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Ryan LLC

From Wikipedia - Reading time: 9 min
Ryan LLC
FormerlyRyan & Company
IndustryConsulting, tax services
Founded1991
HeadquartersDallas, Texas
Key people
Revenueapprox. $715 million[1] (2021)
Number of employees
3,600[2]
Websiteryan.com

Ryan LLC is a tax services and software provider based in Dallas, Texas.[3][4] Ryan LLC has 18,000 clients in over 60 countries.[5] The company has over 113 locations around the globe, including locations in Canada, the Netherlands, the United Kingdom,[6] India, the Philippines,[7] and Australia.

History

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Ryan LLC was founded by Chairman and CEO G. Brint Ryan[8] and Chris F. Collis as the CPA firm Collis & Ryan in 1991.[9][10] Collis' stake in the company was bought out in 1993, and the company was renamed Ryan & Company, P.C.[10] In 1997, the company began expanding into other tax areas beyond state and local taxes. During this time, the company also began to shift its focus to working with clients with annual revenues of $50 million or more.[11] In 1998, the company surrendered its CPA license and began practicing as a tax and consultation firm.[10]

Throughout the early 2000s, the company began expanded outside of Texas, opening new offices primarily through acquisitions.[12] By December 2006, the company had expanded to 28 locations throughout North America.[13] In October 2007, the company changed its name to Ryan LLC.[14]

In September 2018, Ryan LLC became a founding member of the Massachusetts Institute of Technology's FINTECH @ CSAIL initiative.[15]

In June 2019, Ryan, LLC became the "Official Tax Partner" of the Dallas Cowboys.[16] Later that year, Ryan, LLC became the "Official Tax Partner" of Conference USA (C-USA) and became the title sponsor for the C-USA Football Championship Game and the 2020 C-USA Basketball Championships.[17]

In December 2023, the Ninth Court of Appeals of Texas ruled Ryan LLC's breach of lawsuit lawsuit against USA Today owner Gannett could not be heard in Texas courts, due to lack of jurisdiction.[18]

Acquisitions & sales

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From 2012 to 2014, Ryan LLC acquired multiple tax service firms, including TAARP Group, WTP Advisors, and the property tax service business from Thomas Reuters.[19][20][21] In 2015, it acquired tax technology firms Taxaccord and Second Decimal.[22][23]

Ryan LLC acquired EnerTax Consultants to expand its severance tax practice in September 2015.[24] In 2016, the company acquired Shiv Om Consultants, a firm known for consulting major gas and oil companies on severance taxes.[25] Ryan LLC reported a revenue of $469 million in 2016.[26]

In March 2017, Ryan LLC purchased land at the Legacy West development in Plano, Texas.[27] In January 2018, Ryan LLC acquired PetroTax Energy Holdings, an Austin-based tax consulting firm, d Scott B. Retzloff & Associates, a San Antonio-based commercial real estate firm.[26] In 2019, the company announced plans to move around 550 employees to the Legacy West development by 2023.[28]

In October 2018, Onex Corporation acquired a 42 percent interest in Ryan LLC, which valued the company at $1.1 billion.[29]

In December 2018, Ryan LLC acquired Denver-based Economics Partners, a global transfer pricing advisory, controversy and business valuation service. The same month, Ryan LLC acquired Paris-based VAT Systems, a tax specialty firm.[30]

In November 2020, Ryan, LLC announced the acquisition of Sydney, Australia-based Indirect Tax Solutions (ITS).[31] Ryan LLC also acquired the Real Estate Tax Group (RETG).[32] Ryan also announced an investment in Incentify, a provider in tax credits and incentives (C&I) software.[33]

In December 2020, Ryan, LLC acquired TCF Services (TCF), a provider in R&D tax credits firm in Australia.[34] Ryan, LLC also announced the acquisition of Burgess Cawley Sullivan (BCS), a property tax consulting and appraisal firm in Vancouver, British Columbia.[35]

In January 2022, Ryan, LLC announced the acquisition of Tax Advisory Services Group, LLC (TASG), a full-service excise tax provider based in Houston, Texas.[36] Then in February 2022, Ryan LLC acquired MacRostie Historic Advisors, LLC (MHA), a property tax consulting firm in the United States.[37] In March 2022, Ryan LLC announced the acquisitions of tax firms Catax and Greystone Property Tax Advisors.[38][39] In July, 2022, Ryan, LLC announced the acquisition of Paradigm DKD Group, L.L.C., an independent national provider of comprehensive property tax management services.[40]

Corporate affairs

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The company formed a Workforce Effectiveness Committee to investigate an employee flexibility policy in 2006.[41] In 2007, the company launched myRyan, a results-focused work environment, as a pilot program in its Houston office. The company implemented the program through the entire company in 2008.[42][43] In 2013, Ryan LLC established the Culture Council, a team of employees from around the globe that review all internal and external employee feedback data in order to recommend change and improvement for the betterment of the business.[44]

Employees of Ryan LLC can contribute to political campaigns through Ryan PAC, a political action group formed by the firm in 2008.[45] In the 2021-2022 election cycle, the Ryan LLC PAC raised $1.039 million; this included $107,000 contributed to federal campaigns (32.71% to Democrats, 67.29% to Republicans).[46]

