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Intuit Accountants Releases Tax Planning and Advisory Insights Survey
Tax planning and advisory fees, on average, are five times higher than tax preparation fees, according to an Intuit Accountants survey of tax professionals.
About this update from Intuit Inc.
[{"type":"text","content":"\nTax planning and advisory fees, on average, are five times higher than tax preparation fees, according to an Intuit Accountants survey of tax professionals.\n\n PLANO, Texas--(BUSINESS WIRE)--\nToday, Intuit Accountants from Intuit Inc. (NASDAQ: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, is announcing the results of the recently conducted Tax Planning and Advisory Insights Survey. Intuit Accountants commissioned an industry-wide survey of 786 tax professionals, who currently provide tax planning services or are considering providing tax planning services in the next two years, to understand the landscape around tax planning and advisory services.\n\nThis survey provides benchmarks that tax professionals can use to compare, and possibly, increase their tax advisory services to help power prosperity for clients and firms.\n\nImportant insights from the survey results include:\n\n\nRespondents shared that tax planning and advisory services have significantly higher fees than compliance services with average fees of $2,351 per client.\n\n\nTax planning & advisory fees, on average, are 5 times more than tax preparation fees.\n\n\n74% of tax firms surveyed deliver tax planning services, but only 62% get paid for those services.\n\n\n18% of tax advisors say they lead with tax planning and advisory services.\n\n\n1 in 3 preparers not currently offering tax advisory services, are strongly considering adding.\n\n\n“We see a widening gap in the profession between firms who lead with tax preparation and traditional compliance services and those that lead with proactive tax planning and advisory services,” said Barry Pennett, Senior Vice President and General Manager of Intuit ProConnect Group. “Firms that communicate the estimated tax savings from appropriate strategies are better able to help clients reach their short and long term financial goals, as well as monetize these services.”\n\nTax planning and advisory services are an important extension of tax compliance services. The avalanche of new tax legislation over the past five years and the impact of the pandemic on firms and clients has increased the need for these services. This survey shares insights from tax professionals who are seeing the shifts in real time.\n\nTo learn more about advisory services beyond the repor...