Demand for tax professionals will continue to increase in 2013 and the supply of tax professionals will continue to drop in all major age brackets, according to the 2013 U.S. and European Union Tax Market Forecast. The report is published in partnership with U.S.-based tax recruiting firms TaxSearch Inc. and TaxTalent.com as well as British-based BPA. It is based on TaxTalent.com’s 2012 mid-year hiring assessment and the anecdotal experience of the companies.

“We are in a generational anomaly,” said TaxSearch president Tony Santiago. “Baby boomers, who have led the profession for years, are less interested in this difficult tax market. Boomers will start exiting while gen Xers and the millennials are still trying to secure their career paths without the same skill level. Add to that an increasingly complicated tax environment here in the U.S. and abroad.”

Highlights from the forecast include:

• Higher regulatory and statutory pressures to increase government tax revenue
• Higher turnover as a result of baby boomers retiring and a shorter supply of young talent
• Increased staffing needs for full- time and independent tax professionals at nearly every level
• Significant succession planning needs for retiring tax leaders to support knowledge transfer
• An increasing need for companies to proactively address indirect tax savings globally