MOUNT PLEASANT, S.C.
Feb. 27, 2013
/PRNewswire/ -- In an era of economic trials and fiscal uncertainty, the corporate tax industry is seeing little sign of slowdown. The latest
2013 U.S. and European Union Tax Market Forecast
is predicting significant industry growth further enhanced by a limited supply of talent. The free, 17-page forecast covers a wide range of predictive insights for the tax profession and a review of the previous year's speculative accuracy. The annual resource is published in partnership with U.S. based
and British based
. All three firms are tax recruiting and retention leaders.
According to TaxSearch president
, the 2013 forecast exposes critical areas in the corporate tax profession that have an increasing need for staffing at a time of limited supply. "We are in a generational anomaly," stated Santiago. "Baby Boomers, who have led the profession for years, are less interested in this difficult tax market. Boomers will start exiting while Gen Xers and the Millennials are still trying to secure their career paths without the same skill level. Add to that an increasingly complicated tax environment here in the U.S. and abroad."
Highlights from the 2013 Tax Forecast include:
- Higher regulatory and statutory pressures to increase government tax revenues
- Higher turnover as a result of Baby Boomers retiring and a shorter supply of young talent
- Increased staffing needs for full time and independent tax professionals at nearly every level
- Significant succession planning needs for retiring tax leaders to support knowledge transfer
- An increasing need for companies to proactively address indirect tax savings globally
Santiago believes all tax industry leaders need to proactively educate financial executive leadership on the challenges facing their departments. "Most companies are beyond the initial regulatory scare of tax accounting and reporting (SOX). Now, tax departments are facing new pressures to raise shareholder value while saving cash in a very tough economic climate," said Santiago. "We are recommending to all clients that they aggressively address their strategic and operational needs with executive teams followed by implementing solutions that offset the increasing threat of turn over."