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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 offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

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 - Starting a New Business Chapter

There are few barriers to entry into the Tax Preparation Services industry. A large scale operation is not essential to compete, and this is reflected in the fact that there are a large number of small businesses, including sole proprietors, operating in the industry. The top four players in the industry make up less than one third of total market share and 85.1% of firms are nonemployers. However, to compete against the industry's largest players, firms typically need to establish a reputation, which is difficult given the large pool of operators in the industry. As such, many small companies choose to join, rather than beat, the industry's largest firms, which are all franchisors. This can pose a barrier in itself, as franchisors require fees to join their network... 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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