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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 | Feb 2016

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

IBISWorld’s Tax Preparation Services market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 11-16
4.5%
Annual Growth 16-21
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Profit
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Employment
292,718
Businesses
118,890
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 Key Buyers Chapter

The Tax Preparation Services industry is highly fragmented, with nonemployers or small firms comprising the majority of operators. In 2016, IBISWorld estimates that almost 45.0% of industry revenue will be captured by the four largest players. This includes major company H&R Block, which is composed of hundreds of small operators that are either company owned or operate as a franchise. H&R Block is a clear market leader, controlling a significant share of the market due to their proliferation in major cities.

More than 80.0% of employer firms have fewer than ten employees. Furthermore, almost 85.0% of firms operating in this industry are nonemployers. Many nonemployers offer their services on a part-time basis due to the seasonal nature of tax preparation services... 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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