Tax consultant
Controller Job Description
Tax consultants are experts in country tax laws, rules, and regulations and are experienced with a variety of tax issues and tax-related issues. They manage annual tax filings for organizations, businesses, and individuals. They can work on preparing tax forms to help people save money or review already complete forms to approve each credit or find additional deductions. However, these consultants do far more than prepare tax returns; they are experts and advisors that can work with a client throughout the year at any time in the annual business cycle to minimize taxation, ensure compliance with tax rules and regulations, and maximize after-tax income. There is a motto in the law that the power to tax is the power to destroy. A tax advisor or consultant can help determine the optimal level of taxation and they help devise plans or strategies to affect tax burdens. They engage in tax preparation, ensure tax compliance, help maximize deductions and credits, lower tax liability, and identify high tax bracket items that can move to lower brackets. They use tax planning to defer taxes and drive them to future years to make real, long-term changes within a company and improve their financial situation. And they make sure that anything you do in terms of lowering your tax burden is done well and is completely legal so you don’t end up in court.
Tax preparation and tax consulting require that people have a strong understanding of financial math. Someone in this field should have an aptitude for computation, making mathematical projections and calculating percentages and interest. Someone who has excellent attention to detail is thorough when reviewing documents and completing tasks. Tax consultants regularly read through large quantities of financial documents and reports, so it’s crucial that they maintain focus while reviewing them. A consultant must be able to identify small inconsistencies or errors so that proper tax information is reported and filed. Large corporations, small businesses and individual people regularly see the guidance of professional tax consultants when facing a large financial burden. In cases like these, it is important that a consultant is able to think strategically about the issue or issues their client is facing. Tax consultants must be organized, because they deal with large quantities of reports, computation models and financial accounting paperwork from their clients and client companies. In order to ensure that their financial facts and figures are accurate, it is essential that records and reports are kept electronically. For this reason, tax consultants need to be proficient in using computers and other forms of technology. Verbal communication refers to a person’s ability to convey their thoughts and ideas through spoken language, and empathy is a person’s ability to understand another person’s feelings and experiences. Tax consultants may receive feedback from their bosses, colleagues, clients, client representatives or client companies. For this reason, a successful consultant needs to be able to accept feedback and workplace suggestions well. Tax law and tax regulations are regularly updated and changed to reflect new initiatives, social concerns and economic changes. It’s important that consultants are aware of these changes so they can provide the best advice for their clients.
There are no rigid educational requirements for tax consultants. You can use any of several courses of study to get the knowledge base that you will need. You can base your approach in accounting, law, or business. The typical path is to select a four-year college and take a business based major course of studies such as accounting, tax, economics, pre-law, or business. You should develop a minor or a coursework focus on law, taxation, accounting, government, and business. You can enhance your employment prospects by adding an advanced degree such as a master’s, a Juris Doctor, or certificate programs aimed at taxation or some specialized areas. While most tax accountants have at least one college degrees and most have advanced degrees, you can obtain the experience and knowledge needed for tax consultation from life and work experience. For example, people that work in the tax field for many years and at the right levels can acquire the knowledge and experience to perform tax consultation. Employees of the IRS or in a tax department of a major financial institution can get exposure, training, and knowledge to handle complex tax matters. They can pass required tests and get the needed certifications.
Typical duties of a Controller
• Conducting research on tax laws
• Strategizing with clients to minimize tax liability
• Communicating with clients to explain tax issues
• Preparing tax returns
• Estate planning
• Keeping clients compliant with their tax obligations
Skills:
• Strong verbal and written communication skills
• knowledge of country tax laws, math proficiency
• attention to detail
• analytical thinking skills
• accounting
• tax preparation
• financial analysis software, such as Intuit Quicken and Sync Essentials Trade Accountant
• project management software
• spreadsheets
Qualifications: At least a bachelor’s degree for CPAs, no degree required for EAs or tax preparers, Accounting or taxation; a law degree is also acceptable