The scarcity of accountants and certified public accountants (CPAs) is becoming increasingly noticeable, especially as tax season looms. This is partly attributed to a decline in accounting graduates, with a 7.8% decrease in bachelor’s degree completions in accounting from 2021-2022, as reported by the American Institute of Certified Public Accountants. This ongoing trend, seeing a yearly drop of about 3% since 2015, means finding tax assistance could be challenging, particularly in certain areas or within specific specialties.

The shortage in the accounting field stems from several factors. The demanding work hours and high-pressure deadlines often associated with accounting are leading many college students to pursue alternative careers in finance, such as investment banking, consulting, or data analysis. Additionally, a declining birth rate is contributing to the reduced number of individuals entering the field, according to Henry Grzes of the American Institute of CPAs.

Changes in CPA exam patterns, notably in 2010 and 2016, have also influenced the number of new professionals. In response, the CPA exam is undergoing changes in 2024 to include three core sections—Financial Accounting and Reporting, Auditing and Attestation, and Taxation and Regulation—plus a discipline-specific section. This restructuring aims to expand the pool of qualified CPAs, though it will take time for these changes to impact the market.

For those in need of tax assistance this season, here are some alternatives:

1. Enrolled agents: These professionals specialize in taxes and must pass three IRS-administered exams. Unlike some tax preparers who only have a preparer tax identification number (PTIN), enrolled agents can represent taxpayers before the IRS. This can be a viable option if CPAs or accountants are unavailable.
2. Online tax filing: Various online platforms offer tax filing services, both free and paid. Some paid services, like TurboTax, H&R Block, and TaxSlayer, provide expert support for an additional fee. It’s important to understand the costs and the qualifications of the experts on these platforms.
3. Local community resources: The IRS offers free basic tax return preparation through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. Ensuring that volunteers have completed the annual filing season program and possess a PTIN is advisable for quality assurance.
4. Filing taxes later: If your preferred CPA is currently unavailable, consider filing for a six-month extension using Form 4868 or by making an electronic payment and choosing “extension” as the reason. While this delays filing, taxes owed are still due by the April deadline. Preparing all documents in advance can help streamline the process when you do find a tax preparer.

As the market adapts to the changing landscape in the accounting profession, these strategies can help navigate the current shortage of tax professionals.