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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 | Mar 2014

Paying off: New regulations and expanded tax services will lead to modest revenue growth

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
$10bn
Annual Growth 09-14
1.3%
Annual Growth 14-19
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Profit
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Employment
318,926
Businesses
111,568
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 Locations Chapter

Households in all socioeconomic groups across the United States use the services of tax preparers. Consequently, industry establishments and revenue are distributed in line with regional population. Many people use the closest tax preparation firm out of convenience. When an area is underserved, more firms move into that area to stake a claim in the market. Similarly, firms tend to move locations when competition is too high and profit margins begin to suffer.

About 85.1% of operators in this industry are non-employers that do not have the capacity or market power to provide services beyond their own neighborhood. While some of these firms are part of a national network, they primarily serve local consumers... 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 without also providing 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.

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 servicesTax return preparation services


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