Final answer:
Tax advising is the act of recommending or expressing an opinion on a tax return position, which includes analyzing tax laws and suggesting strategies to minimize taxes.
Step-by-step explanation:
Recommending or expressing an opinion on a tax return position that relates to prospective or completed transactions is referred to as tax advising. It is a critical aspect of both tax preparation and tax planning. When professionals engage in tax advising, they use their expertise to interpret tax laws and regulations, suggest strategies for minimizing tax liabilities, and help clients make informed decisions about their financial and tax situations. Consider tax advising similar to reviewing, where you are reporting on a situation coupled with your own carefully considered opinion to guide the client in compliance with tax laws.