The following information was provided to me by Reid Okimoto:
Did you know that career opportunities in state and local tax continue to grow despite the depressed economy? Here’s why. States are facing record deficits. Unlike the federal government, states cannot run a deficit and must balance the budget on an annual basis. In order to do that, states generally do three things: (1) pull from the “rainy-day” fund, (2) hire more people to audit, assesses, litigate and collect more taxes, or (3) change the tax codes. Either way, this creates work opportunities for new associates. In addition, companies are downsizing their support functions (i.e. legal, tax, and accounting) to eliminate “unnecessary” fixed costs. This does not decrease the overall amount of work that needs to be done. This is where the law firms and Big 4 accounting firms come in. The larger firms are often engaged as day-to-day tax advisors to help fill the gap left by the reduction in corporate work-force.
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