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What is Tax Regulation?
Tax regulation services help businesses, individuals, and organizations comply with tax obligations outlined by the government. The tax regulator also assists with internal tax strategies and financial planning for the successful return of the company’s investment. The tax regulator is, therefore, a crucial business advisor to corporates and individuals?
The companies and individuals looking for a tax regulation expert want a professional who can offer advice on developing an effective tax management system. The people who take jobs available in tax regulation have the following responsibilities:
- Guiding the company on tax compliance so as to avoid penalties and legal liabilities
- Help the company or individuals develop appropriate tax strategies for efficient and competitive business environment
- Identify areas that the individual or corporate could be losing money for failure to adapt a tax reduction plan
- Implement a cost effective tax program
- Develop a tax management system
Where Can the Tax Regulation Expert Work?
Payroll Manager/ Advisor
Tax preparation of tax returns for company employees requires a comprehensive study of the IRS system, tax remission deadlines, tax laws, bulk worksheets, and extensive computer files. People who understand tax regulation can get jobs as payroll managers and assist in company tax deductions.
Tax Consultant
The jobs available in tax regulation do not have to be in-house. Companies that are involved in cross-border transactions, mergers, joint ventures, business restructuring, disinvestment or acquisitions would very much like to consult a tax regulation professional for advice. The tax expert may offer advice on tax legislations ranging from corporate tax laws, direct tax, stamp duty, and income tax.
Credit Control Manager
Financial stability for companies depends on having sound business and tax decisions. The tax decisions can put the company at an advantage over the competition. There are many companies willing to employ a tax expert to give advice on credit control especially when dealing with the payroll.
Finance Manager/ Advisor
Financial advisors can help plan a safe financial future for individual or companies. People who are knowledgeable about tax regulation would be responsible for directing the fiscal health of corporate and personal accounts.
Auditor
Jobs available in tax regulation are so varied that the qualified person may seamlessly move to various well-paying job positions in his career life. The tax regulation job is suitable for business and management graduates who may work as auditors. The auditor’s job is to look at the way funds are spent, but also inspect the company’s tax compliance.
Budget Analyst
Various budget analyst job openings are available for people who understand taxation. The employee can work for the government budgeting office, ministries, companies that want to develop sound tax proposals.
Business Journalist/ Writer
The media is a viable employment platform for business writers that understand taxation matters. The job in magazines, dailies, or electronic channels could be full time or part time.
Banker/ Mortgage Consultant
In real estate and banks, taxation is a significant issue. Job openings for tax regulators are available in banks and mortgage companies.
Related Resource: Become an Auditor
Who Can Offer Tax Regulation Services?
According to the Bureau of Labor Statistics, tax regulators are people trained in accounting, economics, and tax laws. The professional is preferably exposed to a practical business environment and may have specialized in business management or got exposure in a wide range of business spectrums. There are instances when the tax regulation service provider will deal with inter-state, varied international tax regimes, or multi-sectorial business actors, so the advisor must be well-equipped with different aspects of taxations.