Gen Z Students Turn Tax Crisis into Opportunity for Low-Income Americans

Corvallis, Oregon – As America faces a growing shortage of accountants, a fresh wave of Gen Z students is stepping up to fill the gap. With ongoing turmoil in IRS leadership and tax policy challenges, many seasoned professionals are leaving the industry just as taxpayers need assistance more than ever.

Over the last five years, burnout has driven many accountants to abandon their careers, leaving an estimated 75% of remaining professionals poised for retirement within the next decade. Yet, students such as Alana Kelley from Oregon State University are redefining the field.

Kelley, an accounting and biohealth science major, has aided families in filing their taxes as part of a university initiative. She recalls helping a goat farmer who only had a landline and no internet access as well as a woman supporting her sister. Through her efforts, Kelley helped secure significant refunds, including $6,000 for one family.

Tristan Klascius, another OSU accounting student, similarly assisted a senior citizen in accessing her Social Security income, showcasing how Gen Z is transforming the perception of accounting from a mundane task to a vital service that changes lives.

The IRS Volunteer Income Tax Assistance (VITA) program collaborates with dozens of universities, empowering students to provide free tax help to low-income communities. In 2024, over 280 students from California State University, Northridge, aided more than 9,000 taxpayers, claiming nearly $11 million in refunds and saving them over $2 million in tax preparation fees.

During the busy tax season, students often work long hours, from 10 a.m. to 10 p.m., ensuring families receive maximum benefits from their tax returns. The challenge remains significant, with $8.2 billion in Earned Income Tax Credits available during the 2021 tax year alone. The impact of tax refunds can greatly support struggling families, with about 66% of Americans facing financial challenges.

Rafael Efrat, director of the CSUN program, praises the VITA initiative for reshaping public perception of the accounting profession. He noted that even students studying diverse fields like public health and psychology are joining the program, eager to make a difference.

“Engaging with the practice of accounting changes the views of many young people,” Efrat stated, emphasizing the importance of real-world experience. This engagement not only aids low-income Americans but also equips student volunteers with the skills necessary for successful careers.

Despite the allure of high salaries—averaging $93,000 or nearly $200,000 for certified public accountants (CPAs)—it remains crucial to attract interest in accounting careers. Logan Steele, an accounting professor at OSU, mentioned that many young adults hold outdated views about the profession, which has evolved significantly.

Today’s accountants utilize AI technology for mundane tasks, focusing instead on strategic decision-making. As job flexibility increases, the potential for accounting to be seen as an attractive career choice is growing, particularly in light of impressive job placement rates. Roughly 98% of OSU accounting graduates secure jobs, and salaries are at an all-time high.

With new generations stepping into the role of tax assistance, the future of accounting looks promising—both for the profession and the individuals it serves.