Tax Preparation Services in the US
With more money in their pockets, consumers are more willing to purchase industry services to maximize their refund. As a result of lower unemployment and higher income levels, among other factors, industry revenue is projected to grow at an annualized rate of 2.9% over the five years to 2018. This includes an expected 4.6% jump in 2018 to $10.4 billion. Although improving economic conditions are expected to support industry revenue growth over the five years to 2018, some operators' performances will be stunted as online providers threaten traditional brick-and-mortar establishments that are unable to adapt to the changing landscape. More consumers are expected to complete their tax returns online as electronic filing software becomes more user-friendly and customized for individuals with different tax filing needs.
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 certified public accountants (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.
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