What Are the Duties of Tax Professionals?
A complex tax system and constant changes to the tax code create a high demand for tax advisory services. Large and small businesses, as well as individuals, need their tax returns prepared and require tax-planning advice to stay compliant with regulations and make strategic financial and investment decisions.
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Types
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A Certified Public Accountant (CPA) tax professional typically provides services in three practice areas: tax compliance, tax consulting and client representation.
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Function
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In addition to researching, preparing and reviewing tax returns for individuals and corporations, tax professionals also prepare tax accruals for company financial statements, conduct analyses of carryback losses and deductions, represent clients audited by the IRS and resolve tax issues related to family estates, divorce settlements and business acquisitions.
Work Environment
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Tax professionals work at accounting firms, non-profits, universities, private partnerships, government agencies or run their own practices. Some tax practitioners work closely with other professionals, such as investment bankers, lawyers, trustees and actuaries.
Required Skills
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Most tax-specialist positions require good problem-solving, math and communication skills. Tax professionals must be able to work well with people, business systems and computer applications.
Potential
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According to the Bureau of Labor Statistics, strong job growth is expected for the accounting profession until at least 2016, thanks to economic expansion and more stringent accounting regulations.
References
- Photo Credit "Relax, Mr. Accountant" is Copyrighted by Flickr user: Dennis Wong (Dennis Wong) under the Creative Commons Attribution license.
