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Responsibilities Fulfilled by a Taxation Specialist

Updated on April 16, 2013
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Tax laws are complex and they are amended frequently. Taxation specialists have extensive knowledge in the area of taxes. They help individuals and businesses in understanding the way the tax laws function. Such professionals also advise their clients regarding how they can avoid being overtaxed.

The following are the responsibilities of a taxation specialist in a nutshell.

As a taxation specialist, you have to play different roles and one of the most important is that of a consultant. Individuals and businesses encounter their own tax-related issues. Businesses seek advice from taxation specialists to find out the tax breaks for their business. It is also the latter’s duty to make sure that they benefit from the tax breaks. Individuals consult these experts to invest their money in the most tax-efficient way and that all the deductions are considered at the time of the filing returns.

When you are a taxation specialist, your work schedule will be busiest during two different times of a financial year- first, during the financial planning session and then, at the time of filing tax returns.

During the first one, you will be dealing with clients and assist them in devising long-term strategies to reduce taxes. In order to perform this task efficiently, at first, you will have to analyse the assets and other business details or the consumer’s portfolio. On the basis of the analyses, you will be required to recommend steps to reduce taxation. You will receive a break from your hectic schedule till the time for filing tax returns comes to make you busy again.

During the second phase (filing tax returns), your responsibilities are to review income and deductions and file tax returns for the year. You may have to suggest changes for improving the taxing situation for the next financial year considering the results of the tax returns.

The above discussion will give you a fair insight into the job role of a taxation specialist. These are the basic duties you will have to accomplish but you may have to handle other tasks as well. Now, let’s find out what skills and qualifications will help you to execute these tasks.

Education- a degree in accounting or finance is the minimum academic qualification for a taxation specialist’s job. Appropriate certifications are a must. A degree in law is required to become an attorney with specialisation in tax law. In order to stay updated with the amendments in tax laws, you need to take specialised courses on a regular basis.

Skills- a good knowledge of tax laws and a strong understanding of their application in varied situations are indispensable to a taxation specialist’s success. These are the professional skills. What are the interpersonal skills required? A number of innate characteristics like an eye for detail, organisational and communication skills and the ability to handle workload and perform efficiently under pressure are listed in the eligibility criteria for taxation specialist’s jobs.

Experience- if you wish to embark on a taxation specialist’s career as a certified public accountant, considerable years of relevant work experience are a necessity. In fact, experience is one of the requirements for obtaining license.

Employment opportunities

There are employment opportunities in a taxation advising firm. You may also become self-employed. Extensive experience is required to seek self-employment. As a self-employed taxation specialist, you may work with businesses or individuals. Your role will be like that of a financial advisor, recommending the best solutions to your clients.

This is a prospective field. With tax laws becoming more complex, the demand for qualified and efficient taxation specialists will grow. You may consult with reputed tax recruitment specialists to come across suitable job opportunities.

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