Tax prep fees are rising because accounting is not a ‘cool’ career – Yahoo Finance

No Comments

Premium Domain Names for Sale at
American taxpayers had to pay at least 20% more on average to get their taxes done last year — and accountants aren’t thrilled about it either.
Tax professionals charged an average of $218 for new clients in 2023, a 25% jump from $174 in 2021, the National Association of Tax Professionals found in its 2023 Tax Fee report. Tax pros also bumped repeat clients’ fees to $205, a 22.7% increase from $167 two years ago. This is based on the most common fee structure, where clients are charged a minimum fee plus costs based on the complexity of their return.
Experts are attributing the double-digit price increases to an industry-wide PR crisis. Firms need to raise prices because they can’t find enough staff to work, and they can’t find staff because many college students still believe accountants sit in dark basements punching numbers into calculators.
Read more: Tax credit vs. deduction: What’s the difference and which is better?
“I think, unfortunately, we accountants have never been able to shed the reputation of being number crunchers,” Mike Gillis, CPA and CEO at DMJPS, an accounting firm based in North Carolina, told Yahoo Finance. “It makes me feel a little bit sad because I know what a great career it is.”
“I wish more young professionals would understand [accounting] has lots of opportunity and is financially lucrative as we compete for students against other really cool careers like the data analytics and the software engineers (which have) a little more cool factor.”
The total number of candidates finishing bachelor’s degrees in accounting dropped 7.8% in 2022 from 2021 after a steady decline of 1% to 3% annually since 2015, according to the AICPA’s 2023 Trend Report. It also shows that the number of new CPA candidates dipped to 30,251 in 2022, the lowest in 16 years.
“(Fewer) students are going into accounting, and [the students] are coming up with 10 job offers. So it’s becoming so much more competitive to get them,” Gillis said about his firm’s recruiting challenges.
The shrinking talent pipeline is impacting accounting firms across the board. More than 99% of the country’s top CPA firm leaders said they can’t find adequate staffing domestically, a survey by alliantTALENT, a professional service firm addressing CPA talent shortage, shows.
Meanwhile, the demand for accountants has “gone through the roof,” Jim Brady, CEO of alliantTALENT, told Yahoo Finance.
“Since the 80s, you’ve had four decades of incredible economic expansion in the United States,” Brady said, “and what goes with that is capital formation and the need for CPAs, the need for audit professionals, and the need for tax professionals.”
Gillis agreed. “We had about 13% organic growth last year, but we could grow a lot more and a lot faster if we had the staffing.”
One of the main culprits is the perception of accounting vs. other business majors, Brady explained. When pitted against careers such as private equity investing, investment banking, or management consulting, accounting often loses on glamour appeal.
“Those are pretty cool careers to compete with the accounting profession,” Brady said.
Experienced accountants have also been leaving the field. According to US Bureau of Labor Statistics data, 312,000 accountants and auditors left their jobs between 2019 and 2022, a 16% decline. To combat this, accounting firms have been raising salaries, giving out bonuses — like Deloitte’s $20,000 to $35,000 retention pay — and adding benefits to attract and keep talent.
“We have total flexibility with work hours now,” Gillis said. “You can pretty much set what hours you want, you can work remotely. It’s just doing everything we possibly can with flexibility to let people feel like it is a comfortable career.”
The cost of those added benefits have resulted in rising client fees. Even so, demand for accounting work still outpaces talent supply. Nowadays, Gillis’s firm doesn’t negotiate fees.
“Our fees have gone up because of increased salaries,” Gillis said. “If a client is not comfortable with our fees, then they’re just not a good fit for us. We don’t negotiate or get into any fee disputes because it is what it is.”
Read more: What is taxable income?
To alleviate hiring challenges, many small and mid-size accounting firms are joining what many large firms have already been doing for years — working with overseas offices on their US practices.
Over three-quarters of all firms polled by alliantTALENT reported that they were either considering, planning or are already employing international employees. The trend follows larger firms like Deloitte, a Big Four accounting firm, which in 2022 employed over 76,000 workers in India (known as the Deloitte USI workforce) as part of its 200,000 US headcount.
However, the new practice is different from outsourcing, Brady pointed out.
Brady builds overseas offices with recruits on all levels, from junior staff all the way up to senior managers and partners. “We do the most complex work that CPA firms do for their clients like derivative accounting, business combination, going concern uncertainty, so we are fully a part of the CPA firms that hired us,” Brady said.
“We’re doing it this year for the first time,” Gillis said. “A lot of firms have already done it but we are doing it. We are going to have five full-time employees overseas.”
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more
Read the latest financial and business news from Yahoo Finance
Ella Mills founded the vegan food blog Deliciously Ella a decade ago. It’s now a brand with $32 million in sales.
The latest report inflation report and the start of second quarter earnings will greet investors in the week ahead.
