How Private Equity Could Hurt the Accounting Profession

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.   Sponsors LiveFlow - http://accountingpodcast.promo/liveflow Suralink - http://accountingpodcast.promo/suralink SmartVault - http://accountingpodcast.promo/smartvault 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 https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/   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 https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-and-1-800accountant-join-forces-deliver-full-service   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 https://investor.bill.com/news/news-details/2024/BILL-Unveils-1099-Form-Filing-Solution-for-SMBs/default.aspx   Is Enron back? Here’s what we know …  https://www.houstonchronicle.com/news/houston-texas/trending/article/is-enron-back-houston-19953844.php   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 https://www.chmura.com/blog/dst#:~:text=our%20methodology%20below.-,Results,was%20approximately%20%24672.02%20million%20annually Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 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. Sponsorships Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. Need Accounting Conference Info?  Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast Classifieds Forwardly - https://www.forwardly.com/ Client Hub - https://clienthub.app/ Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fanc...