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CPAs as tax advisors

As tax advisors, CPAs help individuals and businesses solve a variety of tax problems. They assist clients with tax planning, preparing income tax return, and representing individuals before government agencies at the federal, state and local levels. Most CPAs in public practice have a sound knowledge of taxes and a large number of practitioners specialize in this field. In this role, they provide tax planning services to their clients (both businesses and individuals) throughout the year, advise them on the tax consequences of business and investment decisions, recommend tax-saving strategies and help them comply with tax laws.

CPAs can obtain an advance ruling from the IRS on the tax consequences of a proposed transaction, such as a corporate acquisition of the stock or assets of another company. In addition, CPAs can analyze the investment opportunities and tax benefits provided by syndications of oil and gas, real estate and other risk capital ventures.

In the compliance area, the CPA tax advisor is often responsible for preparing and reviewing individual tax returns, preparing corporate returns, reviewing tax returns prepared by a company's in-house department, preparing a consolidated tax return for an affiliated group of corporations and preparing estate and gift tax returns. The CPA may also be asked to assist clients with state and local tax problems.