Tax Accounting Jobs Tips

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Tax Accounting Consultant Jobs

An upper level tax accounting position is known as a Tax Accounting Consultant. The Tax Accounting Consultant performs a variety of duties all geared towards helping clients with tax issues. Some of the duties and responsibilities of a tax accounting consultant include:

  • Perform and review tax compliance in relation to company or client opportunities
  • Keep clients and/or management informed of tax developments that affects their business
  • Help clients and/or management interpret and integrate tax considerations into their own strategy
  • Be involved in dispute resolution and strategic planning, tax decision automation, tax recovery issues, audit defense issues, conduct tax research to assist in the implementation and interpretation of tax laws as they affect clients and/or management
  • Become familiar with tax issues to aid in minimizing company's or client's tax cost
  • Monitor tax legislation, regulations, rulings, etc. affecting tax compliance
  • Prepare general ledger account analyses and reconciliations; work on special projects as needed; resolve tax issues; work on systems projects and process improvements.
The Tax Accounting Consultant position requires advanced professional experience, such as seven or more years. Multi-state licensure and experience are is often desired, depending upon the firm or client involved. The consulting position requires good communication skills – both oral and written. Good research skills are necessary. The ability to prioritize tasks is also necessary.

   
What is tax accounting?

Tax Accounting

Tax accounting is defined as the field of accounting that considers the tax consequences and implications of every transaction upon the company's operations. Tax accounting records transactions in compliance with current IRS, local and state tax laws.

Tax accounting includes preparing, amending, and filing corporate and required tax returns on federal, state, and local levels. It involves a variety of fields such as sales & use, payroll, income, franchise, royalties, etc.

Individuals involved in the tax accounting field must stay current with the federal, state, and local tax issues that affect the company. They must understand the legal ramifications of company transactions.

Tax accounting is considered upper level accounting since one must first have a firm understanding of the basic accounting functions.

   
What is a Tax Supervisor?

Tax Accounting Supervisor

Tax Supervisors assume responsibility for overseeing projects and special assignments, reviewing working papers and financial statements, and communicating with clients on a one-on-one basis. Tax Supervisors are also responsible for complying with legal tax issues and ascertaining the company also is in compliance. Other responsibilities and duties of a Tax Supervisor may include:

  • Trains and provides guidance to staff members
  • Resolves accounting and consulting problems
  • Prepares or reviews financial statements, notes, schedules, management letters, and tax returns
  • Presents information to management
  • Coordinates phases of projects, budgets time and expenses, monitors actual performance against budget, reviews working papers for accuracy and completeness, and reviews financial statements for suitability of presentation and adequacy of disclosures.
Tax Supervisors, on the average, must have at least 3-5 years public accounting experience. CPA is preferred. They must have strong supervisory skills, excellent communication skills, strong analytical skills, be current with tax issues, understand daily transactions as they relate to the company. They usually report to the Tax Director.

   
How do I become a Tax Consultant?

Become a Tax Consultant

To become a tax consultant, there are a variety of items that can be done along your path to success. They are:

  1. Get a solid foundation and education in the accounting field. Once this education is obtained, start working in a position that involves taxes of some sort. The best recommendation would be to work in public accounting. This way potential tax consultants would be exposed to a variety of industries, each having their own idiosyncrasies. These differences lead to insight and knowledge. By preparing taxes for a variety of clients, one obtains a wider experience base.
  2. Keep current, or learn, the current tax laws regarding the area you are interested in. Analyze financial information and read the tax laws that apply to a particular account.
  3. Talk with current tax consultants about your interest. Experienced individuals usually like to talk about their craft with anyone who is interested.
  4. Read trade journals and books on tax consulting. You can never have too much knowledge.
  5. Get online and read all you can about tax consulting. Find out what it takes, what skills, personality traits, and knowledge base lead to success. Join forum groups, and other networking groups. Many career sites have chat rooms. Find one and participate, if desired.
These are just a few ideas to start you on your path to becoming a tax consultant. Many tax consultants have professional designations, even doctorals. Be prepared to work for this position. The tax-consulting field is a great field to become a part of. Persevere, work, and reap the benefits. Good luck!

   
What does accounting and tax services mean?

Accounting and Taxes Explained

The accounting and tax services field are interrelated due to the fact that tax professionals must first have a solid foundation in the accounting field. They need to understand the financial side of the business to properly assess how taxes can affect each of the various sections of business. They need to be spot trends, know account averages, and be able to explain the difference. This comes from having an accounting background.

A good example of one having a solid foundation in accounting while also working in taxes is found in a CPA Tax Consultant. This individual has a thorough knowledge base about tax issues and how it affects their clients. They study the tax implications, make recommendations, and provide methods for tax savings (hence the consulting). The CPA licensure can only be obtained after earning an accounting degree.

   
What is a Tax Analyst?

Tax Analyst

A Tax Analyst is responsible for understanding the tax effects of company transactions upon the company's operations. They analyze the tax effects, put the findings into report form, and present the findings to management.

