During these unprecedented times of the ongoing COVID-19 (coronavirus) pandemic, companies in the tax software market are stepping in to help their clients with updates about tax filing deadlines and stimulus check payment updates. For instance, TurboTax— a software package for preparation of the American income tax returns, is committed to provide online CPAs (Certified Public Accountants) and EAs (Enrolled Agents) on demand to solve the queries of clients.
Companies in the tax software market are increasing awareness about new coronavirus tax relief database issued by the U.S. Internal Revenue Service (IRS). These databases are proving up-to-date information about how the pandemic is likely to affect a taxpayer’s situation. As such, several states in the U.S. have altered their tax filing deadlines for the year 2020, due to the COVID-19 fallout. Companies in the market for tax software are educating clients to follow the federal guidelines to abide with state filing deadlines.
Personalized Services for Software Handling Help Increase Client Base
The global tax software market is projected to surpass valuation of US$ 33.6 Bn by the end of 2030. Online websites are ranking the most popular tax software based on their advantages, disadvantages, and pricing. This is helping business owners to make an informed decision with the help of comparison. For instance, the H&R Block Deluxe is being publicized for its clear navigation but has a limited virtual assistant.
Companies in the tax software market are increasing the availability of products that offer personal tax preparation services. In-office services and DIY software are highly preferred by businesses. In order to gain a competitive edge in the market landscape, companies are offering personalized services to clients where the client shares their tax documents and the tax professional prepares the return. Companies are developing software products that offer a comprehensive coverage of tax topics.
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CPA V/S Tax Software: Which is better?
Today’s available tax software is easy to use and do not require in-depth knowledge about tax preparation. However, it is potentially challenging for handling difficult monetary transactions through a software. In such cases, it becomes convenient for business owners to hire CPAs that offer them customized services. As such, cost efficiency and prompt calculations by software in complicated tax returns tend to offset its disadvantages.
In order to strike the right balance between opting for software and CPAs, companies in the tax software market are offering both products and services to gain market recognition. On the other hand, tax software are gaining popularity in India. ClearTax— a startup providing tax preparation services in Mumbai, India, is gaining market recognition for its software, which offers targeted GST (Goods & Services Tax) solutions to business owners.
The research methodology adopted by analysts to compile the tax software market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the tax software market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the tax software market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the tax software market.
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Tax Software Market – Segmentation
TMR’s research study assesses the tax software market on the basis of component, software deployment, tax type, end user, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the tax software market.