredible opportunity for our people, our clients, and Deloitte Tax,” Carin Giuliante, chair and CEO of Deloitte Tax, said in a statement. “By combining the existing capabilities of our Institutional Trust Group team with TPS’s experience in key specialty areas and processes, we will be well-positioned to offer current and future clients unparalleled depth and knowledge.”
“Our newly combined team exemplifies excellence in fiduciary tax services, utilizing premier tax platforms such as ONESOURCE Trust Tax, Wall Street Concepts, and CCH Axcess,” added Laura Paszt, partner and Institutional Trust Group leader for Deloitte Tax. “Furthermore, the team will harness the power of our proprietary global tax platform, Intela, to provide individualized workplans, streamline processes, and enhance accuracy. I am excited about the Institutional Trust Group’s future and eager to see what we will accomplish together in providing exceptional service to our clients.”
Joining Deloitte Tax is the start of an exciting new chapter for the TPS team, said Doug Hart, managing partner of TPS, which was established in 2001.
“TPS has been a serious operator in the fiduciary tax services space, successfully managing a high volume of returns with a robust client list,” he said. “We are excited to combine our experience with that of the Deloitte Tax Institutional Trust Group team, whose deep industry knowledge and global reach will allow our combined workforce to deliver even greater value to our clients.”
“In addition to expanding the size of our Institutional Trust Group practice, the acquisition of certain assets of TPS by Deloitte Tax will unlock tremendous marketplace potential for the future growth of our Institutional Trust Group team,” added Dan Mueller, managing partner of businesses and offerings at Deloitte Tax. “Doug Hart is highly regarded in the fiduciary marketplace, and we anticipate that his reputation and relationships will lead to increased visibility and opportunities in the marketplace.”
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