Definition
A tax advisor or tax consultant is a person with advanced training and knowledge of tax law. The services of a tax advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations. Tax Advisors are also retained to represent clients before tax authorities and tax courts to resolve tax issues.
Tax Advisor
What is ‘Tax Advisor’
A financial expert with advanced training and knowledge of tax law. The services of a tax advisor 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.
Explaining ‘Tax Advisor’
Tax advisors and preparers are regulated but not licensed by the Internal Revenue Service. Treasury Department Circular No. 230. Reg. 10.33(a) of the circular outlines the duties of tax advisors. There can be penalties and disciplinary action for failing to follow the standards outlined by the IRS.
Further Reading
- Financial advice: A substitute for financial literacy? – search.ebscohost.com [PDF]
- The role of financial advisors in the negotiated sale of tax-exempt securities – clutejournals.com [PDF]
- Taxation and corporate financial policy – www.sciencedirect.com [PDF]
- The incentives for tax planning – www.sciencedirect.com [PDF]
- Powering ideas through expertise: professionals in global tax battles – www.tandfonline.com [PDF]
