The Future of the Tax Prep Industry: Challenges & Opportunities | Teaching Tax Flow Ep. 138Chris 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 obsoleteEPISODE BREAKDOWN:The Great CPA Shortage: Numbers Don't LieTechnology Evolution: From Paper to AIWhy Tax Returns Are Getting More ComplexHow AI is Transforming the IndustryThe Future of Tax Professional ServicesWhat Taxpayers Need to KnowINDUSTRY INSIGHTS:Offshore outsourcing trendsValue-based billing modelsThe importance of year-round advisory servicesHow to choose the right tax professionalSPONSORED BY: Sunsets and Dinks Pickleball Gear Use code TTF15 for 15% off at teachingtaxflow.com/pickleball
(00:00) - Exploring the Future of the Tax Preparation Industry

(02:08) - The Evolution and Challenges of the Tax Preparation Industry

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(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

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