Tax consulting is a highly rewarding field that offers professionals the opportunity to play a critical role in the financial success of their clients and partners. With the right qualifications, you can work with any company, office, or individual to provide advice on general tax matters and help with tax preparation. The field of tax consulting offers a wide range of courses, such as Corporate Taxation and Continuous Flow Entities, which specialize in taxes for specific types of entities, and Taxes & Business Strategy, which examines the reasons behind tax laws. Students learn the fundamental laws, information, and software needed to become a successful tax consultant, whether they are working at a professional services firm or as a judicial advisor in tax law.
Tax analyst jobs are usually highly specialized and designed to address the different types of taxes that larger organizations may have. Becoming a Certified Public Accountant (CPA) is an important step for those looking to pursue a career as a tax consultant. This license is essential for tax advisors because only attorneys, CPAs, and enrolled agents can represent taxpayers before the Internal Revenue Service (IRS). To become an Enrolled Agent (EA), candidates must pass an extensive exam that covers all aspects of the US tax code.
The salary range for tax advisors can vary significantly depending on location, experience, education, and certifications achieved. They serve both businesses and individuals by staying up-to-date on new tax laws and helping taxpayers optimize their taxes in the short- and long-term. A master's degree in taxes can also be beneficial for those looking to become a tax consultant. Tax analysis is usually associated with the title of Senior Tax Analyst since this is a senior role most often found in large business organizations such as investment fund brokerage firms, non-profit organizations, and educational institutions.
There are also positions available at accounting firms and the IRS. Tax consulting is not only interesting but also opens up many career opportunities in the future. Internal Revenue Service employees may have years of experience but lack formal education and be unprepared for advisory roles, allowing them to obtain positions as tax advisors due to their relevant experience. A graduate degree provides in-depth knowledge of tax law and allows graduates to practice as tax lawyers. Transactional taxes include sales and use tax, business and labor tax, gross receipt tax, and property tax. Once you find an area of taxation that you're passionate about, you can choose to specialize in areas such as mergers and acquisitions, software tax, investment banking, real estate or compensation.
Being licensed as a CPA can be beneficial for tax advisors as it increases their career opportunities and gives them a reliable reputation. However, without any notice to the contrary, sellers who are not familiar with state-specific tax policies may mistakenly charge these large manufacturing companies. To obtain this designation, candidates must have at least five years of experience in a tax-related profession with at least 40% of their work dedicated to tax planning and consulting.