Duties and Responsibilities of a Tax Consultant
Basically, the role of a tax consultant is to give advices, to prepare, and to assist individuals or companies in tax filing or returns. They are also known as tax preparers. They also have to suggest steps which would help companies save more money. Moreover, they are experts on matters related to tax. Tax consultants, or tax advisors, are financial experts that are familiar with all the tax laws. Because companies and individuals pay high taxes to the government, they need a tax consultant to minimize their taxation exposure by using effective tax management strategies Sales and Use taxes.
Tax consultants are expected to fulfill certain responsibilities. One, it is his/her responsibility to keeps his/her client’s tax to the minimum, keep track of the latest schemes provided by different companies, banks and organizations, and provide suggestions which are according to the financial ability of the clients. It is their responsibility to give suggestions which are of their best policy. And finally, they also must provide the necessary information to ensure that the client is following all the legalities.
Additionally, there are also certain duties that tax consultants must understand and keep in mind. First and foremost, they have to act fairly, but at the same time with a higher degree responsibility with the Internal Revenue Service. They’ve got to have knowledge regarding all prevailing tax laws. In addition to that, when they advise their clients, it must always be in regard with the accuracy of the client’s documents and related penalties. On the preparation and submission of documents to the Internal Revenue Service, the advice on the best practice. They check for the standard of practice of the company or the individual’s tax documents. It is their duty to evaluate the reasonableness of the assumptions made in tax calculations, to determining the relevant facts, and to arrive at a conclusion supported by the laws. And most importantly, they are able to build clear communication with their client regarding the terms of the engagement, etc.
It is then clear that this is a professional area where you will need specific professional qualifications to be successful. However, despite all these professional qualifications, it is still important for the tax advisor to be equipped with enough experiences. Also, it is important to have very good knowledge regarding the environmental factors as well. Such as change in tax rules and change in other government rules that might affect the client or the client’s business.