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

Ep. 138 | The Future of The Tax Prep Industry

Teaching Tax Flow: The Podcast