There is a huge demand of tax consultant and lots of job opportunities. Please go through the topic carefully ‘How to become a professional tax consultant step-by-step. A tax advisor or tax consultant is someone who has received advanced training and knowledge in tax law. In complicated financial situations, a tax advisor is typically retained to minimize taxation while remaining legally compliant.
The primary role of a tax consultant or tax advisor is to assist individuals and organizations in paying their taxes. They understand tax law, tax compliance, and tax planning. Individuals and business owners alike can hire a tax consultant to help them optimize their taxes in the long and short term.
Contents
Tax Consultant Requirements:
- It will be advantageous if you have qualifications such as L.L.B., B.com, CA, CS, or ICWA (not mandatory).
- Should be knowledgeable and skilled.
- Should be capable of interpreting.
- The ability to structure clients’ affairs so that their tax liability is minimized.
- Prior experience will be advantageous.
- The candidate should be well-versed in mathematics and law.
- The candidate should be able to communicate complex facts in an understandable manner.
- 8. The candidate must be dependable and have a strong sense of responsibility.
A Tax Consultant's Responsibilities Include:
- Computation of Income Tax.
- Submission of Income Tax Returns
- Make a financial plan.
- Sales tax calculation in accordance with state and federal laws.
- Submission of the Sales Tax return.
- Consultation on registration and the applicability of various tax laws.
- Eligibility: Qualifications like L.L.B, B.com, CA, CS, or ICWA it will be beneficial (not mandatory)
- Course: Certificate Course in Finance Accounting and Taxation
- Duration: 6 months to 1 year
- Fees: INR 4,000 to 12,000
- Average salary per annum: ₹5, 77,259
Some of the online websites for learning Tax Consultation are as follows:
- UpGrad
- Udemy
- Oxfordhomestudy
- Class central
- Alison
- Asian college of teacher
The following are some examples of Taxation job profiles:
1. Tax Accountant:
A tax accountant is in charge of assisting clients and businesses with financial and income tax statements. These qualified individuals conduct tax law research, analysis, and interpretation. Preparing payments, identifying tax savings, and analyzing tax issues are all part of their job.
Requirements for a Tax Accountant:
- A bachelor’s degree in accounting or a related field is needed for this job.
- Three years of experience as a tax accountant or in a comparable role is required.
- Solid knowledge of Microsoft Office and accounting software.
- Thorough understanding of accounting and bookkeeping procedures.
- Excellent written and verbal communication skills.
Responsibilities of a Tax Accountant:
- As needed, prepare tax returns, payments, paperwork, and reports.
- Assess and investigate difficult tax issues in order to find solutions.
- Manage and keep the company’s tax database up to date.
- Determine tax savings and recommend profit-boosting strategies.
- Ensure regulatory compliance by providing required information to federal, state, and local authorities.
- Provide assistance and direction during audits.
2. Tax Specialist:
On a quarterly and annual basis, a tax specialist is in charge of federal tax and international tax compliance. Tax specialists assist with the preparation of quarterly and annual tax provisions as well as tax accounting duties.
Requirements for a Tax Specialist:
- Accounting, finance, or a related degree is preferred.
- Proven experience as a tax accountant, tax analyst, or other related position.
- Accounting laws and procedures are well-understood.
- Accounting software computer literacy
- Excellent numerical abilities.
A Tax Specialist's Responsibilities Include:
- Researching tax laws.
- Helping with IRS and state audits.
- Gathering information and explaining best practice options to clients.
- Preparing quarterly and annual tax returns.
3. Tax Associate:
Tax associates, also known as tax specialists, prepare tax returns for corporations, partnerships, and individuals and ensure that their clients comply with state and federal tax regulations.
Qualifications for Tax Associates:
- You must have a bachelor’s degree in taxation or accounting.
- A CPA license may be required.
- Experience preparing taxes for at least one year.
- Knowledge of tax preparation software and applications.
A Tax Associate's responsibilities include the following:
- Ensuring clients comply with IRS regulations and meet their state and federal tax obligations.
- Analyzing and reducing tax liabilities through the use of tax-cutting strategies.
- Examining financial records, income statements, and outlays.
- Creating and submitting tax returns and work papers for businesses, partnerships, and individuals.
- Tax research and assistance with tax audits.
Check Also:
4. Tax Preparer:
A tax preparer is a qualified professional who assists clients in preparing and filing their income tax returns. They meet with clients during the tax preparation process to review financial records, complete all tax forms, and ensure that completed forms comply with legislation and regulations.
Requirements for Tax Preparers:
- A bachelor’s degree in finance or accounting is required.
- Should pass the Registered Tax Return Preparer Exam.
- IRS registration with a current PTIN
- You must have at least 5 years of experience.
- Computer knowledge.
Responsibilities of a Tax Preparer:
- Arranging client meetings.
- Advising clients on tax preparation.
- Preparing and submitting client tax returns
- Handling client and tax authority communication.
- Checking the completeness and accuracy of all tax forms.
The following job profile details can be summarized:
Job Profile | Eligibility | Course | Duration | Fees | Average salary per annum |
Tax Accountant | Bachelor’s degree in accounting or relevant field. | Business Accounting and taxation course | 3 to 6 months | INR 16,500 to 45,000 | ₹2,96,520
|
Tax Specialist | Degree in accounting, finance or similar field. | B. Com in Taxation | 3 years | INR 5,000 to INR 5 lakhs per annum | ₹7,32,366 |
Tax Associate | Degree in taxation or accounting | Certificate Course in Income Tax | 6 month | INR 10,000 | ₹4,98,210 |
Tax Preparer | Bachelor’s degree in accounting or finance. | Post Graduate Program in Tax Management | 1 to 2 years | INR 50,000 to INR 1.5 lakhs | ₹2,86,365 |
Note: The above course fees and salary may change according to the change in location.
Conclusion:
We learned about five different job profiles in the field of taxation in the preceding article. We also learned about their eligibility, course duration, course fees, and the average annual salary in India. Taxation is a component of government, business, and daily life. As a result, qualified and experienced tax professionals are always in high demand. A career in tax has a lot to offer people in terms of variety, intellectual stimulation, and responsibility.
Tax Consultant FAQs:
A career in taxation will prepare you for a high-paying job. When you first start as a trainee, the pay may appear low. However, with a few years of experience, you can earn really well. Your earnings can vary depending on the job profile you choose in this field, and your company.
A Certified Management Consultant (CMC) is an international professional certification for management consulting professionals founded in 1967 and awarded by institutes in 50 countries.
A business plan consultant creates a financial, marketing, and operational roadmap to help your company achieve its goals.
A professional consultant is someone who provides expert advice to businesses and organizations. Consultants work in a variety of industries, including technology, marketing, and non-profit organizations. Consultants may work as independent contractors and frequently for multiple clients.
Financial services consultants assist businesses and individuals in planning for their financial futures by providing information and guidance on topics such as taxes, investments, and insurance decisions.
There are no prerequisites for becoming a tax consultant/adviser. Individuals with interpretation skills and expert knowledge of Tax Laws can act as Tax Consultants. Tax laws are constantly changing, so they should be up to date with the most recent Circulars, Notifications, Rules, and so on.
Hi, I Surendra Gusain founder-director DOTNET Institute with 21-year experience in computer training and 3+year experience in digital marketing as a YouTuber, Blogger, and Trainer or coach.