A Tax Advisor is a financial expert that is very familiar with all the tax laws. Companies and individuals pay very high amounts of tax to the government. In this process they use tax consultant to minimize the taxation exposure of them by using effective tax management strategies. Apart from this consultants are also used to learn tax laws and other related matter in a particular country, area, etc.
Initially at the start of the business you can start a small office in your house. Then the target must be the surrounding businesses and other individuals in the area that you live. As the business grows and as you gain more experience and image in the industry then you can target larger entities with more complex activities. This would give you the required industry exposure and would make you more knowledgeable. The ultimate goal here should be to start up a tax consultation firm where you have many tax consultants working under you.
If you have an ambition to become a tax consultant then it’s important that you clearly understand all the duties of a tax consultant. The list of duties can be listed as follows.
- Act fairly and with a higher degree responsibility with Internal revenue service
- Knowledge of all prevailing tax laws and advising the clients regarding the accuracy of their documents and related penalties.
- Advice on the best practice when preparing and submission of documents to Internal Revenue Service.
- Check for standard of practice of company or individual’s tax documents
- Evaluation of reasonableness of assumptions made in tax calculations and determining the relevant facts and arriving at conclusion supported by the laws.
- Clear communication with the client regarding the terms of the engagement, etc
With the duties identified, it’s clear that this is a professional area where you need specific professional qualifications to be successful. The qualifications can be anything from finance degree from a reputed university to some other qualification from a chartered body. However what is important most in this profession is the practical experience in the field. This would help you to identify the absolute clear view on the duties and responsibilities that you would have to take as a tax consultant.
Apart from the qualifications it’s also important that you have very good knowledge on the environmental factors as well. These may include changes in tax rules and change in other government rules that might affect the client businesses or individuals. Further you’ll have to be very confidential regarding the personal and sensitive information that you come across as you go through the tax files of companies and individuals. Further you should have the personal capability to work under different environments and you will also have to maintain communication with variety of clients from a wide range of business backgrounds.
In conclusion it’s clear that tax consultation is an area where a high competence is required. In the modern environment due to tax burden more and more companies and individuals seek tax consultants’ advice. Therefore this has created a massive demand for tax consultants in the market. this has created a situation where companies even consider them as assets of the company. Because of that, this can be seen as the reason why tax consultants are paid very high salaries and given many fringe benefits. Therefore this clearly shows the benefit of becoming a tax consultant.