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Intuit Accountants Releases Tax Planning and Advisory Insights Survey

By: via Business Wire

Tax planning and advisory fees, on average, are five times higher than tax preparation fees, according to an Intuit Accountants survey of tax professionals.

Today, 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.

This 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.

Important insights from the survey results include:

  • Respondents shared that tax planning and advisory services have significantly higher fees than compliance services with average fees of $2,351 per client.
  • Tax planning & advisory fees, on average, are 5 times more than tax preparation fees.
  • 74% of tax firms surveyed deliver tax planning services, but only 62% get paid for those services.
  • 18% of tax advisors say they lead with tax planning and advisory services.
  • 1 in 3 preparers not currently offering tax advisory services, are strongly considering adding.

“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.”

Tax 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.

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 to help firms lead with planning and advisory services. Using the collective knowledge, experience, tools, and best practices from Intuit Tax Council Members, this guide offers clear, actionable steps for firms looking to add advisory services, or firms already in the process of switching.

About Intuit

Intuit is the global technology platform that helps consumers and small businesses overcome their most important 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 prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

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

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