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Let that sink in 😂😂 ..🤓

Level 10.1 how much hike and vpay?
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Had 2 hours of billable work today 💀
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PE investors can own the non-attest side of things directly, but have to invest through the Alternative Practice Structure for the attest side, which allows them to skirt the rules. They do something similar in medicine, by owning hospital systems and appointing an MD puppet as CEO of the clinical side of things so that they can claim they are not “practicing medicine,” even though their MD puppet will certainly apply pressure to get what the PE folks want. Yes, there are issues. That’s the trade the profession is making to gain increased liquidity to invest in technology and growth. It’s a bad trade in my opinion.
I wish it was about liquidity for investing in technology and growth. It seems more about current owners selling out and very likely leaving less for the future partners
lol lawyers protected their profession from this but accountants just let it happen. It’s not going great for other firms and will fail with Crowe. I am leaving so they can figure it out on their own.
No. I don’t believe they own the CPA firm. They own something else.
My firm very recently got acquired by one. I'm not real thrilled about it. I have to remove my credentials (i.e. CPA) from my name. The assurance side of the firm is a separate entity because the "consulting" side must be a registered public accounting firm. Never, ever did I think this would happen in our profession. But, here we are.
Yes leave a fast as possible.
All a big scam.
I still don’t understand how they think they can justify independence for all the non partners at these APS if you are no longer part of the CPA firm but got moved into the new PE owned LLC to get leased back to the CPA firm. How can you be independent of the interests of the new LLC that you are literally a leased asset of?