Domestic and International Tax Consultants: The Difference

If you have financial dealings that involve other countries or currencies, such as foreign property, assets, or investments, odds are you are not handling all of your finances on your own. You have probably recognized that such complex financial dealings require the guidance of an accountant, especially come tax season, to ensure that you are falling within the tax laws of your own country and those within which you have investments. You may be wondering if a standard accountant is sufficient to help you, or if you should seek the services of a specialized international tax consultant. You may also be wondering if there is a significant difference in the services provided by each.You can be assured that there are some differences in expertise and qualifications. Here are the benefits of hiring an international tax consultant.EducationQuite often, an international tax consultant will have some type of education that qualifies them to specialize in international taxes over and above standard accounting qualifications. They may have majored in international business or accounting while completing their bachelor’s degree, or they may have completed a post-degree certification in international tax consulting. This provides them with a better knowledge of the intricacies of international taxes.Of course, education is more than classrooms and certifications. A qualified international tax consultant keeps him or herself educated and up to date on changes in international tax law and best practices. Though a domestic accountant may stay somewhat up to date on those matters, they likely approach it with less dedication.ExperienceIt’s not just formal education that differentiates an international tax consultant from a standard accountant; it’s also experience. Unless you’re hiring a rookie accountant, your international tax consultant will have been in the business for some time, and he or she will be familiar with the ins and outs of international tax law. Odds are he or she will have already encountered any complex or challenging situation you may find yourself in, and he or she will be able to handle it with more certainty and finesse than a standard accountant who has less experience in international tax.FlexibilityOne of the best parts about hiring international tax consultants is that they are still accountants. They still have the same base level of training and experience as any other accountant; they just happen to also have an extra layer of expertise on top of that. That means they are also qualified to handle your domestic accounting, taxes, and financial matters. In other words, they should be able to handle your entire portfolio. This saves you from having to turn to multiple accountants or financial consultants, which only increases the risk of error and creates a hassle for you. An international tax consultant can handle your finances in a comprehensive, thorough manner.Though a standard, domestic accountant has a great deal of value and can provide great services, when it comes to international taxes, investments, and assets, your best bet is always to seek out the specialized services of an international tax consultant.