How Private Equity Could Hurt the Accounting Profession
The Accounting Podcast
Navigating AI Frustrations and Tax Technology
This chapter delves into the speakers' frustrations with AI tools like Copilot and Gemini, sharing experiences on their diminishing usefulness and the integration challenges faced in daily tasks. Additionally, they discuss advancements in tax technology, including SmartVault and Tax Bandits, while addressing the complexity of new CPA licensing pathways being proposed by the AICPA and NASBA.
Blake, David, and special guest ChatGPT examine the impact of private equity on accounting firms, looking at how PE ownership affects compensation and firm structures. They dig into recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. They explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and more.
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TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
- (00:59) - Introducing ChatGPT as Co-Host
- (01:58) - Hot Topics in Accounting News
- (04:05) - Private Equity in Accounting Firms
- (07:35) - Debating the Impact of Private Equity
- (22:40) - DirectFile Controversy
- (28:02) - App News and Updates
- (34:23) - Enron's Return?
- (38:28) - Fraudsters and Presidential Pardons
- (42:00) - Accounting Errors on the Rise
- (44:52) - The Daylight Savings Debate
- (50:04) - AI Tools: The Good, The Bad, and The Ugly
- (58:26) - Final Thoughts and Announcements
Show Notes
Accounting errors force US companies to pull statements in record numbers
https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d
Republican lawmakers ask Trump to kill IRS Direct File
IRIS to buy Dext in £500m deal
https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal
How Private Funds Could Hurt Americans Under Trump
https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html
LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners
Zoho Releases New Payroll Solution in the U.S.
https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/
BILL Unveils 1099 Form Filing Solution for SMBs
Is Enron back? Here’s what we know …
CalCPA Submits Comments on Exposure Draft on CPA Licensure
https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa
CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.
https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea
Donald Trump vows to end daylight saving time
https://www.youtube.com/watch?v=EDR1IURzO1Q
More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time
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Get in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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