The 40 Under 40 program was developed to help the profession identify those young leaders who will serve as a bridge between a generation gap in the accounting space.

While the program primarily recognizes CPAs, it also honors those in fields around tax and public accounting such as technology developers who have a significant impact on these professions by providing innovative products and services that help streamline workflow processes, aid in productivity or increase profitability. In addition, several honorees have the CITP credential, or Certified Information Technology Professional, which demonstrates technology expertise.

"The public accounting profession, particularly those with the Certified Public Accountant (CPA) credential, is about to undergo a major shift," said Gregory L. LaFollette, the magazine's executive editor. "During the late 1980s and 1990s, there was a notable drop in accounting graduates across the country, primarily the result of toughened educational requirements for the CPA credential."

Through substantial recruiting efforts on the part of firms all across the country to attract students to the practice of public accounting and successful campaigns by the American Society of Certified Public Accountants and other groups to increase the number of graduates seeking the CPA credential, the tide has changed over the past five years.

But LaFollette said 15 years of fewer entrants into the profession has caused significant staffing challenges at nearly all accounting firms, and has left a void in the middle managerial ranks.

"We are at a critical juncture where the majority of CPAs will be retiring from the profession in the next few years. Without a large corps of accountants with 10 to 15 years of experience to draw on, it is imperative that we identify those professionals who are seasoned and ready to assume top management ranks at accounting practices."

As further evidence of the pending difficulties, LaFollette points to a recent report by the AICPA that found that "nearly 75 percent of current AICPA members will reach or approach retirement age in the next 15 years." This means that accounting firms, already experiencing up to 20 percent attrition in their professional workforce, will face even greater challenges in attracting and retaining qualified staff.

This year's 40 Under 40 Honorees are:

Liz Alexander, CPA; Arlington, TX

Will Breiholz; Torrance, CA

Kyle Brownlee, CSA; Enid, OK

Robert J. Chandler; El Cajon, CA

Pedro De Armas, CPA; Coral Gables, FL

Chris Fraser, CPA.CITP; Tampa, FL

Tracy Gaspardo Mortenson, JD; Riverwoods, IL

William Gerber; Pompton Plains, NJ

Rebecca Gill; Detroit, MI

Sasan Goodarzi, MBA; Plano, TX

Joe Harpaz; New York City

Andrew Hatfield; Dallas

Trey James; Alpharetta, GA

Glen Keenan, CPA; Braintree, MA

Adam Kupperman; Englewood Cliffs, NJ

Jason Lawhorn, CPA; Knoxville, TN

Nancy Lee, MBA; Mountain Valley, CA

Bob Lewis, CPA.CITP; Redmond, WA

Teresa Mackintosh, CPA.CITP; Dexter, MI

Paul Mamo; Oak Hill, VA 

Angie Martin, MPA; Dallas

Betsy Matthews, CPA; Northbrook, IL

Ryan McCowan, CPA.CITP; London, KY

Marty McCutchen, CPA; Ft. Worth, TX

Rhett Molitor, CPA; Riverwoods, IL

Timothy Nolan, CPA; Greenfield, WI

Kevin O’Connell, CPA; Walnut Creek, CA

Sonya O’Connor, EA; Laguna Hills, CA

Scott Ogle; Raleigh, NC

Scott G. Price, CPA.CITP; Tampa, FL

Chad Schornack, ACH; Fargo, ND

Mark Severance, MBA; Simi Valley, CA

Donny Shimamoto, CPA.CITP; Honolulu, HI

Ian Shuman, CPA; Bethesda, MD

Brian Steinert; McPherson, KS

Denise Stubbs, CPA; Ft. Lauderdale, FL

Timur Taluy; Oxnard, CA

Brian Tankersley, CPA.CITP; Knoxville, TN

Joel Thomsen, CPA; Fargo, ND

Dave Wyle, CPA.CITP; Newport Beach, CA 

For more information, log onto www.CPAtechnologyadvisor.com.