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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 | Sep 2014

Paying off: Rising employment will increase demand, primarily for 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
$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

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 declined in 2009 and 2010. Low employment and income levels meant that fewer individuals reached the income threshold that requires tax filing, slowing industry growth over the five years to 2014. IBISWorld estimates revenue has grown at an average annual rate of 1.3% to $10.1 billion over the five-year period, including anticipated growth of 3.5% in 2014.

According to H&R Block, the industry's largest firm, the number of tax returns filed with the Internal Revenue Service (IRS) declined 1.7% in 2010... 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.

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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