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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 | Oct 2016

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

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 11-16
3.3%
Annual Growth 16-21
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Profit
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Employment
313,311
Businesses
131,629
Industry Analysis & Industry Trends

Over the past five years, the industry has experienced solid growth as the unemployment rate fell and caused more Americans to file tax returns. Additionally, as per capita disposable income has risen, more consumers have had the resources to afford bringing their taxes to tax professionals. Although improving economic conditions are expected to support industry revenue growth over the next five years, some operators' performances will be stunted, as online providers threaten traditional brick-and-mortar establishments that are unable to adapt to the changing landscape... 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 vast majority of operators. This level of fragmentation is prominent for industries with lower market share concentration and the ability for smaller operators to carve out a niche corroborates that, as well. In 2016, IBISWorld estimates that almost 50.0% 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 10 employees. Furthermore, almost 75.0% o.. 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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