It’s tax season, and that means that many of us are busy gathering our financial information to file taxes. As complicated as your personal tax requirements may be, corporate taxes are exceedingly complex, requiring a great of legal, tax, financial, and accounting expertise.
Tax professionals specialize in helping small and large businesses understand their tax obligations.
Together with legal counsel and information systems management, tax professionals are an important part of running a business.
Tax consultants often specialize in these areas:
Business Development. Many companies don’t employ people with a solid tax background, let alone a whole tax department. That’s where tax consultants can help management executives take a company’s tax issues into account while balancing the business’ needs and other risk areas.
Employment tax issues. Businesses large and small calculate, file, and remit employment taxes each payroll cycle. Tax professionals help businesses follow and implement rule changes, supervise in-house payroll systems, and ensure that all local, state and federal tax forms are filed.
Business Incorporation. Consultants often help new businesses decide how to incorporate their company based on their current and future tax obligations. Corporations can take advantage of certain tax benefits—for instance, S Corporations save money through payroll tax savings, but also require strict records maintenance as well as certain shareholder activities. LLCs also have certain tax rules that are attractive to business owners, but business owners should consider hiring a tax consultant to help them make a financially viable decision.
Restructuring Services. Companies who are undergoing mergers or acquisitions during restructuring require a great deal of tax assistance to ensure that they are not only properly managing their obligations but are preserving enough cash for the companies’ next steps.
Representing Companies During Audits. Tax consultants help businesses by meeting with the Internal Revenue Service during company audits, assisting with tax recovery efforts, and helping companies avoid tax penalties and tax overpayment.
Developing, Writing and Integrating Tax Software. Do-it-yourself online tax preparation programs are incredibly popular, but still require tax experts to determine what kinds of questions must be asked to help individuals accurately file their own taxes.
Industries Tax Consultants Serve
Every industry—whether in the public or private sector—requires tax knowledge and can benefits from a tax professional with an accounting, law, business, analytics, or economics background. Most tax professionals work in federal and state government, transportation, healthcare, financial services, energy, telecommunications, and utility industries.
RMU offers an M.S. in Taxation degree program that provides a firm background in all of the major areas of federal and state taxation. The program is dedicated to the pursuit of superior professional competence that prepares graduates for careers in both the public and private sectors, including public accounting, tax planning, consulting, and finance.
JobsInTax.com recently named RMU's M.S. in Taxation as one of its highest-regarded Masters in Tax programs in the United States. For more information on the program, please contact the Office of Graduate Admissions at 1-800-762-0097 or email email@example.com.