Tax Preparation Services in the US - Industry Market Research Report

Tax Preparation Services in the US - Industry Market Research Report

  • June 2022 •
  • 48 pages •
  • Report ID: 336257 •
  • Format: PDF
Filed on time: Proposed simplifications to the tax system may empower more individuals to file their own taxes

Abstract

Tax Preparation Services in the US
Over the five years to 2019, the Tax Preparation Services industry has posted solid growth as the unemployment rate has fallen, causing more Americans to file tax returns. Additionally, as per capita disposable income has risen, more consumers have had the resources to afford bringing their taxes to tax professionals. Although improving economic conditions are expected to support industry revenue growth over the five years to 2024, some operators’ performances will be stunted as online providers threaten traditional brick-and-mortar establishments that are unable to adapt to the changing landscape. Consequently, the industry’s expansion is projected to decelerate.

Operators in this industry provide tax return preparation services to individuals but do not offer accounting, bookkeeping, billing or payroll process services. Although the offices of certified public accountants (CPAs) are excluded from this industry, basic knowledge of tax law and filing requirements is required. Online tax return providers (IBISWorld report OD4549) do not fit within the scope of this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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