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