Industry Analysis & Industry Trends
Demand for tax preparation services has been restrained over the five years to 2014 due to falls in employment and income levels. In addition, consumers have opted to do their own taxes to save money, using a growing number of free options and at-home software products. While employment and income levels are forecast to pick up and stimulate industry demand, tax preparers will still face strong competition. Nonetheless, an expansion of industry services will lead to modest revenue growth... purchase to read more
Industry Report - Industry Investment Chapter
The Tax Preparation Services industry is highly labor intensive as it requires a large amount of work that must be completed manually. Comprising 40.9% of revenue in 2014, 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 keeping abreast of legislative changes and decisions made by the IRS relating to tax.
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