Earlier this month, Intuit Accountants released its first “Taxpayer Insights & Intelligence Brief” for 2022 showcasing a 360 degree look at what a taxpayer’s experience really is when working with a tax professional.
The results were clear—taxpayers want advice on financial growth while also feeling safe from audits and data breaches. For tax and accounting professionals, the new study is a 360 degree look into exactly what customers want and need from their tax pro each and every year.
Financial Advisory Services
The study found 69% of taxpayers want more advice from their pro. Tax advisory continues to be an emerging trend in the tax and accounting industry, and these results are eye opening. A lot of tax professionals are hesitant to begin their journey toward advisory, but this study highlights how valuable it can be for taxpayers—and tax pros.
Not only do the majority of taxpayers want more advice but they also are willing to pay for it. 83% of taxpayers would rather work with a tax professional who can give tax advice year round, and 79% of taxpayers are willing to pay more for a tax professional’s services if it might result in improved financial outcomes (e.g., reducing tax liability, money savings, etc.).
This means whatever is holding firms back—it is important to reevaluate and really look at how advisory services can change your firm or business for the better. Not only is it what taxpayers want, but it can be an added value for tax professionals, especially those with small businesses. It is a clear path toward building relationships and financial growth for your firm.
If tax professionals take their time and practice what it means to offer advisory services, they will see the results. Intuit Accountants has several resources available to help—including our "Path to Advisory" guide to help tax firms lead with planning and advisory services to help you get started.
Virtual Offerings
The last few years have proven tax professionals can serve their clients from anywhere. In fact, our study showed 52% of taxpayers prefer the option of having all correspondence with their tax professional to be digital. Year after year we continue to see high numbers of taxpayers interested in working remotely with a tax professional, along with the option to utilize electronic signatures for important documents.
In fact, 72% of taxpayers report saving time by signing tax documents electronically over doing it in person. It is important to understand the mindset of taxpayers and be able to offer them the client relationship they want based on their set of circumstances. And, to most, that means the option of working together remotely.
Audit Protection & Resolution
Protection and peace of mind are very important when it comes to personal and private data such as tax information. Taxpayers expect high levels of security and protection—with 84% of taxpayers wanting peace of mind knowing they will have help in the event of an IRS audit and 7 out of 9 clients saying they would choose a Tax Pro who offers audit protection over one that doesn’t.
That data speaks for itself—taxpayers want to have added peace of mind—especially when it comes to the IRS, and it’s important for Tax Pros to build this into their services.
Data Security
Finally, 52% of taxpayers prefer the option of having all correspondence with their tax pro to be digital, which means everything needs to be managed securely online—from Electronic Signatures to document management, automatic reminders, and more.
Tax professionals have to provide highly secure digital products and services to manage their clients' data online. With 86% of taxpayers expecting their Tax Pro to store their tax documents and information with industry-standard security—Tax Pros need to be sure they’re staying up to date with the latest security features and promoting these to their clients frequently.
This study made it clear—taxpayers have high expectations for their Tax Pros, and Intuit Accountants wants to make sure Tax Pros have all the tools and information they need to be successful and in turn—help their clients be successful.
Our top takeaways include:
- Clients expect their Tax Pro to advise them toward better, more-positive financial outcomes than they are receiving currently
- Taxpayers expect their Tax Pro to use only the most-modern methods and technology when collaborating with them remotely
Now more than ever, it is important for Tax Pros to take the steps necessary to better serve their clients—whether that means adding advisory services, hiring and retaining the right talent for your firm, or staying up-to-date on the latest security and safety measures for your clients’ data.
At Intuit, we strive to provide the best offerings to close the gap in services and build financial opportunities for the tax profession and beyond. This annual survey was a great start in showcasing how Tax Pros can improve their businesses as we move into the new year.
Dustin Kroeger is VP of Marketing for the Intuit ProTax Group.
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