Tax Services Providers Statistics 2024

Understanding the dynamics of tax services providers in 2024 is paramount for grasping the broader business landscape. These statistics reveal trends, challenges, and opportunities that shape how companies manage their financial obligations and strategize for growth. The data highlights shifts in regulatory environments, technological advancements, and market demands, providing a comprehensive view of the evolving industry landscape.

Key stakeholders, such as accountants, corporate executives, policymakers, and investors, will find this data invaluable. For accountants and tax consultants, these statistics inform best practices and service offerings that align with current trends. Corporate executives can leverage this information for strategic planning, ensuring compliance and optimizing tax strategies to enhance their firm’s financial health. Policymakers can use these insights to formulate regulations that foster a fair and efficient tax system. Investors, too, gain a clearer perspective on the financial health and operational strategies of companies within this sector, guiding their investment decisions.

As the tax services industry continues to evolve rapidly, up-to-date statistics are essential for informed decision-making and strategic planning. Businesses that stay abreast of these trends can navigate complexities more effectively, harness new opportunities, and maintain a competitive edge. This data enables companies to anticipate market needs, optimize operations, and ultimately drive growth in a dynamic and competitive environment.

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Top Tax Services Providers Statistics 2024

☰ Use “CTRL+F” to quickly find Tax Services Providers facts. There are total 50 Tax Services Providers Statistics on this page 🙂

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Market Trends And Growth

• The market for cloud accounting software is expected to grow to over $416 million by 2024. ^[?]
• The global market share of the top cloud infrastructure service providers reached $63 billion in Q1 2023. ^[9]
• The global business process outsourcing market is expected to reach $525 billion by 2030. ^[9]
• The global RPA market is projected to reach $13.39 billion by 2030. ^[9]
• The blockchain industry is projected to be worth $163.83 billion by 2029, with a compound annual growth rate of 56.3 percent. ^[9]
• The global digital payments market, segmented by mode of payment, is forecasted to grow due to increasing smart cities, IoT adoption, and 5G networks. ^[20]

Technology And Automation

• Companies can experience an 80% increase in operational efficiency when accounts payable is automated, with a 366% ROI. ^[1]
• 78% of mobile apps are abandoned after only a single use, and web applications and software don’t fare much better. ^[6]
• In SaaS, the median user growth is 4%, while the median activation rate is 17%. ^[8]
• 90% of no-code users believe their company has achieved faster growth because of no-code tool adoption. ^[13]
• 82% of finance companies plan to increase their Big Data analytics budgets in the next three years. ^[9]

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Cybersecurity And Data Protection

• Cybercrime is projected to cost $10.5 trillion globally by 2025. ^[9]
• The average cost of a data breach was more than $4 million in 2023. ^[1]
• Threats like Business Email Compromise (BEC) have risen globally, with the US alone reporting an estimated loss of roughly $2.4 billion USD. ^[13]

Market Statistics

• Taxpayers filed 157.5 million tax returns, reported earning nearly $12.5 trillion in adjusted gross income in 2020. ^[10]
• The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers. ^[10]
• The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. ^[10]

Digital Taxation

• Digital Service Taxes (DSTs) have been implemented or proposed in at least 18 countries including France, Italy, Spain, and the UK. ^[11]
• The OECD hopes to get nearly 140 countries to agree to an overhaul of international tax principles, including a unified approach to digital taxes, by mid-2021. ^[11]
• The implementation of Pillar One in 2024 will require that countries remove DSTs and similar relevant measures imposed on all companies. ^[14]

Tax Software And Services

• The IRS requires that all tax preparers or firms filing 11 or more returns must electronically file. ^[12]
• ProConnect Tax is the #1 professional tax software on the cloud. ^[12]
• The average fee for preparing a simple Form 1040 tax return is $176. ^[19]
• The tax preparation services market is projected to grow at 2% from 2019 to 2024. ^[19]
• The global tax preparation services market is expected to grow with a 4.7% CAGR during 2023-2033. ^[17]

Tax Regulations And Compliance

• The U.S. Supreme Court decision in South Dakota v. Wayfair established that states can require businesses without a physical presence in that state to pay in-state taxes. ^[7]
• The OECD has issued guidelines for collecting VAT on cross-border sales, updated in 2017. ^[14]
• BEPS Action 13 is part of the transparency pillar of the OECD/G20 BEPS project, supporting jurisdictions in combating BEPS. ^[2]

Workforce Trends

• 31.01 percent of respondents in the financial sector want to work exclusively from home or remotely. ^[9]
• Approximately 300,000 positions are outsourced every year. ^[9]
• 87% of surveyed consumers in the US support mandatory climate disclosures for businesses. ^[13]

Financial Performance And Revenue

• States reported strong revenue growth in 2021, but there was large variation across states and revenue sources. ^[16]
• State tax revenue growth cooled off in the third quarter of 2022. ^[16]
• The federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates. ^[10]
• Total income taxes paid rose by $129 billion to $1.7 trillion, an 8 percent increase above 2019. ^[10]

Ai And Digital Transformation

• ChatGPT reached 100 million monthly active users in just 2 months, making it the fastest-growing app in history. ^[13]
• Nearly 75% of companies surveyed expect AI to lead to high job churn. ^[13]
• 57% of accountants deem technology literacy to be the most critical addition to skill sets for future employees. ^[13]

Customer Experience And Service

• 46 percent of respondents in a 2023 Statista survey indicated improved customer experience thanks to AI. ^[9]
• 90% of consumers expect businesses to be actively involved in combating climate change. ^[13]
• 80% of workers want to work for a company that values diversity, equity, and inclusion. ^[13]

Economic Impact And Projections

• The U.S. total income and social insurance tax revenues were 19.1 percent of GDP in 2021. ^[21]
• The value of global B2C e-commerce in 2019 was $4.9 trillion. ^[21]
• The federal deficit is projected to reach 11.1 percent of GDP by 2053. ^[4]

Industry Specific Insights

• The accounting industry forms part of Australia’s sixth most targeted sector, with 4.7 per cent of all cyber-attacks compromising the financial information of accounting firms’ clients. ^[18]
• The global revenue of accounting services in the U.S. from 2013 to 2023 was documented at various intervals. ^[15]
• The tax preparation services market in the United States is worth $11 billion. ^[19]

Miscellaneous

• The OECD database includes information on tax performance and tax administration variables for 200 countries and territories. ^[3]
• There are currently about 200,000 certified public accountants in the Philippines. ^[13]
• The Annual Survey of State Government Tax Collections (STC) provides a summary of taxes collected by state for 5 broad tax categories and up to 25 tax subcategories. ^[5]

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