Other duties and responsibilities of a Tax Analyst include: Preparation and review of corporate tax returns, involved in tax planning issues, researching tax issues, assisting with FAS 109 analysis.

A Tax Analyst must have at least one year tax experience and a Bachelor's in accounting or finance. A CPA or CPA Candidate are also preferred.

A Tax Analyst must have good communication skills, be computer literate, have good analytical skills, be detailed oriented, and keep current with tax issues.

   
What does a Property Tax Manager do?

Property Tax Manager

A Property Tax Manager is ultimately responsible for ascertaining compliance with property taxes on company owned property. They either oversee, or prepare, property tax returns. They monitor, analyze, and summarize tax findings and subsequent results on the firm. They need to keep current with tax issues and regulations. This position may be multi-state, or international in scope. They are expected to maintain and oversee the ledgers regarding affected properties.

As an example, a "Big 4" firm Property Tax Manager will perform a variety of duties to assist the client in tax savings. Some of the duties and responsibilities include: prepare/review valuations to support personal and real property tax appeals through use of the cost, sales, or income approaches to value. This candidate will assist in identification and quantification of obsolescence and exemption opportunities. The candidate will assist the property tax senior manager with development of written explanation of the valuation analysis for use in the appeal process and assist with presentation to the applicable tax assessment authorities. Assisting other staff members with valuation skills.

Property Tax Managers are expected to have an advanced knowledge of tax laws affecting property taxes; have excellent communication skills; good supervisory skills; be current with tax form requirements; supervisor other staff members; and have good computer skills.

Property Tax Managers are expected to have at least a Bachelor's degree, CPA, ASA, or CMI. 8-10 years property tax experience is preferred.

   
What is a Tax Accounting Consultant?

Tax Accounting Consultant Jobs

To become a tax consultant, there are a variety of items that can be done along your path to success. They are:

  1. Get a solid foundation and education in the accounting field. Once this education is obtained, start working in a position that involves taxes of some sort. The best recommendation would be to work in public accounting. This way potential tax consultants would be exposed to a variety of industries, each having their own idiosyncrasies. These differences lead to insight and knowledge. By preparing taxes for a variety of clients, one obtains a wider experience base.
  2. Keep current, or learn, the current tax laws regarding the area you are interested in. Analyze financial information and read the tax laws that apply to a particular account.
  3. Talk with current tax consultants about your interest. Experienced individuals usually like to talk about their craft with anyone who is interested.
  4. Read trade journals and books on tax consulting. You can never have too much knowledge.
  5. Get online and read all you can about tax consulting. Find out what it takes, what skills, personality traits, and knowledge base lead to success. Join forum groups, and other networking groups. Many career sites have chat rooms. Find one and participate, if desired.
These are just a few ideas to start you on your path to becoming a tax consultant. Many tax consultants have professional designations, even doctorals. Be prepared to work for this position. The tax-consulting field is a great field to become a part of. Persevere, work, and reap the benefits. Good luck!

   
What does a Senior Tax Accountant do?

Senior Tax Accountant

A Senior Tax Accountant performs a variety of duties relating to helping the company with tax issues. Some of these duties and responsibilities include:

  • Prepare and review corporate and individual tax returns
  • Research tax issues and report findings to management or requesting party; prepare tax reports
  • Update accounting software program with tax related journal entries
  • Prepare journal entries to record tax affects each period
  • File paper tax returns into company files
  • Scan copies of tax returns into company database, if needed
  • Work on special tax projects as requested by management
  • Review Staff Tax Accountants work
  • Ascertain correctness for journal entries and financial reports.
The Senior Tax Accountant reports to the Tax Director, usually. Staff Tax Accountants report to the Senior Tax Accountant. The Senior Tax Accountant requires a Bachelor's Degree, strong analytical skills, and a minimum of four years tax experience - on average.

   
What does a Sales & Use Tax Accountant do?

Sales & Use Tax Accountant

A Sales & Use Tax Accountant can be employed at the corporate administrative level for reporting multi-state sales tax implications. Or, if the company does not operate in multiple states, the Sales & Use Tax Accountant will be employed in the corporate office to assist with in-state branch operation reporting.

A Sales & Use Tax will prepare excise tax returns, sales & use tax returns, and local jurisdiction sales tax returns regarding affected areas. They also may file and prepare property tax returns for any assets bought or sold during the year. For instance, if the company operates a national firm with branches in each state, the Sales & Use Tax Accountant will prepare sales & use tax returns for each required state it had sales in. Here are some other essentials for the job:

  • Must stay current with tax issues. They provide consulting to field offices regarding fixed asset purchase or disposition tax implications.
  • Provide interdepartmental tax consulting services regarding company purchases or dispositions. They work on special projects as requested by management.
  • Must have a solid foundation in accounting. A Bachelor's in accounting or finance is usually required. A CPA designation is preferred.
  • Must be detail oriented, have an analyzing mindset, have good communication skills-oral and written, enjoy helping others.

   
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