As a tax consultant, you advise clients on strategies to minimize their tax burden and capitalize on available tax deductions. Your work requires a thorough understanding of federal, state and local tax laws. You also need problem-solving skills, since tax regulations are constantly changing. You can prepare for a career as a tax consultant by pursuing the right educational credentials and earning relevant work experience. You can also launch a successful tax consulting career by transitioning from a related field.
Tax consultants help clients with complex financial situations, such as self-employed individuals, those who are beneficiaries of trusts, or those who belong to professions with special taxation rules, like the clergy. Their services include tax preparation, planning, and representing their clients’ interests during audits and inquiries from the Internal Revenue Service (IRS) and state agencies. In addition to tax-related expertise, they must be able to explain complex financial concepts in a clear, understandable manner.
Mathematical abilities are key to success as a tax consultant. The identification and estimation of tax savings requires mathematical knowledge, as does basic tax preparation. Strong organizational skills are also vital for managing files associated with several clients in a system that allows you to efficiently access them when needed.
You can launch a career as a tax consultant by studying accounting or tax law at the college level. Find internships and practicum opportunities while enrolled to build practical experience in the industry. After graduating, secure an entry-level job in tax processing or planning to gain on-the-job training. Work toward becoming a certified public accountant (CPA) or tax attorney to boost your credibility and earn more lucrative offers from employers.
To work as a tax consultant, you must obtain the appropriate professional credentials and meet the minimum education requirements set by your employer or client. The qualifications for obtaining these credentials vary depending on the scope of your duties and the level of expertise you want to achieve.
Typically, only certified public accountants or tax attorneys are authorized to offer advice on complex matters and represent their clients in an audit. However, you can become an enrolled agent by passing an exam and documenting years of tax-focused work experience. You can also seek professional certification through the Accreditation Council for Accountancy and Taxation to earn the Accredited Tax Advisor credential. Earning this designation enables you to charge higher fees for your services and represents your expertise in the field. Lastly, you must register or renew your PTIN periodically to remain compliant with IRS regulations. You can do so online or through the agency that oversees your state’s registration requirements. Steuerberater Hattingen