Tax Accountant Job Profile And Description
A tax accountant is a professional who is responsible for calculating and filing tax, and tax returns for the organization. These candidates are required to possess excellent knowledge pertaining to taxation laws, procedures, rules and regulations. A tax accountant is responsible for the collection of tax related information, fulfilling all the taxation formalities on behalf of the organization, and analysing the business strategies and their tax impact on the organization. Tax accountants are required to assist their clients with their income and financial statements.
Tax Accountant Duties And Responsibilities
Following are the roles and responsibilities of a tax accountant:
- Arranging the tax payments foe the clients by devising tax strategies.
- Creating the tax data gathering systems and tax databases.
- Completing the tax reporting formalities and other tax reports within scheduled deadlines.
- Performing accrual reviews annually and preparing the provisions for tax.
- Preparing the state income and estimated federal tax payments.
- Preparing the tax returns for state taxes and federal taxes individually.
- Assisting the accounting departments in audits conducted by federal and state authorities.
- Assisting the accounting managers in financial planning by evaluating the short and long term taxation impacts of various business strategies.
- Providing detailed information from tax point of view.
- Preparing and managing various types of taxes like commercial, property, personal taxes etc.
Tax Accountant Skills And Specifications
A tax accountant must possess following skills in order to perform their job responsibilities successfully:
- They must be good in organizing and prioritizing the tasks, and must possess problem solving qualities.
- These professionals must have foreseeing qualities and must be able to foresee the taxation impacts of various financial decisions.
- They must give attention to detail and must also possess good observational qualities.
Tax Accountant Education And Qualification
A tax accountant must consider following degrees and certifications:
- Bachelors or master’s degree in accounting, finance or any other closely associated stream.
- Diplomas or certificate level courses in computers, MS-Office suite, and Accounting software like Pro Column Plus, Word Perfect, Spreadsheet Auditor, CCH Tax works, Taxnet.pro etc.
- These candidates must obtain necessary license and certifications required to practice their job as tax accountant. For example, they can go for Certified Public Accountants (CPAs) license offered by state boards.
Tax Accountant Salary
A tax accountant can earn up to $30,000 – $55,000 depending on his /her experience in the field, skills & qualities and academic qualifications.