There was plenty of talk about how tax professionals would be replaced by DIYs, who now had access to the same software the pros had. Turbo Tax was flying off the shelf and earning a great deal of money for then-upstart Intuit. So-called experts predicted that tax professionals would become the next Tyrannosaurus rex.
We see today that the tax professional is, miraculously, alive and well. DIY preparation, which appealed to a certain segment of the market, has matured. Lately, it has even been losing market share to living, breathing professionals.
Read on at the link above for more on Roger Ochs’s analogy between tax preparation software and robo-advice.