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Thomson Tax, Acct'ing Up for 4Q, Down for 2020

The Tax & Accounting Professionals segment of Thomson Reuters registered 4-percent revenue growth for the fourth quarter ended December 31.  However, the top line for the unit was off by 1 percent for 2020 as currency took a toll.

Tax & Accounting revenue for the year was up 2 percent in constant currencies and rose 4 percent organically.For the most recently ended year, Tax & Accounting income was $836 million, down from $843 million in 2019. Fourth-quarter revenue was $285 million, up 4 percent in constant currencies and  8 percent organically  from $275 million  a year ago.

CEO Steve Hasker said during this week’s earnings webcast, revenue was boosted as the company release of its UltraTax state software in December instead of January. Without the timing change, the rise in T&A revenue for the quarter would have been 5 percent.

Overlal, revenue was dented by the sale of the of the Aumentum government business in November 2019. Net earnings for 2020 were $1.12 billion, a decline of  percent from 28.3 percent from $1.56 billion the prior year. Overall, revenue reached slightly less than $6 billion, an increase of 1 percent from $5.9 billion for 2019.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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