Tax Planning

Intuit Accountants Publishes Tax Planning and Advisory Perception Survey

PLANO, Texas – (BUSINESS WIRE) – Today, Intuit Accountants of Intuit Inc. (NASDAQ: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, announced the results of its recent Tax Planning and Advisory Insights Survey. Intuit Accountants commissioned an industry-wide survey of 786 tax professionals currently offering tax planning services or considering providing tax planning services in the next two years to help understand the landscape surrounding tax planning and advisory services.

This survey provides benchmarks that tax professionals can use to compare and potentially improve their tax advisory services to increase wealth for clients and businesses.

Important findings from the survey results are:

  • Respondents said that tax planning and advisory services are charged significantly higher than compliance services, with an average of $ 2,351 per customer.

  • Tax planning and advisory fees are on average five times higher than tax preparation fees.

  • 74% of the tax firms surveyed offer tax planning services, but only 62% are paid for these services.

  • 18% of tax advisors state that they are leaders in tax planning and advice.

  • 1 in 3 authors who do not currently offer tax advice are urgently considering inclusion.

“We are seeing a growing divide in the industry between companies that lead in 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 the Intuit ProConnect Group . “Companies that communicate the estimated tax savings through appropriate strategies can better help their customers achieve their short- and long-term financial goals and monetize these services.”

Tax planning and tax advisory services are an important addition to the tax compliance services. The avalanche of new tax laws over the past five years and the impact of the pandemic on businesses and customers have increased the need for these services. This survey shares insights from tax professionals who are seeing the changes in real time.

To learn more about advisory services beyond the report, visit The Path to Advisory, a comprehensive, free online guide available through the Intuit ProConnect Tax Pro Center that helps planning and advisory services companies lead the way. Utilizing the collective knowledge, experience, tools, and best practices of members of the Intuit Tax Council, this guide provides clear, actionable steps for companies looking to add advisory services or companies already in transition.

About intuition

Intuit is the global technology platform that helps consumers and small businesses meet their key financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to be successful. We never stop working to find new, innovative ways to make this happen. For the latest information about Intuit, our products and services, visit us and find us on social networks.

* Source: Intuit Accountants Survey, August 2021 (n = 786)

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