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Industry Threats & Opportunities
Why so many Americans turn to tax professionals. Not keeping up with the latest tax code
changes can be costly, whether as a result of not taking advantage of all eligible tax
deductions and credits or by filing an inaccurate return that may result in an audit by the IRS. In
the last decade alone, the U.S. tax code has more than tripled in size, comprising over 73,000
pages, and containing more than 3.8 million words. In comparison, War and Peace consist of
1,440 pages and just under 600,000 words. The average adult reads 300 wpm – that’s more
than 210 hours of reading to get through all of the rules and regulations.
Under our current system, there will always be a demand for competent tax preparers, despite
the fear that an increase in tax preparation software will displace the experts. According to
Franchise Help, “…the data is contrary to this perspective. Studies confirm that no magic tax
calculator has enabled people to easily find all their deductions and hiring someone with a tax
preparer certification translates into larger tax refunds. As Americans reach higher tax brackets
they become more willing to outsource this stressful task.”
