Well over half of tax preparers in a recent survey said that they expect to generate more revenue in the coming tax season than they did last year.
The survey of over 6,600 tax preparers by tax software provider Drake Software found that 58 percent of respondents expect higher revenues this year, while another third (35 percent) expect their revenues to be about the same. Only 7 percent expect their revenues to decline.
Interestingly, approximately two thirds (63 percent) of respondents said that their fees for basic 1040 returns will remain about the same. Just over a third (36 percent) plan to raise their fees, while a staggering 1 percent expect to lower their fees. The vast majority of respondents (89 percent) have between one and three permanent staff in their offices.
The survey covered a number of other topics, including hiring and compensation plans, use of social media, the impact of the Affordable Care Act, and whether Congress should give the Internal Revenue Service the authority to regulate tax preparers through mandatory testing and continuing education (59 percent said that it should).
An infographic of the survey results is available on Drake’s blog, Taxing Subjects.
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