What are the roles and responsibilities of a tax advisor?

A tax advisor is liable for helping clients and companies with their financial and income tax reports. The professionally qualified tax advisor researches, studies, and interprets tax law. Their job contains qualifying payments, determining tax savings, and examining tax issues. A Tax Consultant Vienna ( Steuerberater Wien ) is responsible for analyzing fiscal matters and preparing, submitting, and managing tax statements and returns for businesses and clients. A tax advisor also provides advice on financial and tax matters and they should have an in-depth knowledge of the regulations, laws, and acts that manage this process. 

A tax advisor is an individual who is a financial expert in holding specialized tax accounting and tax law knowledge. When tax advisors communicate with their clients, they should highlight their job description with the skills such as exceptional attention to detail, strong analytical skills, and being a good communicator. In complicated financial cases, the services of a tax advisor are usually reserved to decrease the tax payable while staying compliant with the law. Here you can see the roles and responsibilities of a tax advisor:

Also read – How to choose the best Tax advisory

 Job description  

The company is exploring a detail-oriented and skilled tax advisor to design their tax payments and returns. As the tax advisor, your top goal will be to suggest effective tax strategies that concede with laws and encourage the company’s financial well-being. Their duties will contain qualifying tax returns, examining tax regulations, observing industry trends, and finishing tax reports.

To excel in this role, you must display in-depth knowledge of accounting procedures and time management talents, as you will have to ensure our company satisfies exacting deadlines. In complementing an excellent communicator, the perfect candidate will also display a keen concentration on detail with excellent mathematical skills.

Role of tax advisor

For employers looking to fill a tax advisor vacancy, the following sample position description can help you attract the best candidates for this role. For job seekers looking for a tax advisor role, this job description details what the role may involve and what skills and experience are required. It gives you the best chance of securing the position by tailoring this description according to your company’s exact job needs.

The role of a tax advisor is to give advice, prepare, and assist individuals or companies in tax filing or returns. They are also known as tax preparers. They also deliver to guide actions which would enable companies to save more money. Moreover, they are specialists in matters connected to tax. Tax advisors are financial experts familiar with all the tax laws. Because companies and individuals pay high taxes to the government, they need a tax advisor to minimize their tax exposure by using effective tax management strategies.

Role outline

A Tax advisor forms part of the accounting team and generally reports to the Financial Controller or Tax Manager. This role is typically broken down into a compliance that ensures the business complies with all tax legislation. For taxation purposes, advisory assists you in how to form the best structure in your business. As a taxation advisor, you would be responsible for ensuring the business meets its tax liabilities following regulatory requirements.

Duties & Responsibilities

Tax Consultant Vienna ( Steuerberater Wien ) is expected to fulfill certain responsibilities. One of their responsibilities is to keep their client’s tax to the minimum, keep track of the latest schemes provided by different companies, banks, and organizations. Then provide suggestions according to the clients’ financial ability and provide suggestions regarding the best policy. And finally, they also must provide the necessary information to ensure that the client is following all the authorities. 

• As a key provider to financial success, the tax advisor plays an important role by ensuring the company is fulfilling its legal obligations. Their duties and responsibilities may contain but are not determined to.
• Additionally, there are also certain duties that tax advisors must understand and keep in mind. First and foremost, they have to act fairly, but at the same time with a higher degree of responsibility with the Internal Revenue Service.
• They had got all knowledge regarding prevailing tax laws. In addition to that, when they advise their clients, it must always be regarding the correctness of the client’s documents and related penalties.
• While preparing and submitting documents to the Internal Revenue Service, the adviser should follow best practices. They need to check for the type of practice of the company or the individual’s tax documents.
• They must evaluate the reasonableness of the assumptions made in tax calculations, determine the relevant facts, and arrive at a conclusion supported by the laws. And most importantly, they can build clear communication with their client regarding the terms of the engagement, etc.

It is a professional area where you need specific professional credentials to prosper. However, despite all these professional qualifications, it is still important for the tax advisor to have enough experience. Also, it is important to have very good knowledge regarding environmental factors, such as changes in tax rules and changes in other government rules that might affect the client and their business.

Job qualification and requirements

This role requires high accuracy and training in tax practical, administrative, and legal elements. As such, a tax advisor job description should ask for a degree in one of the following fields which are Accounting, Finance or Economics, and Business Administration. For candidates to be able to produce and sign off on financial reports, the job description should highlight the following:

• The participation current or former in a certified practicing accountant.
• UG grade in accounting or appropriate field.         
• A minimum of 3 years knowledge as a tax accountant or equivalent role.
• Practical knowledge of MS Office and accounting software.
• In-depth knowledge of accounting and bookkeeping processes.
• Powerful awareness of detail with outstanding analytical skills.
• Outstanding written and verbal communication skills.

Tax advisor services

Tax consultants are experts who specialize in tax law and financial-oriented counseling. They recommend clients on income tax returns and scope of financial matters, including trust, estate, and retirement taxes. They provide services like arranging, filling and sorting out tax forms, and they need to communicate with clients and legal authorities. They need to advise legal issues and formalities and maintain tax records and receipts. They need to provide advice to founders regarding company creation and accounting services. Handle client’s issues, assist with IRS audits, tax return amendments, setting up filling options, and related inquiries.

Bottom line

Tax Advisors are responsible for delivering tax guidance to customers in tax legislation and tax responsibilities. Tax Advisors also provide advice related to indirect taxation and organize reports. Finally, the above given are the roles and responsibilities of a tax advisor.