The top 10 tax preparation companies are contributing to a fast-growing industry where over 300,000 people are employed across 109,000 firms worldwide. The overall tax preparation industry grew 2% over the last 5 years and a vast majority of this growth has been led by the world’s largest tax firms and their year-over-year increases in tax revenues generated.
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The top 10 tax preparation companies in the world have been dominating the market for decades and are transitioning to a new age of online services to combat competition from tax preparation software such as Turbo Tax. This is BizVibe’s ranking of the world’s largest tax firms in 2020 ranked by a combination of tax revenue, revenue, and brand power.
H&R Block is the world’s largest tax firm in 2020. The company is an American tax preparation company operating in Canada, the United States, Australia, and India. Founded in 1955, the H&R Block has 12,000 locations staffed by professional tax accountants worldwide. H&R Block’s main offerings include consumer tax software, online tax preparation, electronic tax filing from their website. Additionally, the company also offers payroll and business consulting services. Last year the company generated USD 3.01 billion in revenue — making it one of the largest tax consulting firms in the world. Last year the company earned USD 2.9 billion of its revenue from tax services — making the company the largest tax preparation company in the world by revenue earned from its tax services.
2nd on our list of the top 10 tax preparation companies in 2020 is PricewaterhouseCoopers — typically abbreviated a PwC — a multinational professional services network of firms headquartered in London, United Kingdom. More than just a tax preparation services company, PwC is considered a part of the big four accounting firms along with KPMG, Deloitte, and EY. PwC operates 742 offices worldwide with professional tax accountants and in over 157 countries. Last year, PwC brought in USD 42.4 billion — making the company one of the world’s largest auditing firms. Last year the company earned USD 2.41 billion in gross revenue from taxes.
Ranking 3rd on this list the top 10 tax preparation companies in the world is Deloitte. Deloitte is a multinational professional services network and one of the world’s largest tax firms — earning 21% of its total revenues from taxes last year. Last year the company saw a 2.01 percent increase in tax revenue. In total, Deloitte brought in USD 46.2 billion in revenues last year — making the company one of the largest auditing and tax firms in the world by revenue.
4th on our list of the top 10 tax preparation companies is Ernst & Young, a multinational professional services firm headquartered in London, England, United Kingdom. Ernst & Young is often short for EY and is one of the big 4 accounting firms in the world in addition to being a go-to choice for tax preparation services. Last year the company earned USD 2.27 in gross revenue from their tax revenue sources and overall generated USD 36.4 billion in total revenue. In 2019, EY was the 7th largest privately held organization in the USA. Fortune Magazine consistently ranks EY as one of the best tax firms to work for.
Coming in at 5th on our list of the world’s largest tax firms is another one of the big four accounting firms, KPMG. KPMG is a multinational professional services network with operations in 147 countries, with over 219,000 employees and has three lines of services: financial audit, tax, and advisory. In 2019, the company brought in annual revenues of USD 29.75 billion and generated USD 1.27 billion in gross revenue from its tax services.
RSM US is an audit, tax, and consulting firm focused on the middle market in the United States and a member of the global accounting network RSM International. RSM US is 6th on this list of the world’s largest tax consulting firms generating USD 475.51 million in revenue from its tax practice. The global division of the company brought in USD 5.74 billion in overall revenue last year.
Previously known as Liberty Tax Service and still operating some of its tax practices with that name, the company officially changed its name to Franchise Group, Inc in 2019. Headquartered in Virginia Beach, the company earned USD 291.69 million in revenue from tax services. Overall, Franchise Group generated USD 2.4 billion in revenues last year making it one of the largest tax preparation companies in the world and 7th on this list of the top 10 tax preparation companies in the world in 2020.
Ryan LLC is a tax preparation company based in Dallas, Texas. The company generated USD 216.5 million in revenue from its tax practice last year — growing 9.07 percent increase in tax revenue. Overall the company brought in USD 500 million in overall revenue across all its services last year.
Jackson Hewitt is the 2nd largest tax-preparation service in the United States; responsible for preparing over 2 million federal, state, and local income-tax returns each year. The company is based in Jersey City, New Jersey, United States and last year generated USD 213.8 million in revenue from taxes last year.
Rounding out BizVibe’s list of the top 10 tax preparation companies in the world in 2020 is BDO USA, a global accounting network headquartered in Chicago. Last year the company generated USD 499.8 million from tax revenue — accounting for 34% of its total revenue. The company saw a +4.26 percent increase in tax revenues from the year before. The company currently operates over 61 tax offices with 6,592 tax professionals staff.
This is BizVibe’s list of the top 10 tax preparation companies in the world ranked by its tax revenues, popularity, and brand power in 2020. The world’s largest tax firms have paved the way for an industry seeing year over year growth in tax revenues despite the popularity of tax preparation software.
Here is a complete list of the top 10 tax preparation companies ranked just by their tax revenues from last year.
Tax Revenue (USD billions)
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Looking past 2020, the main competition in the tax preparation industry is tax preparation software such as Turbo Tax and Quicken. Tax preparation companies have turned to offer their services online as well to tackle this competition from software and so far the industry continues to grow despite more people filing taxes themselves. Going forward expect the top 10 tax preparation companies to continue offering world-class services and innovating in the tax preparation industry.