What does a tax consultant do?
Tax consultants are experts in providing commercially centered tax advice and tax services to wide-ranging clients who function in all sectors of the economy. The work they do involves devising tax-efficient strategies for international and domestic-based clients in various business situations, including takeovers, company merges, and corporate reconstructions. They work continually to help clients ensure that the best business decisions are met. They also monitor and get ahead of possible changes concerning tax legislation and responding fast with guidance specific to their clients' tax requirements.
Tax consultant responsibilities
Here are examples of responsibilities from real tax consultant resumes:
- Manage the training and use of new FactSet products and enhancements with various client bases including portfolio management and performance teams.
- Maintain and generate the process of structuring and conducting business transactions to ensure that GAAP procedures are followed.
- Develop, maintain, and ensure accounting policies and procedures are in accordance with company member agreements & GAAP.
- Prepare returns and consult on tax and accounting issues for own clients as well as contract work for other CPA firms.
- Work closely with CPA on data verification and documentations processing.
- Save customers thousands of dollars on Mexico-U.S. cross-border taxation advisory.
- Resolve client concerns and questions relate to IRS calculations and interpretations
- Satellite office specializing in federal/state taxation of the financial services industry.
- Prepare foreign national and expatriate individual tax returns in accordance with IRS codification
- Perform monthly bank reconciliations for cash accounts/quarterly close for various funds and completion of relate control documentation.
- Perform month-end close activities, balance sheet analysis and reconciliations, prepare variance analysis of financial data for presentation to management.
- Perform property inspections of commercial properties and create inspection reports illustrating the physical characteristics of say properties for assessment appeals purposes.
- Perform monthly accounting for various entities including partnerships, s-corporations, trusts and foundations
Tax consultant skills and personality traits
We calculated that 13% of Tax Consultants are proficient in CPA, Tax Planning, and Tax Issues. They’re also known for soft skills such as Communication skills, Math skills, and Analytical skills.
We break down the percentage of Tax Consultants that have these skills listed on their resume here:
- CPA, 13%
Prepared Sub Chapter S Corporation, partnership and individual income tax returns for a small CPA firm client
- Tax Planning, 7%
Provide varied and complex tax planning services to both domestic and multinational corporations primarily in the manufacturing and distribution industries.
- Tax Issues, 6%
Prepared and reviewed various financial statements to report financial status and identify potential tax issues.
- Taxation, 6%
Tested various individual electronic filing modules to verify conformity of electronically created tax files to Australian Taxation Office software specifications.
- Tax Research, 5%
Provided tax research, planning and reporting services to a variety of for firm's individual, corporate and not-for-profit clients.
- Income Tax Returns, 5%
Prepared individual income tax returns utilizing information provided by clients by reviewing client information and inputting into tax preparation software.
Most tax consultants use their skills in "cpa," "tax planning," and "tax issues" to do their jobs. You can find more detail on essential tax consultant responsibilities here:
Communication skills. One of the key soft skills for a tax consultant to have is communication skills. You can see how this relates to what tax consultants do because "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders." Additionally, a tax consultant resume shows how tax consultants use communication skills: "implemented and maintained the vertex telecommunications tax billing system with it team. "
Math skills. Another soft skill that's essential for fulfilling tax consultant duties is math skills. The role rewards competence in this skill because "accountants and auditors must be able to analyze, compare, and interpret facts and figures." According to a tax consultant resume, here's how tax consultants can utilize math skills in their job responsibilities: "reconcile tax accounts, compile documents and statistics for tax protests, audits and appeals. "
Detail oriented. tax consultant responsibilities often require "detail oriented." The duties that rely on this skill are shown by the fact that "accountants and auditors must pay attention to detail when compiling and examining documents." This resume example shows what tax consultants do with detail oriented on a typical day: "perform moderate to complex and detailed reconciliations, closure processes, research, and record analyses. "
Organizational skills. Another common skill required for tax consultant responsibilities is "organizational skills." This skill comes up in the duties of tax consultants all the time, as "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." An excerpt from a real tax consultant resume shows how this skill is central to what a tax consultant does: "prepared tax returns for clients in various industries using gors tax software utilized excel for organizational and data manipulation tasks"
The three companies that hire the most tax consultants are:
- Deloitte2,041 tax consultants jobs
- Paro50 tax consultants jobs
- Ernst & Young21 tax consultants jobs
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Compare different tax consultants
Tax consultant vs. Accounting analyst
An accounting analyst is responsible for supporting the accounting operations of an organization, analyzing financial transactions and financial statements, and resolving account discrepancies. Accounting analysts interpret financial data by consolidating account transactions, performing account reconciliation, and managing account receivables. They also assist in preparing and releasing invoices, issuing billing statements, and creating comprehensive financial reports on the company's budget and expenses. An accounting analyst must have excellent knowledge of the accounting principles and disciplines, as well as extensive analytical and communication skills to perform duties and meet deadlines under minimal supervision.
