The Key Responsibilities of Tax Agents


The role of a UAE corporate tax or income tax agent is crucial in the financial world since they are responsible for handling and filing tax returns for individuals. They are authorized to represent any taxpayer and enjoy unlimited practice rights. This job requires strong interpersonal skills as they regularly contact clients. An agent needs to have good communication skills to communicate with clients effectively. The following are some of the key responsibilities of a tax agent.

Act as a representative of the client:

As a tax agent, you will act as the client’s representative and negotiate tax obligations with the IRS. The primary duties of a tax agent include evaluating and preparing individual and business income and expense reports. You will also be involved in the preparation of multi-state tax allocations. A tax accountant will maintain the organization chart of a legal entity, schedule and track tax filing deadlines, and evaluate expenses. In addition, they will coordinate tax audits and conduct conferences.

Evaluating and preparing tax returns:

The key responsibilities of a tax accountant include evaluating and preparing tax returns. They also manage compliance with federal and state laws and regulations. They prepare a company’s annual financial statements, schedule multi-state tax allocations, and coordinate with external auditors. Moreover, they help businesses resolve their tax issues and resolve disputes. They also evaluate the reconciliation processes and coordinate with internal auditors. They help in various aspects of a business and assist them in dealing with various issues.

File tax returns and comply with the tax code:

The key responsibilities of a tax agent are to help individuals and businesses file their tax returns and comply with the tax code. The role of a tax expert in a business is to help people file their returns and avoid penalties. A good agent will also be familiar with the various tax laws, including those that apply to corporations and the government. They should be knowledgeable about these laws to protect the interests of their clients. They should also help individuals develop strategies that will help them reduce their taxes.

Other duties of a tax agent include:

Evaluating and analyzing tax returns, coordinating with internal auditors, scheduling multi-state tax allocations and managing a tax calendar. An agent also monitors tax obligations and handles appeals. A tax accountant must be knowledgeable of the main methods of accounting, including the accrual method and cash method. Most individual taxpayers use the cash method, reporting their income and taking deductions in the earned year.