To rent or to buy? Hongkongers will wrestle with these two choices as they weigh the pros and cons of either leasing or buying a home this year, according to analysts. On the one hand, the decision to rent is supported by elevated interest rates because they make mortgages expensive. On the other hand, higher mortgage rates have pushed developers to price new home launches attractively to reduce their growing inventory. “I think the market on the sales side is either at or close to the bottom,”
Lawmakers will return to Washington Monday for another confrontation over spending that could prove to be the most complicated shutdown fight yet.
Your LinkedIn account is the “price of admission” to join The League, founder Amanda Bradford says.
(Bloomberg) — Saudi Arabia will cut key crude prices for buyers in all regions, including its main Asia market, for February amid persistent weakness in the market.Most Read from BloombergMusk’s Drug Use Concerns Tesla, SpaceX Leaders, WSJ SaysBoeing Max Grounding Goes Global as Carriers Follow FAA OrderChina Says It Caught Foreign Consultant Spying for UK’s MI6Oil consumption typically eases during February and March, with refiners using the period to shut some facilities for periodic maintena
Following the settlement of a lawsuit pitting Cleveland Browns owner Jimmy Haslam against fellow billionaire Warren Buffett’s Berkshire Hathaway, the clock is ticking for the Haslam family to decide whether to sell its remaining stake in the Pilot truck stop chain to Berkshire. Attorneys told a Delaware judge last week that they were prepared for a two-day trial starting Monday in a high-stakes dispute over accounting practices at Pilot Travel Centers LLC. Late Saturday, however, the judge entered an order indicating that the trial had been canceled. On Sunday, Haslam’s Pilot Corp. announced that the case, including Berkshire’s counterclaims against Pilot Corp., had been fully settled.
While many retirement accounts offer tax-sheltered ways to save and invest, the IRS mandates accountholders start withdrawing money at a certain point. This takes the form of required minimum distributions (RMDs). Required minimum distributions currently start at age 73 for many retirement accounts. It’s not uncommon to reach an age when the IRS requires you […] The post I Have to Take RMDs, But Don’t Need the Money Yet. What Can I Do With It? appeared first on SmartReads by SmartAsset.
(Bloomberg) — Warren Buffett’s Berkshire Hathaway has avoided trial by settling allegations it violated the terms of its buyout of truck-stop-chain Pilot Travel Centers by changing the accounting methods used to value the last part of the deal.Most Read from BloombergMusk’s Drug Use Concerns Tesla, SpaceX Leaders, WSJ SaysKey Piece of Boeing 737 Found in Hunt for Clues on Plane BlowoutChina Says It Caught Foreign Consultant Spying for UK’s MI6Berkshire – which acquired an 80% stake in Pilot Tra
Compared to many retirees, you are in an enviable position with $1 million socked away in your IRA at 70. Still, living a secure, comfortable retirement that can last two decades or more takes planning. Making sure your nest egg lasts requires assessing your personal situation, balancing risk, securing reliable income streams and understanding how […] The post I’m 70 With $1 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.
Southwestern’s (SWN) substantial production in the Appalachian and Haynesville shale formations complements Chesapeake’s (CHK) current operations in these regions.
I’m 55 and would like to retire now with a $3 million total net worth. I’m assuming my net worth will grow, on average, 5% until I’m eligible for Social Security. My house is paid off and my lifestyle is simple. I can live with $5,000 per month. Am I making the right decisions? – […] The post Ask an Advisor: I’m 55 With a $3 Million Net Worth and $5k in Monthly Expenses. Can I Retire Now? appeared first on SmartReads by SmartAsset.
Newell Brands will slash about 7% of its office roles and pare down its real-estate footprint in an organizational realignment.
Having a huge backlog of growth projects, midstream players secure additional cashflows, thereby brightening the outlook for the Zacks Oil and Gas – Pipeline MLP industry. Some of the frontrunners in the industry are Enterprise (EPD), NuStar (NS) and Delek Logistics (DKL).
Berkshire Hathaway settled a lawsuit by Cleveland Browns co-owner Jimmy Haslam’s family company over how much money Berkshire could have to pay for the remaining portion of a [truck-stop chain](, Pilot Travel Centers, that it doesn’t yet own. A spokeswoman for the Haslam family’s Pilot Corp. said the two sides had agreed to dismiss all claims and counterclaims against each other. A Berkshire spokeswoman didn’t immediately respond to a request for comment.
The company says a judge’s ruling in a lawsuit involving a group of financial advisors “risks substantial prejudice to Morgan Stanley in forthcoming arbitrations.”
Netflix has been simultaneously crowned the winner of the streaming wars and a target of criticism for having mediocre content.
NEW YORK (Reuters) -Oil prices fell over 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output that offset supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday, rising supply and competition from rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. “The stock market is off to a weak start this year and this news from Saudi Arabia has caused the bottom to fall out.”
These companies are each positioned to return great shareholder value over the long haul.
The pendulum of the job market will likely swing back to employers this year, putting more pressure on workers.

