Are you a tax expert and aspiring to become a tax consultant? Here is a guide to everything you must know in setting up a tax consulting business. Read on!
Tax Consultant
What is a tax consultant? A tax consultant specializes in preparing and filing tax returns for their customers. They provide requisite guidance and advice assisting clients in resolving any tax-related legal issues. In this article, we will discuss in detail about tax consultant job description, what is a tax advisor, how to become a tax professional, and the varied tax services.
What is tax consulting?
Tax laws in any county or city undergo frequent changes. Owners of business enterprises and individual entrepreneurs often are in a dilemma on the rules to be adhered to. Tax consulting is a specialized profession wherein a tax consultant guides by understanding the tax laws. They guide the tax filers by preparing the tax returns. A popular example is a Deloitte tax consultant or California tax services agency.
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Tax professional job description
Illustrated below are the key duties and responsibilities that comprise a tax professional job description,
- Financial data collection for filing the tax returns is the first task for a tax specialist job description
- The second most important job description of a tax preparer is to collect the financial documents and statements required for the tax returns
- Complete the necessary paperwork, prepare and file the tax returns
- Assess the provision of tax savings and suggest clients accordingly
- Ensure adherence to the regulations governing the county, state, and city tax laws
- Prepare the annual and quarterly tax and statutory reports
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Top 15 tax consultancy services suited for you
In this section, we will discuss the top 15 tax consultancy services that can be availed by companies and individual entrepreneurs. Income tax file returns, property tax filing, tax planning, providing expert tax advice are some of the key services offered by a tax consultant.
1. Tax expert
A tax expert guides clients in resolving various tax-related issues and problems. He or she ensures all the tax-related statutory guidelines are followed and adhered to. Reviewing the valid tax codes and the tax amount owed by the companies or firms and providing expert tax service falls under their purview.
2. Lead tax advisor
A lead tax advisor is generally hired in large companies and firms. The person is responsible for overlooking the entire legal and tax aspects of the organization. A team of tax consultants and preparers works under the lead tax advisor. Under the guidance of a lead business tax advisor, the team assesses the tax liabilities of the company.
3. Tax preparers
Tax preparers are mainly entrusted with the responsibilities of preparing and filing the tax returns of a company or firm. They work under the governance and guidance of a tax consultant or a tax advisor. Calculating the different types of taxes as per the understanding of tax laws are the tax consultancy services offered by them.
4. Tax attorney in-office tax preparation
A tax attorney in-office tax preparation is qualified and expert in dealing with any legal obligations and disputes related to tax. They are specialized in federal and state-owned tax-related policies. Representing their clients in case of any disputes is one of the critical tax consultancy services of a tax attorney.
5. Quick tax service
Quick tax service is a special service for filing income tax returns following the norms of the federal, state, and municipal authorities. The services include a group of activities from analyzing, assessing, and preparing the returns as per the tax laws.
6. Business tax consultant
A Business tax consultant is associated with a small business firm. The person is responsible for the end to end tax management and personal tax advice for the firm. The tax consultation services of the role typically include preparing and filing the business taxes, providing financial and tax-related suggestions.
7. Property tax consultant
A property tax consultant is essentially responsible for assessing property valuation and taxes. He or she provides tax consultation services on statutory and legal obligations. Handling negotiations and appeals fall under property tax job services.
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8. Junior Level tax advisory services
Junior level tax advisory services are offered under the leadership of a tax advisor. Basically, a team of junior consultants and advisors assess the company’s tax obligations, prepare and file tax returns under the guardianship of a senior or lead tax advisor.
9. Certified tax coach
A certified tax coach excels in areas of tax and financial planning. They aid companies and firms in advanced tax payment to minimize the deduction and earn benefits through tax savings. Besides they provide advisory services to the companies on the investments for tax benefits.
10. CPA tax advisor
A CPA tax advisor is a qualified professional with a Certified Public Account license. The license grants the person in providing accounting and financial services to companies as well as individuals. A CPA tax consultant possesses sound knowledge of accounting, tax, statutory and financial concepts and practices.
11. Financial and Tax advisor
The key responsibilities of a financial and tax advisor are assisting clients on specific financial and tax-related issues and concerns. They ensure companies are aware of the latest rules in the accounting standards and tax laws. Any obligations and disputes are also handled by a financial tax advisor.
12. Income tax specialist
An income tax specialist possesses expertise and knowledge on the annual and quarterly international and federal taxes. They help in planning, assessing, analyzing, and preparing income tax for consultants or companies. Tax reports are also prepared by an income tax advisor.
13. Tax planners
Tax planners initially assess and study the financial situations of their clients. They formulate techniques and strategies for tax benefits, and advanced tax deductions thus reducing the tax liabilities. Advanced and proactive planning is a very important part of their job.
14. Online tax consultant
An online tax consultant role is similar to that of a certified tax consultant. The only major difference is that they provide tax advisory services, communication, and coordination utilizing the online methodology like online filling up of forms, electronic signatures, etc.
15. Junior Level Tax filing consultants
Tax filing consultants at the junior level are either interns or lesser experienced personnel working under the guidance and leadership of a senior consultant. The senior consultant can either be an employee of a company or the owner of a tax firm. They assist the lead in collecting data and documents and preparing the tax returns.
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How to become a tax consultant?
Now that we have understood the various expert tax and accounting services, let us focus on how to become a tax consultant or how to become a tax agent. Three significant steps are mentioned in the subsequent sub-sections for your guidance; including academic and professional skills.
1. Educational qualifications for tax consultants
Aspiring tax consultants are recommended to pursue the following academic qualifications,
- Bachelor’s Degree in Accounting or Finance
- Master’s Degree in Accounting or Finance
- CPA or Certified Public Account License
- EA or Enrolled agent tax certification
2. Tax consultation continued programs
Tax consultation continued programs are needed for the credits to maintain the CPA and EA licenses. The programs are conducted by professional organizations like the National Society of Tax Preparers, the National Association of Tax Preparers, and the National Society of Accountants. Various webinars, study events, training, and learning courses are organized by them.
3. Experience in US tax consulting
It is good to gain experience in US tax consulting, the federal, state, and municipal tax laws and obligations before applying for a job in a big company or firm. The recommendation is to go for an internship program or work under the guidance of a senior experienced tax consultant or advisor.
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Tax consultant salary in the US
A tax consultant salary in the US is USD 74K on an average approximately in a year. The salary usually varies on academic qualifications and years of experience. In this section, we will discuss the wages of a tax consultant in different cities of the US.
1. Tax consultant fees in Santa Clara
The highest paying tax consultant fees in California are in Santa Clara. The average salary for California tax consulting services in the city is almost USD 120K in a year. The benefits include AD&D insurance, pet insurance, life insurance, and many more.
2. Accounting consultant salary in New York
The accounting consultant salary in New York is USD 116K approximately per annum. It is 55% higher than the national average salary of the US. The benefits include AD&D insurance, pet insurance, life insurance, and many more.
3. Tax advisor cost or salary in Chicago
The tax advisor cost or tax advisor salary in Chicago, IL is on an average USD 82K per annum. It is 10% higher than the national average salary of the US. The benefits include AD&D insurance, pet insurance, life insurance, and many more.
Kuntala is a versatile writer with a focus on diverse areas around work, productivity, collaboration at work, hiring, management, HR, and training. Her background of past experience in technology and consulting helps in molding razor-sharp insights into the research and user-focused content she creates. Professionally she is an IT consultant in a sales role and also a writer of short stories and poems, travel blogger, and fashion influencer.