Clients of any industry, who do not have a state and local tax specialist, often rely on a tax consultant to resolve issues. A tax consultant’s priorities include not only compliance but extend to saving the company money where they can.

While businesses may prepare their tax returns themselves or have a traditional CPA handle personal property tax compliance and tax audits and appeals, the GHJ Tax Team also offers tax consulting services to meet a company’s unique needs, which translates to savings for the company. There is a clear distinction between a tax-consulting firm and a public accounting firm.

Public Accountants vs. Tax Consultants

A public accounting firm is preoccupied with income taxes usually for six months of the year. Therefore, they are unable to give the time – nor have they the experience and knowledge – to deal with specialized areas of taxation.

In contrast, tax consultants deal in specialized areas of taxation continually. They devote full-time expertise to complex questions of real estate and personal property, valuation problems, sales and use, federal excise, payroll, etc. relating to distinct industries, such as food and beverage, entertainment and media and health and wellness, among others. Tax consultants have a diversified background and are able to bridge the gap between industry and government regulations.

Costs and Benefits of Tax Consultants

What about small and medium size corporations that cannot afford a full-time tax department?

Tax consultants can become an integral part of a small- to medium-sized operation by working with existing company personnel in dealing with the company’s tax compliance. Their mission is to help the client make sound economic decisions that will insure the company’s growth and long-term stability.

A tax consultant can usually assign company employees to handle each phase of a tax project quickly and objectively so that the company does not need to incur a long-term budget obligation by hiring additional staff.

For example, tax planning, which should play an integral part in a company’s day-to-day business, is often neglected. The tax consultant can assist the company controller with tax planning as well as complete tax examinations. Consultants can fill this need for the smaller businesses by recognizing that the requirements of the small- and medium-sized corporation are more diversified than those of the larger client.

Overall, a firm with deep tax-consulting expertise, such as GHJ, offers services that go far beyond those of accountants focused on compliance. It is important for companies to look beyond their tax compliance work to the benefits that can be provided by tax consultants.

At GHJ we have tax consultants who specialize in property tax (such as myself), state and local taxes (along with credits and incentives), international taxes and much more. Should you need tax-consultanting services for your company, please contact our Tax Team by calling 310.873.1600.