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Duties and Responsibilities of a Tax
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
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.