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Tax Preparation Services in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Tax Preparation Services Market Research Report | NAICS 54121d | Apr 2015

Paying off: Rising employment will increase demand, despite external competition from online providers

IBISWorld’s Tax Preparation Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$9bn
Annual Growth 10-15
2.3%
Annual Growth 15-20
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Profit
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Employment
326,856
Businesses
114,333
Industry Analysis & Industry Trends

The Tax Preparation Services industry experienced a slight downturn during the recession due to falling national employment and a decrease in disposable income. However, the industry rebounded in 2011 as the national unemployment rate fell, and revenue increased as more Americans were required to file tax returns. Still, the industry landscape has begun to change, with consumer preferences increasingly trending toward operators that provide online filing options. Although improving economic conditions are expected to support industry revenue growth over the next five years, some operators' performance will be stunted, as online providers threaten traditional brick-and-mortar establishments... purchase to read more

Industry Report - Industry Investment Chapter

The Tax Preparation Services industry is highly labor intensive, as much of the work must be completed manually. Comprising an estimated 38.7% of revenue in 2015, wages represent the industry's largest expense. Employees in this industry generally have an understanding of tax law and accounting. Furthermore, specialist skills and knowledge are required, including awareness of legislative changes and tax-related decisions made by the Internal Revenue Service (IRS).

Most ongoing capital expenses are related to the upgrade and maintenance of office and computer equipment, including specialized software packages and telecommunications equipment. Over the past decade, the industry has become increasingly capital intensive, as more tax filing is completed online using computer software... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Tax Preparation Services Industry?

Firms 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 CPAs are excluded from this industry, basic knowledge of tax law and filing requirements is required. Online tax return providers (see IBISWorld Report OD4549: Tax Preparation Software Developers) do not fit within the scope of this industry.

Industry Products
Basic tax preparation servicesStandard tax preparation servicesFull-service tax preparation servicesTax-related financial products
 
Industry Activities
Income tax compilation servicesIncome tax return preparation servicesOther tax return preparation services


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