Americans spent record amounts on accounting fees last year

Uncle Sam is getting less after the White House and Congress agreed to cut taxes — but not the guy with the green eye shade. At least not yet.

Americans spent about $44 billion on accounting, tax preparation, bookkeeping and payroll services in the fourth quarter of 2017 — about $1 billion higher than a year earlier, according to the U.S. Census Bureau.

That translates to about $135 per person.

An estimated 65 percent of taxpayers will receive a tax cut in 2018, according to the Tax Policy Center, averaging $2,200 from the new law’s individual provisions.

— With assistance by Erik Wasson

Signage advertising income tax service is pictured in front of Tax Pros USA in La Grange, Kentucky, U.S., on Wednesday, April 9, 2014. The deadline for filing federal income tax returns to the Internal Revenue Service is Tuesday, April 15. Photographer: Luke Sharrett/Bloomberg
A tax practice in Kentucky

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Tax preparation Fee-based compensation Tax practice Payroll Census Bureau
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