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he traditional CPA firm, performing the full range of services that CPAs offer to the public, is being tested. Is it the best form to use when offering personal financial planning, tax or business consulting, and even tax return preparation services? Should only the services for which CPAs and CPA firms are regulated be performed by those working in CPA firms? These are the questions being raised by the emergence of alternative practice structures (APS) as employed by American Express Tax & Business Services (TBS) and HR Business Services (part of H&R Block).
Under an APS, an acquired CPA firm is split into two pieces. Regulated services-audits, reviews, compilations, attestation services, WebTrustM, and the like-are...