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KPMG ANNOUNCES TAX BENEFIT FOR SAME-SEX DOMESTIC PARTNERS

FOR IMMEDIATE RELEASE                                Media Contact: Megan Dubrowski

      (February 13, 2012)                                                                          KPMG                    

    (201) 307-8237                                        mdubrowski@kpmg.com                    

KPMG ANNOUNCES TAX BENEFIT FOR SAME-SEX DOMESTIC PARTNERS

NEW YORK, Feb. 13 – KPMG LLP, the U.S. audit, tax and advisory firm, has announced that it will offer to its lesbian, gay, bisexual and transgender (LGBT) partners and employees tax offsets for additional federal and state tax costs incurred when they pay for same-sex domestic partners’ medical benefits.

“We are committed to a culture of inclusiveness and value the contributions of all of our people,” said John B. Veihmeyer, Chairman and CEO of KPMG LLP.  “Diversity is a business imperative.  For our firm to continue to be a great place to work and build a career, we must be able to attract and retain the best people with the skills and determination to deliver above and beyond regardless of their sexual orientation.”

KPMG’s tax equalization is effective immediately and will cover the 2012 tax year. 

Jody Huckaby, Executive Director of Parents, Families & Friends of Lesbians and Gays (PFLAG), praised KPMG’s announcement, calling it a “win-win for everyone.”   

“PFLAG National knows from our work with KPMG over the years that it is a company committed to creating the best workplace possible for all of its employees,” said Huckaby.  “This new benefit is yet another indication of that commitment.  KPMG’s comprehensive employee education program dedicated to creating more workplace allies, and now it’s industry leading domestic partner benefits program have helped create culture change that strengthens talent acquisition and retention, improves morale, increases productivity, and ultimately, creates a healthier bottom line.”  

KPMG Announces New Tax Offsets – 2

In addition, Eliza Byard, PhD, Executive Director, Gay, Lesbian & Straight Education Network (GLSEN), said: “The senior leadership at KPMG is to be commended for its decision.  By adopting a tax-equalization benefit, KPMG has moved to the front ranks of LGBT-friendly employers. Recruitment and retention of talent, especially among the most recent college and high-school graduates, is critical to business success as the students of today become the workforce of tomorrow.”

KPMG’s U.S. employees who pay for medical and dental benefits for same-sex domestic partners who do not meet the Internal Revenue Code definition of dependent will be credited at the end of the year with additional tax withholding funded by KPMG. KPMG said that those individuals affected will be provided with information explaining how the gross-up will be administered.

“This decision is great news, both for our LGBT network and for KPMG as a whole,” said Tim Stiles, Tax partner and co-chair of the firm’s “Pride@KPMG” diversity network and Pride Advisory Board. “The firm’s leadership team has demonstrated their commitment to making sure KPMG is part of an elite group of progressive employers who recognize the importance of this benefit for lesbian, gay, bisexual, and/or transgender employees.”

Among national honors KPMG has received include:

  • KPMG’s Chairman and CEO, John Veihmeyer, was honored in June with the “CEO Diversity Leadership Award” from Diversity Best Practices (DBP).
  • KPMG was named one of Work Life Matters magazine’s “Top Companies for LGBT Equality 2011” in October.

KPMG Announces New Tax Offsets – 3

  • KPMG was also named a “2012 Best Places to Work by the Human Rights Campaign,” which rates organizations on their policies and practices pertinent to lesbian, gay, bisexual, transgender employees. We have received a 100% rating on HRC’s Corporate Equality Index for eight consecutive years.
  • In addition, in 2011 KPMG was named for the fourth consecutive year on DiversityInc’s “Top 50 Companies for Diversity.” KPMG also made three of DiversityInc’s specialty lists this year: The firm is now ranked No. 2 among the Top 10 Companies for People with Disabilities, No. 1 among the Top 10 Companies for LGBT Employees and No. 6 among the Top 10 Companies for Global Diversity.

About KPMG LLP

KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative (“KPMG International.”) KPMG International’s member firms have 145,000 people, including more than 8,000 partners, in 152 countries.

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