Litigation

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In August 2014, the Governor's Office of Business and Economic Development prohibited site-selection consultants from taking a percentage of the California Competes Tax Credit, a tax break given to businesses planning on locating or expanding in the state. Ryan sued GO-Biz shortly after the agency implemented the tax credit ban, alleging the prohibition violates the state of California constitution.[47]

In 2014, Ryan LLC won a lawsuit against the IRS regarding Circular 230 rules on contingent fee arrangements that invalidates and permanently enjoins the IRS from prohibiting such arrangements for refund claims and amended returns. The district court ruled that the IRS did not have the statutory authority to place these restrictions.[48]

In 2017, Ryan LLC joined CIC Services, LLC in filing a lawsuit against the IRS to secure an injunction stopping IRS Notice 2016-66.[49] The notice required transactions of captive insurance companies to report more information on transactions. The case was dismissed in November 2017.[50]

In 2024, Ryan LLC filed the first lawsuit against the Federal Trade Commission (FTC) after the FTC issued a ban against noncompete agreements.[51][52] The suit argues that the FTC does not have the authority to rule over these issues.[51] As of July 3, 2024, Judge Ada Brown ruled to temporarily block the noncompete ban.[53]

Recognition

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In 2015, Ryan LLC made the Fortune list of 100 Best Companies to Work For and was ranked number 60 on the list in 2022.[54]

Ryan LLC was named 21st of Glassdoor's Employee's Choice 2019 Best Places to Work.[55]

The company received the 2012 Spirit of Habitat award for advocating and raising awareness of the program.[19]

