IRS Consultant
What Is An IRS Consultant?
A financial expert with advanced training and knowledge of tax law. The services of an IRS consultant are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations. Tax advisors can include Certified Public Accounts, tax attorneys and financial advisors.
What Does An IRS Consultant Do?
- Prepare or assist in preparing simple to complex tax returns for individuals or small businesses.
- Use all appropriate adjustments, deductions, and credits to keep clients’ taxes to a minimum.
- Review financial records such as income statements and documentation of expenditures to determine forms needed to prepare tax returns.
- Consult tax law handbooks or bulletins to determine procedures for preparation of atypical returns.
- Compute taxes owed or overpaid, using adding machines or personal computers, and complete entries on forms, following tax form instructions and tax tables.
Why Should I Hire An IRS Consultant?
While some business tax situations are straightforward, at other times you’re better off relying on an expert for advice and know-how. A good tax consultant can:
- Help you determine which business form will be best for your company, if you’re just starting up
- Tell you which taxes are due when and set up systems that will automate the process.
- Help you determine what qualifies as “gross income,” which is what the IRS cares about.
- Keep you updated on changes to the tax code and on which expenses qualify as business deductions.
How Can An IRS Consultant Help With My Small Business?
Tax advisors are responsible for helping businesses and individuals create strategies for dealing with tax and prepare for their future in the financial market. Some countries actually require tax advisors to check the balance sheets of large firms. They must also deal with HM Revenue and Customs on behalf of their clients. Activities include calculating tax liability using complicated calculations, submitting tax returns by the appropriate deadlines, and, in some cases, offering general accountancy services.