What does a tax consultant do?

In my experience, a tax consultant’s role is to support his/her client in paying no more or less tax than is due according to the law (this includes any law that is germane to the matter at hand) by providing creative, sustainable, commercial advice.

Tax consultants work to balance the fine line between managing client expectations of a potential tax risk and that of the regulators; with a view to finding common ground.

Tax consultant is one who can provide tax solutions to clients after considering commercial aspects of transaction/business. As a tax consultant it is important to provide advice which is line with commercial consideration and implementable. Also, understanding the clients appetite for litigation helps in guiding him on various options and risks associated with the same.

A tax consultant understands a clients situation and circumstances very well, including longer-term plans. With this information, a tax consultant would use his or her expertise, technical abilities and knowledge to present solutions and strategies to effectively mitigate tax whilst keeping in mind the clients goals. Moreover, tax leakage will be minimised and potential risks identified. A world-class tax consultant would then be able to COMMUNICATE this advice well to the client, ensuring all angles have been covered and the client UNDERSTAND next steps crystal clear!

A tax planner is a professional who specializes in developing strategies to minimize the tax liabilities of individuals, corporations, and other entities while ensuring compliance with the law. Their primary objective is to optimize a client's financial situation with respect to taxes. Key responsibilities of a tax planner include: Analyzing Financial Information Understanding Tax Regulations Strategic Planning Risk Management Client Consultation Preparation and Filing of Tax Returns Representation Before Tax Authorities Continuous Learning and Adaptation and Collaboration with Other Financial Professionals

In my view tax consultants role is not only restricted to regular tax compliance but more so to advise companies on various tax aspects right from business restructuring, formation of new companies, new business transactions, etc. In addition to this a tax consultant may also assist clients in representing before tax authorities for various tax matters.

Tax Compliance is possibly the gateway which decides whether the tax office will subject a client to further scrutiny or not. Accurate and meaningful disclosures are a must. Choosing the right form, choosing how to disclose what information is also a dire need.

A grande questão que se põe ao consultor tributário em matéria de conformidade fiscal é: qual a conformidade possível num regime tributário que se baseia na improvisação e na insegurança jurídica. Basicamente se discute tudo em matéria tributária no Brasil, desde a alíquota, a base de cálculo e a própria incidência. Há uma cultura disseminada do litígio tributário. O Estado brasileiro estimula o litígio tributário e costumeiramente oferece planos de anistia/remissão aos devedores. O consultor deve ser alguém extremamente atualizado e conhecedor dos meandros de uma legislação que induz ao erro para arrecadar multas.

A tax consultant assists a taxpayer in computing and tax reporting. This will include calculating the correct taxes , filing and paying the taxes to the tax authorities. Updating taxpayers on the existing and changing tax laws through training.

The primary role of a tax consultant or a tax advisor is to help people and organizations in paying their taxes. They hold expertise in tax law, tax compliance, and tax planning. Both individuals and business owners can hire a tax consultant for long and short-term tax optimization. They help in making tax returns and work closely with their clients to minimize their tax liabilities throughout the year.

Conhecer os parâmetros de auditoria é um fator decisivo para orientar os clientes para adotarem as melhores práticas. Mesmo na insanidade do sistema tributário brasileiro, é fundamental criar mecanismos que sustentem os modelos de negócio e permitam criar cenários de riscos que possam advir destes modelos.

There are various kinds of audits being conducted under different laws such as company audit /statutory audit conducted under company law provisions, cost audit, stock audit, etc. Similarly, income tax law also mandates an audit called a Tax Audit. As the name itself suggests, a tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. Carrying on business eligible for presumptive taxation under Section 44AE, 44BB or 44BBB :) A taxpayer is required to have a tax audit carried out if the sales, turnover, or gross receipts of business exceed Rs 1 crore in the financial year.

Confidentiality and Professionalism: Maintaining the confidentiality of client information is paramount. Tax consultants adhere to professional standards and ethical guidelines, ensuring that client data is protected and that interactions with tax authorities are conducted professionally.

O contencioso tributário brasileiro é imenso. Qualquer empresa terá ações judiciais ativas e/ou passivas em matéria tributária. Não existe, no Brasil, a opção de não litigar com o fisco. A legislação e a jurisprudência estão em constante mudança e a sobrevivência dos negócios depende de uma gestão otimizada do contencioso tributário. O consultor tributário terá que ter fundamentos firmes e profundos de tributação e de processo administrativo e judicial. Um consultor que não trafegue bem no contencioso tributário não estará apto a fazer a diferença nos negócios das empresas.

Many times when you get a letter from the IRS saying you owe taxes and other penalties and interest, it's because they are looking at your taxes from one angle. Say for example you where issued a 1099-K but you reported this money already in your business that is reporting under a different tax entity. The IRS just doesn't really look at the whole picture - They just see 1099-K reported to you personally that appears to be unreported, you owe us money! So, take these letters seriously but consult with your tax advisor on options and actions to take to avoid this in the future.

Tax Disputes mean disputes arising between the taxpayer and the tax administrator over a decision on the approval of an inspection report or any other similar decision based on which the tax is calculated anew and the taxpayer is instructed to pay it, also over a decision made by a tax administrator to refuse the refund (offsetting) of a tax overpayment (tax difference). Tax Controversy means any audit, examination, dispute, suit, action, litigation or other judicial or administrative proceeding by or against the IRS or any other Taxing Authority.

Haja vista que o sistema tributário brasileiro é permeado de incentivos fiscais, ou melhor dizendo, temos vários sistemas tributários particulares, é dever do consultor navegar com tranquilidade por todos os incentivos e reconhecer em cada negócio os melhores caminhos. Desconhecer os diversos regimes tributários e seus incentivos pode significar abrir espaço ao concorrente para ganhar o mercado e expandir o market share. Importante também que o consultor conheça as diversas fragilidades legais/constitucionais de diversos destes incentivos.

The tax incentive is a government measure that is intended to encourage individuals and businesses to spend money or to save money by reducing the amount of tax that they have to pay. As tax incentives create preferential treatment for qualifying investors by their very nature, they will distort the allocation of capital towards the qualifying sectors, unless they are ineffectual.

A tax consultant helps you in tax planning & strategies which makes you to pay less tax as per the valid rules of income tax of any country.

I delineate between tax filing advice and lifetime tax planning advice. I am not a CPA, EA, or tax preparer in any way. (I may pursue an EA credential from the IRS one day.) I am a Registered Financial Consultant. If one wants to pursue tax filing advice, there are a few educational paths to take. As such, I am very careful to not promote myself as a tax preparer to give tax filing advice. If one wanted to learn what I do, there are many educational paths to consider, but I would start with a CFP or similar curriculum, particularly on income taxation, retirement planning, and estate planning. Look at the common traditional advice then ask how can we do this differently. There are many ways than are commonly known or talked about.

A tax consultant interprets the tax law of a particular country and helps the business with the best practices resulting in maximum tax savings for the business. Lack of good tax consultants may result in non-compliance with tax laws which in turn will cost huge cash outflows and potentially harm the ability of the business to continuity.