These skill sets are where the common ground ends though. The responsibilities of a tax consultant are more likely to require skills like "cpa," "tax planning," "tax issues," and "tax research." On the other hand, a job as an accounting analyst requires skills like "customer service," "account reconciliations," "internal controls," and "external auditors." As you can see, what employees do in each career varies considerably.
Accounting analysts earn the highest salaries when working in the finance industry, with an average yearly salary of $66,550. On the other hand, tax consultants are paid more in the finance industry with an average salary of $73,553.On average, accounting analysts reach lower levels of education than tax consultants. Accounting analysts are 5.3% less likely to earn a Master's Degree and 3.3% less likely to graduate with a Doctoral Degree.Tax consultant vs. Certified public accountant
A certified public accountant (CPA) acts as an advisor to small businesses and chief financial officers to Fortune 500 companies. They typically work for both small and large public accounting firms. They offer advice on many issues, such as accounting and taxation. They aid businesses and individuals to plan and achieve their financial goals. There are several requirements to become a CPA, including having a degree in accounting, passing the CPA examination, and obtaining a CPA license to practice.
Each career also uses different skills, according to real tax consultant resumes. While tax consultant responsibilities can utilize skills like "property tax," "tax compliance," "strong analytical," and "payroll," certified public accountants use skills like "strong customer service," "customer service," "payroll tax returns," and "financial statement preparation."
Certified public accountants earn a higher average salary than tax consultants. But certified public accountants earn the highest pay in the finance industry, with an average salary of $92,755. Additionally, tax consultants earn the highest salaries in the finance with average pay of $73,553 annually.certified public accountants earn similar levels of education than tax consultants in general. They're 4.6% less likely to graduate with a Master's Degree and 3.3% less likely to earn a Doctoral Degree.Tax consultant vs. Tax advisor
Tax Advisors are responsible for providing tax advice to clients in the area of tax legislation and tax obligations. Their duties include researching tax legislation, gathering client information, submitting tax returns, liaising with internal revenue service representing clients, and developing tax strategies. They are responsible for performing tax computations, forming family trusts, undertaking estate planning as well as consulting on matters regarding domicile and tax residence. Tax Advisors also give advice related to indirect taxation and prepare reports.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from tax consultant resumes include skills like "cpa," "tax services," "property tax," and "tax compliance," whereas a tax advisor is more likely to list skills in "customer service," "treasury," "client retention," and "tax strategies. "
Tax advisors earn the highest salary when working in the energy industry, where they receive an average salary of $97,172. Comparatively, tax consultants have the highest earning potential in the finance industry, with an average salary of $73,553.tax advisors typically earn similar educational levels compared to tax consultants. Specifically, they're 2.7% less likely to graduate with a Master's Degree, and 1.3% less likely to earn a Doctoral Degree.Tax consultant vs. General ledger accountant
A general ledger accountant is in charge of ensuring the accuracy of a company's overall accounting processes and information. It is their responsibility to communicate with different departments and officials to gather necessary data, conduct extensive audits, prepare documentation and reports, maintain financial data on the company ledger, and interpret financial information. Furthermore, like a general ledger accountant, it is essential to monitor the progress of accounting processes, all while implementing the company's policies and regulations.
Types of tax consultant
Updated January 8, 2025
