Tax consultants navigate complex tax regulations to minimize tax liability and address client objectives. Read on to learn more about this specialized tax profession.
A tax consultant advises and guides clients on tax-related matters. They work with individuals and organizations to ensure they comply with tax laws and help minimize potential tax liability.
Tax consultants typically have a deep understanding of tax law and accounting principles. This role might be a good fit for detail-oriented, analytical individuals who enjoy working with numbers.
Many businesses engage tax consultants to assist with taxes. Organizations that employ tax consultants include accounting firms, law firms, banks, and real estate organizations. These specialists can also maintain self-employment.
As of September 2022, Glassdoor reports that tax consultants earn an average salary of $66,695 per year, with additional income of $4,771 per year coming from cash bonuses, commissions, and other special payments.
Read on to discover more about tax consulting and what distinguishes the role from other accounting positions, including job functions, employment outlook, and earning potential.
Tax Consultant Duties
A tax consultant provides tax advice and support to individuals, businesses, and organizations on various tax issues. Their work typically involves preparing and submitting tax returns, researching tax laws, advising on tax planning, and representing clients in disputes with the tax authorities.
A tax consultant's role may grow and shift as they mature in the position and become more involved in tax planning and management. They could also specialize in tax research to advise team members and other stakeholders.
They primarily ensure that clients pay the correct amount of taxes. For instance, a typical day in the life of a tax advisor might involve researching a notice of tax liability and recommending a strategy while filing a pending tax return and meeting with the IRS to handle any disputes.
Common duties include:
