I’m particularly pleased that our creating this bridge allows CPA firms to compete effectively for talent with the big four – and frees up CPAs to focus on their clients and their top priorities. In practice, CPA firms that are between $8 million and $150 million are possibly good candidates for considering expanding their workforce overseas – with expansion helping the CPA firm remain competitive.

The crunch for hiring new accountants is real, and will only be getting worse – with real ramifications for both CPA firms and the American businesses they serve.

Congress and state legislators (and Treasury and IRS should be just as interested in addressing this problem) can do the easy thing of ending the worthless fifth-year requirement. The IRS in particular needs to be all in in thinking creatively of offering extensive training/education incentives for new hires (especially suggest looking at a program for former military). That’s a start. In the meantime, CPA firms that want to continue to grow and thrive need to look and consider how the big four have addressed their workforce challenges.