Tax Preparation Services in the US
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.
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.