Premium Domain Names:

A premium domain name is a highly sought-after domain that is typically short, memorable, and contains popular keywords or phrases. These domain names are considered valuable due to their potential to attract more organic traffic and enhance branding efforts. Premium domain names are concise and usually consist of one to two words or two to four individual characters.

Top-Level Domain Names for Sale on

If you are looking for top-level domain names for sale, you can visit is a platform that offers a selection of domain names at various price ranges. It is important to note that the availability of specific domain names may vary, and it’s recommended to check the website for the most up-to-date information.

Contact at

If you have any inquiries or need assistance regarding the domain names available on, you can reach out to them via email at Feel free to contact them for any questions related to the domain names or the purchasing process.

Availability on,, and

Apart from, you can also explore other platforms like,, and for available domain names. These platforms are popular marketplaces for buying and selling domain names. Each platform may have its own inventory of domain names, so it’s worth checking multiple sources to find the perfect domain name for your needs.

#PremiumDomains #DomainInvesting #DigitalAssets #DomainMarketplace #DomainFlipping #BrandableDomains #DomainBrokers #DomainAcquisition #DomainPortfolio #DomainIndustry #DomainAuctions #DomainInvestors #DomainSales #DomainExperts #DomainValue #DomainBuyers #DomainNamesForSale #DomainBrand #DomainInvestment #DomainTrading

About us and this blog

We are a digital marketing company with a focus on helping our customers achieve great results across several key areas.

Request a free quote

We offer professional SEO services that help websites increase their organic search score drastically in order to compete for the highest rankings even when it comes to highly competitive keywords.

Subscribe to our newsletter!

There is no form with title: "SEOWP: MailChimp Subscribe Form – Vertical". Select a new form title if you rename it.

More from our blog

See all posts

Leave a Comment