References

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  1. ^ "Dallas tax services firm Ryan soars to $2.5 billion valuation with new investment". Dallas Morning News. 26 May 2022. Retrieved May 26, 2022.
  2. ^ Todd, Samantha (February 10, 2022). "America's Best Midsize Employers". Forbes. Retrieved 23 September 2022.
  3. ^ Aman Batheja (November 18, 2014). "Consultants Get a Cut of State Incentive Deals". Texas Tribune. Retrieved July 3, 2015.
  4. ^ "50 Best Places To Work For New Dads". Fatherly. April 28, 2015. Retrieved July 3, 2015.
  5. ^ "Top Workplaces". TopWorkplaces.com. Top Workplaces. November 12, 2021. Retrieved September 23, 2022.
  6. ^ "The Single, Most Successful Business Strategy" (PDF). Great Place to Work. Retrieved July 3, 2015.
  7. ^ Cohn, Michael (January 13, 2022). "M&A roundup: Herbein, Ryan and Amarillo firms expand". Accounting Today. Accounting Today. Retrieved 23 September 2022.
  8. ^ Cheryl Hall (14 November 2014). "Six for six". The Dallas Morning News. Retrieved July 3, 2015.
  9. ^ "Ryan". Fortune. Retrieved July 3, 2015.
  10. ^ a b c "Our History:1990s". Ryan LLC. Retrieved February 20, 2018.
  11. ^ "Ryan & Co.: Doing the Calculations on Brand-Name Clients".
  12. ^ "Ryan&Co. Picks up Burr Wolff Remnants".
  13. ^ "Ryan & Co. Opens Charlotte Office".
  14. ^ Shlachter, By Barry (2021-01-12). "Brint Ryan: The Tax Man Cometh". D Magazine. Retrieved 2024-02-24.
  15. ^ Connor-Simons, Adam (July 26, 2018). "CSAIL launches new initiative for financial technology". MITNews. MIT News. Retrieved March 29, 2019.
  16. ^ "Dallas Cowboys team up with tax firm Ryan". Sport Business Sponsorship. June 21, 2019. Retrieved January 28, 2020.
  17. ^ "Ryan Named Football Championship Title Sponsor". Conference USA. October 10, 2019. Retrieved October 10, 2019.
  18. ^ "Ryan LLC's Contract Claims Against Gannett Booted From Texas". news.bloombergtax.com. Retrieved 2024-04-08.
  19. ^ a b "Ryan LLC". The International Business Awards. Retrieved July 3, 2015.
  20. ^ Tamika Cody (January 2, 2013). "Ryan Buys Thomson Reuters Property Tax Services Business". Accounting Today. Retrieved July 3, 2015.
  21. ^ John Golden (November 13, 2014). "Dallas firm will buy WTP Advisors". Westfair communications. Retrieved July 3, 2015.
  22. ^ "Ryan buys Taxaccord". International Tax Review. January 6, 2015. Retrieved July 3, 2015.
  23. ^ Danielle Lee (March 3, 2015). "Ruan Acquires Tax tech Firm Second Decimal". Accounting Today. Retrieved July 3, 2015.
  24. ^ "Ryan Acquires EnerTax Consultants".
  25. ^ Smith, By Mike D. "Houston Oil and Gas Severance Tax Firm Acquired to Form 'Market Leader'". Chron.
  26. ^ a b O'Donnell, Paul (11 January 2018). "Dallas Tax Consultant Ryan Buys Two More Texas Firms". The Dallas Morning News.
  27. ^ "Tax Services Firm Ryan Buys HQ Site in Plano's Legacy West". 2 March 2017.
  28. ^ Brown, Steve (December 16, 2019). "Ryan LLC to move 550 employees to new Legacy West headquarters". The Dallas Morning News. Retrieved September 22, 2022.
  29. ^ "Onex acquires 42% stake in tax services company Ryan". S&P Global. S&P Global. October 18, 2018. Retrieved 23 September 2022.
  30. ^ Womack, Brian (December 5, 2018). "Ryan expands tax practice, client base with acquisition". BizJournals.com. Dallas Business Journal. Retrieved March 29, 2019.
  31. ^ "Ryan Acquires Indirect Tax Solutions Pty". Mergr.com. Mergr. Retrieved 23 September 2022.
  32. ^ Leffert, Catherine (July 19, 2022). "Ryan acquires Dallas-based property tax firm, hits record-breaking deal volume in 2022". Dallas Business Journal. City Business Journals. Retrieved 23 September 2022.
  33. ^ Coulter, Martin (September 16, 2020). "Pitch Deck: How Enterprise Startup Incentify Raised $2.7 Million". Business Insider. Business Insider. Retrieved 23 September 2022.
  34. ^ "Grants consultancy TCF Services joins global player Ryan". Consultancy.com.au. Consultancy.com. January 6, 2021. Retrieved 23 September 2022.
  35. ^ "Ryan Acquires Leading Property Tax Consulting Firm, Burgess Cawley Sullivan, in Vancouver". Financial Post. Financial Post. BusinessWire. January 4, 2021. Retrieved 23 September 2022.
  36. ^ O'Donnell, Paul (May 26, 2022). "Dallas tax services firm Ryan soars to $2.5 billion valuation with new investment". Dallas Morning News. Belo. Retrieved 23 September 2022.
  37. ^ "Ryan Acquires Leading Firm in United States Dedicated to Historic Tax Credits, MacRostie Historic Advisors". Yahoo!. Yahoo!. BusinessWire. February 10, 2022. Retrieved 23 September 2022.
  38. ^ "Ryan Acquires United Kingdom's Leading Commercial R&D and Capital Allowances Tax Reclaim Firm, Catax". Yahoo!. Yahoo!. BusinessWire. March 8, 2022. Retrieved 23 September 2022.
  39. ^ "Ryan Acquires Greystone Property Tax Advisors, Expanding Property Tax Consulting Services in United States". IQStock. IQStock. Bezinga. May 10, 2022. Retrieved 23 September 2022.
  40. ^ Webb, Michael (July 25, 2022). "Ryan Tax Group Acquires Paradigm Tax Group". Consulting.us. Consulting.us. Retrieved 23 September 2022.
  41. ^ "How Ryan Flipped to Flex".
  42. ^ Rita Pyrillis (December 1, 2011). "2011 Winner: General Excellence-Ryan LLC". Workforce. Retrieved July 3, 2015.
  43. ^ Scott Behson (December 4, 2014). "Flex Time Doesn't Need to Be an HR Policy". Harvard Business Review. Retrieved July 3, 2015.
  44. ^ "Best Places to Work South Florida Small Companies: Ryan LLC". South Florida Business Journal. March 2, 2015. Retrieved July 3, 2015.
  45. ^ Marissa Barnett (October 29, 2014). "Dallas tax firm a big contributor to front-runner for comptroller". Dallas Morning News. Retrieved July 3, 2015.
  46. ^ "PAC Profile: Ryan LLC". OpenSecrets. Retrieved 19 March 2024.
  47. ^ Allen Young (October 21, 2014). "Why you should care about California's ban on commissions for site-selection consultants". Sacramento Business Journal. Retrieved July 3, 2015.
  48. ^ Ken Berry (September 24, 2014). "IRS Concedes Degeat on Circular 230 Contingent Fees". CPA Practice Advisor. Retrieved July 3, 2015.
  49. ^ "CIC Services and Ryan File Suit Against IRS Over Notice 2016-66". Captive Insurance News. April 4, 2017. Retrieved February 20, 2018.
  50. ^ Major, Derek (November 2, 2017). "Insurers' Suit Against IRS Over Reporting Rules Nixed". Law360. Retrieved February 20, 2018.
  51. ^ a b "Noncompete Ban's First Legal Challenge Filed by Texas Tax Firm". news.bloomberglaw.com. Retrieved 2024-07-08.
  52. ^ Dayen, David (April 24, 2024). "Plaintiff Trying to Reverse Noncompete Ban Is Trump's Tax Adviser". TheAmericanProspect. Retrieved May 20, 2024.
  53. ^ Hsu, Andrea (3 July 2024). "Federal judge partially blocks U.S. ban on noncompetes". npr. Retrieved 17 July 2024.
  54. ^ "100 Best Companies to Work For". Fortune. Retrieved September 23, 2022.
  55. ^ Economy, Peter (December 6, 2018). "Glassdoor reveals 25 best places to work". ChicagoTribune.com. Chicago Tribune. Retrieved April 2, 2019.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Ryan_LLC
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