The global tax preparation services market is expected to be worth US$ 28.2 billion in fiscal year 2023, up from US$ 27.0 billion in fiscal year 2022. From 2022 to 2032, the market is expected to grow at a 4.7% CAGR, reaching a value of US$ 44.7 billion by the end of 2033.

Additionally, there are potential for tax preparation service providers to diversify their products due to the rising demand for value-added services such tax planning, compliance, and risk management. Additionally, the increased use of digital platforms is giving tax preparation service providers the chance to offer online and mobile tax planning and preparation solutions, making it simpler for people and businesses to use these services.


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Competitive Landscape:

Prominent players in the tax preparation services industry are taking advantage of the rapidly increasing demand for the chatbots in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers.

Some prominent market developments are as follows:

• In January 2023, Boston Tax Help Coalition announced to offer free tax preparation services to Boston residents earning $60,000 or less a year. Moreover, the Boston Tax Help Coalition
and its community partners are providing tax services remotely and in-person at over 30 neighborhood tax sites.

• In April 2022, the Dora City Council allowed a free IRS income tax preparation service to serve all of Walker County out of space in the Dora Civic Center.

MARKET TRENDS & DRIVERS:

• Struggling Labor Market is a Lost Opportunity for Growth in the Tax Preparation Market

• Persistently High Unemployment Rates Above Pre-COVID Levels Indicates Long-Term Scarring from the Pandemic, Wage Inequality & Weakening Economic Recovery

• Growing Market for Employment Services Brings the Promise of Employment-Rich Economic Growth & Need for Professional Tax Planning and Filing Services

• With Employment Services Helping People Land Better, Well-Paying Jobs, There Will be a Parallel Need for Professional Services to Handle, Plan & Manage, Compliant Tax Strategies

• Stricter Tax Rules Amid Growing Government Debt & Tax Evasions to Spur Demand for Tax Preparation Services

• Record High Global Public Debt Strengthens the Business Case for Tax Reforms Designed to Widen the Tax Net, a Move That Can Benefit Demand for Tax Preparation Services

• Role of AI in Tax Preparation Services Gets Bigger

• Growing Tax Complexity Strengthens the Business Case for Tax Preparation Services

• Increasing Tax Complexity Leads to Bigger Compliance Burdens Necessitating Businesses & Individuals to Seek Professional Services in Ensuring Compliance

• Rise in Corporate Profit Despite Inflation Bodes Well for Adoption of Tax Preparation Services

• Growing Global Corporate Profit Bodes Well for Adoption of Professional Tax Related Services

• Growing Salaries and Wages Despite Inflation & Fear of Recession to Boost Tax Related Services for Individuals

• As Continued High Inflation & Talent Supply Challenges Take Salaries to Higher Levels, Pushing Employees into Higher Tax Brackets, Demand for Tax Preparation Services Will Grow to Meet More Complex Documentation Needs

• Growing Trend Towards Outsourcing Finance & Accounting Operations to Expand the Addressable Market for Tax Preparation Services

• Growing Preference for Outsourcing Finance & Accounting Related Obligations Bodes Well for Higher Adoption of Tax Preparation Services

Key Segments Covered in the Tax Preparation Services Market Report:

· By Services :
• Standard Tax Preparation Services
• Tax-Related Other Financial Products

· By Customer Type :
• Individual
• Enterprises
• Government Agencies

· By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia and Oceania
• Middle East & Africa

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Questionnaire answered in the Market outlook Report of Tax Preparation Services include:

• What is the key strategy deployed by large players to maximize Tax Preparation Services growth?

• What are the main challenges faced by players in the Tax Preparation Services Demand?

• With the advent of technological advancement, how will the Tax Preparation Services landscape change over the forecast period?

• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Tax Preparation Services size?

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