Tax Specialist Job Description
Learn about the duties, requirements, and responsibilities connected to being a tax specialist. Job outlooks, interview questions, resources, and more!
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What is a Tax Specialist?
The term “Tax Specialist” refers to a variety of positions and roles – tax accountants, tax advisors, tax preparers, tax managers, etc. However, one thing all of these jobs have in common is the need for expertise in tax. Specialists utilize this expertise to guide companies and clients through increasingly complex tax rules and regulations.
America’s tax laws and regulations are amongst the most complicated in the world, and with every new piece of legislation they are getting even more complex. Thus, the demand for tax professionals who understand the intricacies of tax rules is on the rise. Companies need tax professionals to provide strategic guidance on tax planning, monitoring and compliance. International companies need their expertise to untangle the web of jurisdictions and international tax laws.
Education Requirements
- Bachelor’s degree in accounting or in related areas such as math, business administration, finance, etc.
- Most managerial and senior-level roles require a master’s degree in accountancy with a focus on tax
- Certified Public Accountant (CPA) license - Only CPAs are able to submit and file reports with the U.S. Securities and Exchange Commission
Tax Specialist Essential Skills
- Attention to detail
- Time management
- Multitasking
- Analytical ability
- Communication skills (to engage and inform clients)
Tax Specialist Roles & Responsibilities
- Help set tax policies, ensure compliance and advise executive leadership on best practices and emerging issues related to tax
- Research tax laws
- Assist in IRS and state audits
- Gather information and explain options for best practice to clients
- Prepare quarterly and annual tax compliance
- Prepare federal and state income tax
Day-to-Day Duties
- Fill out the necessary forms for their clients or for the businesses in which they work
- Make recommendations based on analysis and status of reserves, assets and expenditures
- Review journal entries of junior accountants to ensure accuracy
- Train and mentor junior staff
- Perform variance analysis and prepare account reconciliations
- Document and monitor internal controls in support of auditing team
- Coordinate more complex accounting projects and initiatives with other members of the accounting and finance team or with other departments