While the Tax Cuts and Jobs Act seeks to simplify the tax system, it is certainly creating more work for public accounting firms. New provisions that take effect this year require some individuals and most corporations to change their process, and they are turning to public accounting firms for guidance. This uptick in business has led to an unprecedented wave of hiring at Big 4 and mid-sized CPA firms across the country, with a large portion of this occurring in New York.
“The demand for tax accountants is unprecedented for this time of year,” says Michael Cooke, Executive Vice President at The Execu|Search Group. “Firms need to hire new talent to handle the increased workload, and they are willing to pay top dollar to get them in the door. In addition to high compensation, these roles offer many opportunities for career advancement.”
If you are not completely satisfied at your current firm, there has been no better time to start exploring your options and learning more about the market. While all areas of tax have hiring needs, here are a few specific areas where we are seeing the highest demand:
- Real Estate: Changes in the tax code have been especially advantageous to the Real Estate industry. In particular, changes in pass through rates for real estate owners and the ability to accelerate depreciation of real assets are some examples of how changes in the code have led to additional work for real estate tax experts.
- International: Changes to the tax code for both domestic companies doing business internationally and international companies doing business in the U.S. have led to an increase in projects for international tax professionals. This is driving the demand for talent from both a compliance and structuring standpoint.
- M&A: The current place in the business cycle, historically low interest rates, and the need for companies to continually build shareholder value have led to an explosion of M&A activity. Since this will continue in 2018 at the Fortune 500 and middle market levels, the deal workload has and will continue to increase significantly. In preparation, M&A tax professionals will find themselves in especially high demand.
- Corporate Tax Provision & Reporting: While candidates with strong ASC 740 experience are always in demand, this new environment has created an even stronger need for their expertise. Corporations of all sizes need to know how they will be affected by the new tax laws.
- Tax Specialty Areas: Firms are looking for ways to continually reduce their effective tax rate, and tax specialists in areas like R&D, Fixed Assets, and Tax Credits continue to be in high demand.
If you are interested in learning more about these opportunities, please email Michael Cooke at firstname.lastname@example.org.