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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 | Apr 2015

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

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
$9bn
Annual Growth 10-15
2.3%
Annual Growth 15-20
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Profit
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Employment
326,856
Businesses
114,333
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 Analysis Chapter

Individuals must file tax returns if their incomes surpass a certain level, as determined by filing status, age and type of income received. Due to reduced incomes and lower employment caused by the economy's slowdown, demand for the Tax Preparation Services industry was weak from 2010 to 2012. Low employment and income levels meant that fewer individuals reached the income threshold that requires tax filing, slowing industry growth during this time. From 2013 onward, improving economic conditions led to increasing employment opportunities, and as a result, industry growth accelerated. Overall, in the five years to 2015, IBISWorld estimates revenue to grow an annualized 2.3% to $9.3 billion, including anticipated growth of 4.0% in 2015 alone... 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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