Tools commonly used in the Tax Return Preparation & Filing industry for day-to-day tasks and operations.

• Tax preparation software
• Electronic filing software
• Spreadsheet software
• Document management software
• Scanners
• Printers
• Calculators
• Time tracking software
• Client management software
• Secure file sharing software

Common products and services typical of NAICS Code 541213-01, illustrating the main business activities and contributions to the market.

• Personal income tax returns
• Business tax returns
• Partnership tax returns
• Estate tax returns
• Trust tax returns
• Non-profit tax returns
• Gift tax returns
• Amended tax returns
• Quarterly tax returns
• State tax returns

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Enrolled Agent: Enrolled Agents are licensed by the IRS and are authorized to represent taxpayers before the IRS. They are required to pass a three-part exam and complete continuing education courses.
• Certified Public Accountant (CPA): CPAs are licensed by state boards of accountancy and are authorized to provide accounting services to the public. They are required to pass the Uniform CPA Exam and meet education and experience requirements.
• Annual Filing Season Program (AFSP): The AFSP is a voluntary program for tax preparers who are not CPAs, attorneys, or Enrolled Agents. It requires completion of continuing education courses and a tax compliance check.
• Registered Tax Return Preparer (RTRP): The RTRP program was discontinued in 2013, but those who were previously registered are still authorized to prepare tax returns. The program required completion of a competency exam and continuing education courses.
• Accredited Business Accountant (ABA): The ABA designation is offered by the Accreditation Council for Accountancy and Taxation and requires completion of education and experience requirements, as well as passing an exam.

A concise historical narrative of NAICS Code 541213-01 covering global milestones and recent developments within the United States.

• The "Tax Return Preparation & Filing" industry has a long history dating back to the early 20th century when the US government introduced the modern income tax system. The first tax return form was introduced in 1913, and since then, the industry has grown significantly. In the 1950s, the industry saw a significant shift towards electronic filing, which made the process faster and more efficient. In the 1990s, the industry saw the introduction of tax preparation software, which allowed individuals to prepare their tax returns without the help of a professional. In recent years, the industry has seen a rise in online tax preparation services, which offer a convenient and cost-effective way for individuals to file their taxes. In the United States, the "Tax Return Preparation & Filing" industry has seen significant growth in recent years. According to the IRS, the number of electronically filed tax returns has increased steadily over the past decade, with over 90% of all tax returns now filed electronically. The industry has also seen a rise in online tax preparation services, which have disrupted the traditional brick-and-mortar tax preparation firms. The industry has also seen increased competition from accounting firms and other financial services providers, who have expanded their services to include tax preparation. Overall, the industry has adapted to changing consumer preferences and technological advancements, and it is expected to continue to evolve in the coming years.

The anticipated future trajectory of the NAICS 541213-01 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Tax Return Preparation & Filing industry in the USA is positive. The industry is expected to grow due to the increasing complexity of tax laws and regulations, which makes it difficult for individuals and businesses to file their taxes accurately. Additionally, the rise of self-employment and the gig economy is expected to increase demand for tax preparation services. However, the industry may face challenges from the increasing popularity of tax preparation software and online services. Overall, the industry is expected to continue growing in the coming years.

Recent groundbreaking advancements and milestones in the Tax Return Preparation & Filing industry, reflecting notable innovations that have reshaped its landscape.

• Artificial intelligence (AI) and machine learning are being used to improve the accuracy and efficiency of tax preparation services.
• Mobile apps are being developed to allow clients to easily upload their tax documents and communicate with their tax preparer.
• Virtual tax preparation services are becoming more popular, allowing clients to receive tax preparation services from anywhere in the world.
• Some tax preparation firms are offering year-round tax planning services to help clients minimize their tax liability.
• Online tax preparation services are offering more personalized services, such as tax advice and audit support.