Exploring the Disconnects Between CPA Firms and Millennials as it Relates to Tax Preparation

Abstract

Small Certified Public Accountant (CPA) firms are facing a demographic market shift as baby boomers leave the workforce and are replaced by millennials. Today, small CPA firms rely on tax services from baby boomers and older clients for the majority of revenue, but millennials now represent the largest percentage of the workforce. This growing disconnect suggests a potential issue for small CPA firms. The following research explores the issues and opinions of millennial-aged tax filers and partners in small CPA firms on compiling and filing individual federal income tax returns in the United States.\nSemi-structured interviews were conducted with both millennial-aged tax filers and partners in small Certified Public Accountant (CPA) firms in the United States. Interview responses from each group were analyzed separately to develop unique themes for each group. The unique group themes were subsequently compared to explore market discontinuities and then developed into mitigation strategies.

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