The tax prep industry is likely to continue to thrive, but tax professionals at both large and small firms can expect competition to increase from robo advisors and technology marketplaces. Cheaper online platforms such as TaxAct and TaxSlayer have recently been made available via the IRS Free File program, but the front-end has a long way to go before more people go at it alone when filing.
Undertakers and those in the funeral and burial business will always be able to rely on a steady stream of customers. And because taxes are, of course, the other inescapable element of life, income tax preparers have enjoyed a similar level of job security for the past several decades. But changes in the demographics of both those in the industry as well as their clientele have created an element of uncertainty regarding the future of this profession. Taxpayers now have more options than ever when it comes to filing their returns, and preparers have been forced to offer an ever-wider array of products and services in order to maintain their business.