TaxNotes: How an EY Split-Off Could Affect the U.S. Tax Profession
In this installment of Tax Pulse, Santiago
analyzes EY’s plan to split its audit and
consulting functions into two separate entities
and examines how the split-off may affect the
flow of talent in the U.S. tax profession.
What effects has the tax market had on your tax department? As predicted in our Global
Tax Market Assessment earlier this year, many issues are impacting tax all at once, but the
most significant are the supply and demand pressures. That said, tax has recovered
remarkably well after the COVD-19 pandemic, thrusting us back into a hot candidate-driven
hiring market with inescapable retention troubles. This year’s Tax Hiring Outlook has
important data that you will want to read and understand to better educate your financial
and HR leadership.
Almost overnight, the coronavirus pandemic significantly changed many elements of how we live
and work. For the tax industry, one of the more noteworthy adjustments was the sudden shift to
remote work; resulting in a substantial transformation in the ways we conduct business. While we are by no means against remote work, we feel it’s critical that tax departments are strategic about how and when they utilize it.
Demographic Impact on Tax Leadership Roles - Updated Data 2022
Data from our newly released report is showing that Baby Boomers (ages 58-76) are retiring but what’s more startling is the number of Baby Boomers remaining in our Head of Tax and #2 roles. Read the report and pass along to your tax, HR, and financial leadership, as the implications of this imminent knowledge drain will affect all levels of the tax department.