The Future of the Tax Prep Industry: Challenges & Opportunities | Teaching Tax Flow Ep. 138
Chris and John dive into the evolving landscape of tax preparation, examining the critical challenges facing the industry and its implications for both taxpayers and professionals.
KEY TAKEAWAYS:
- 75% of CPAs expected to retire within 15 years
- 37% drop in CPA exam candidates since 2016
- Rising complexity meets compressed deadlines
- AI adoption is accelerating across tax firms
- Compliance-only firms are becoming obsolete
EPISODE BREAKDOWN:
- The Great CPA Shortage: Numbers Don't Lie
- Technology Evolution: From Paper to AI
- Why Tax Returns Are Getting More Complex
- How AI is Transforming the Industry
- The Future of Tax Professional Services
- What Taxpayers Need to Know
INDUSTRY INSIGHTS:
- Offshore outsourcing trends
- Value-based billing models
- The importance of year-round advisory services
- How to choose the right tax professional
SPONSORED BY:
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- (00:00) - Exploring the Future of the Tax Preparation Industry
- (02:08) - The Evolution and Challenges of the Tax Preparation Industry
- (10:51) - The Importance of Personal Responsibility in Dental Health
- (12:03) - Geese, Swans, and Tax Planning Adventures
- (14:51) - Addressing CPA Shortages and Industry Challenges
- (17:51) - Challenges and Delays in the Tax Preparation Industry
- (22:29) - The Rising Complexity and Challenges of Tax Preparation
- (28:32) - AI's Impact on Tax Professionals and the IRS
- (32:04) - Evolving Tax Practices: From Compliance to Advisory Models
- (39:00) - Exploring Opportunities and Challenges in the Tax Industry
