The Wednesday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

The IRS Wants to Ban Contingency Fees

The IRS is cracking down on tax pros who take a cut of what clients save. A new proposal aims to ban contingency fees, arguing they create conflicts of interest and encourage aggressive tax positions.

Tax professionals are pushing back, saying the ban could hurt taxpayers who can’t afford upfront costs for help with audits or appeals.

💎 What’s poppin in accounting

Blackstone’s $2B Bet on Accounting

Private equity giant Blackstone is buying a major stake in Citrin Cooperman, valuing the firm at over $2 billion. One of the fastest growing accounting firms, has nearly tripled its revenue in recent years, hitting $900 million in 2024 thanks to strategic acquisitions.

This move highlights how PE firms are diving deeper into professional services, betting that accounting is a lucrative, recession-proof business. The deal is expected to close in the second quarter, potentially sparking more private equity investments across the industry.

Source: WSJ

💎 What Google Knows About You

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 📊 Weekly Trend Chart

ETFs Are Taking Over Wall Street

ETFs are having a moment. Investors have poured money into them like never before, pushing global ETF assets to a record $10.6 trillion in 2024. Why the hype? Low fees, easy trading, and broad exposure to markets make them the go to choice for both casual and institutional investors.

ETFs now account for 30% of all U.S. equity trading, showing just how much they’ve reshaped the market. With more innovation in the space, like actively managed ETFs, this trend isn’t slowing down anytime soon.

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