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Why Americans Need Tax Professionals [Infographic]

Posted by Confessions of the Professions in Confessions

Liam Barrett

http://taxation.neu.edu/

 

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If there’s one thing that people hate, its filing their taxes. It’s a tedious task that requires the utmost precision and attention to detail. Ain't nobody got time for that.

And if there is one thing people do not understand, it’s our country’s complicated and convoluted tax code. Hell, lawmakers who craft tax legislation don’t even understand the intricate layers upon layers of IRS code, rules and regulations.

So if the vast majority of the American populace is simultaneously unable and unwilling to prepare their own taxes, a real opportunity exists for those with the patience and attention-to-detail needed for tax preparation.

Not only do skilled tax professionals fill a much needed role every April 15, but their work is crucial in creating peace of mind by ensuring lawful compliance on tax-related matters. From simple 1040 tax returns, to thornier tasks such as estate and probate filings, a reliable and skilled tax professional can count on job security for life.

The following infographic, produced by Northeastern University’s Masters in Taxation program, illustrates this basic supply and demand concept quite effectively. The data-rich graphic shows just how much opportunity exists for financial planners, accountants and tax preparers to fill the void every year.


Why Americans Need Tax Professionals [Infographic]

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Why Americans Need Tax Professionals

Every year, millions of Americans face the daunting prospect of filing their taxes. Many taxpayers prefer to leave navigation of the complex Internal Revenue Code to a trained professional. Discover how financial planners, tax preparers, accountants, and others help Americans to greet Tax Day with confidence!

Tax Day by the Numbers: Managing the annual influx of revenue from taxpayers is a huge task.

Tax Day (deadline for filing taxes): April 15

In 2011, the IRS collected: $2.3 TRILLION IN TAX REVENUE

Largest source of revenue:

Number of individual returns: 144 MILLION

Number of corporate income tax returns: 2.3 MILLION

Number of estate returns: 11,000+

Length of the Internal Revenue Code: OVER 4 MILLION WORDS

It would take 14 days to read the entire code!

AN average of one new provision is added everyday.

Time spent preparing tax returns (individual and corporate): 6.1 BILLION HOURS

90%of taxpayers need assistance to file their returns

60% hire tax preparers

Another 30% use tax preparation software

Complex Challenges: The U.S. National Taxpayer Advocate cites the complexity of the tax code as the #1 issue with compliance.

Become a Tax Professional: As a tax professional, you can tackle the complexities of the Internal Revenue Code, bringing peace of mind to individual taxpayers and businesses alike!

Education Opportunity:

Master's degree (MS in Taxation)

Required Qualifications:

Deepen your knowledge base:

Enjoy potential career options based on your experience:

Employment prospects:

In 2012:

1,129,340 Accountants and Auditors in the US

Mean annual wage: $71,040

Occupation projected growth: 16% annually

State with the highest concentration of jobs and location quotients in this occupation: DISTRICT OF COLUMBIA

Mean annual wage: $87,370

School of Business
D'Amore-McKim
Northeastern University
http://taxation.neu.edu/online-mst-program/


Source: http://taxation.neu.edu/online-mst-program/infographics/why-america-needs-tax-professionals/



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