The Tax Accountant helps the business by ensuring proper tax compliance for all forms of tax. The Tax Accountant focuses on the remittance of all tax payments, returns, and the research of tax inquires. The Tax Accountant plays an integral part in supporting senior finance management in areas of Tax Compliance, Internal Control, and Financial Reporting.
Objectives and Responsibilities of the Tax Accountant
Management: The Tax Accountant manages all tax affairs of the business under the direct supervision of the senior tax accountant. In this position, the Tax Accountant prepares, organizes, and compiles data for the preparation of annual filings and state tax returns. The Tax Accountant leads the internal control improvement initiative of process and handles the documentation and review of process flows.
He identifies key controls and efficiency opportunities and prepares written correspondence and other documents for submission to the state’s taxing authorities. The Tax Accountant prepares tax estimates and planning and becomes highly involved in tax planning. He additionally reviews tax accruals and taxing authorities’ draft responses and notices.
In his managerial position, the Tax Accountant also reconciles procurement/payroll and benefits and general ledger systems in order to guarantee that there is integrity and accuracy in all financial records.
Financial/Tax Analysis & Reporting: The Tax Accountant also prepares state income tax returns, inclusive of other supporting schedules and aids in the preparation of the consolidated state tax returns. He is charged with the preparation of quarterly/annual estimated payments and extension request and assists senior tax accountants in the in preparation of tax provision calculations and journal entries.
The Tax Accountant is also responsible for financial reporting that pertains to regulatory compliance and financial reporting pertaining to state compliance. In this position, the Tax Accountant reviews state tax returns that are prepared by external tax accounting firms in order to ensure that accurate reporting of information has taken place.
Documentation & Record Management: The Tax Accountant is also responsible for proper documentation and tax record management. In this capacity, he takes ownership of the business’s tax compliance and corporate tax returns related records. He conducts research and documents tax-related technical issues, preparing written communication of both direct and indirect tax issues, for example, refund claims, corporate income tax inquiries, needed exemption forms, and so forth.
The Tax Accountant is charged with the preparation of weekly/annual/ journal entries in a timely and accurate manner. In this position, he also reconciles tax general ledger accounts and prepares tax accounting journal entries.
Collaboration: The role of the Tax Accountant is also a highly collaborative role. He works closely with the legal department in issues of corporate governance disclosure and reporting. He also liaises with external tax accounting firms at all stages of the tax return preparation process, that is, timeline, deliverables, deadlines, and so forth.
He further works with these external accounting firms in ensuring corresponding with state tax authorities on notices and inquiries as necessary and in ensuring the acquisition of accurate financial information for all forms of tax compliance reporting. The Tax Accountant will also be required to work closely with top financial department leadership in identifying deficiency in tax-related internal controls.
He will additionally work hand-in-hand with the IT department in conducting research on tax rates and ensuring the verification of rate changes, ensuring accuracy and timeliness, and validating monthly tax data. Along with the senior Tax Accountant, the Tax Accountant is also responsible for coordinating internal management and board review of the business’s tax returns.
Knowledge: The Tax Accountant maintains knowledge of, and complies with state tax compliance regulations and requirements, keeping the department up to date with the current tax procedures and developments. He conducts independent research and recommends improvement in the current methodology used in the collection and reporting of data for the required tax activities.
Other Duties: The Tax Accountant will also perform similar duties as he deems fit for the proper execution of his duties and duties as delegated by the Senior Tax Accountant, Head of Accounting, Chief Financial Officer, or the Employer.
Required Qualifications of the Tax Accountant
Education: The Tax Accountant must have a bachelor’s degree in Finance or Accounting. The equivalent of the same in practical experience is also acceptable.
Experience: A candidate for this position must have had at least 2 years of working experience in a public/private accounting position or in a tax related position within a fast-paced and dynamic environment, preferably as a Tax Manager. The candidate must have a demonstrated ability to read, analyze, and interpret professional journals, technical procedures, governmental regulations, and general business periodicals.
He will additionally have a proven analytical ability to synthesize complex and diverse information from collected data, using the raw data to designs work flows and procedures. The candidate must be have had proven and successful experience working with complex mathematical concepts, for example, ratios, fractions, percentages, and proportions to practical situations.
He will have gathered substantial experience using online resources inclusive of State Tax websites. He will also have had experience preparing a business’s end-of-period tax returns and preparing payroll tax returns and sales tax return.
Communication Skills: The Tax Accountant must also have exceptionally good communication skills both in written and verbal form. This is due to the extensively collaborative nature of this position. The Tax Accountant will work with an array of internal and external teams such as senior financial leaders within the business, external financial accounting firms, and state tax authority personnel.
For accurate and effective tax calculations, the Tax Accountant must be capable of conveying sensitive information in a clear, concise, easy-to-understand, and unambiguous manner. He must be capable of relaying complex/technical information to non-technical personnel, tailoring messages in a relatable manner for each audience.
Ms Word/Software: The Tax Accountant must be technologically adept and possess exceptionally good computer skills. The Senior Accountant also display exceptionally good Ms Excel, Ms Office, Ms Outlook, and PowerPoint skills, which will all be necessary for creation of engaging and easy-to-understand tax documentation. He will also be highly familiar with the use of software such as Oracle, QuickBooks and have substantial knowledge in creative solutions such as Ultratax as well as reporting tools such as TRG, BOXI, and Crystal Reports.
Interpersonal Skills: The Tax Accountant must be highly analytical, be highly organized, be meticulous and have a keen eye for detail, work comfortably in a highly collaborative setting, work comfortably with senior business leadership, have an ability to work on multiple projects and meet tight deadlines, be open and welcoming to change, and demonstrate an ability to remain calm and composed during times of uncertainty and stress.
People Skills: A candidate for this position must be a team player and a people person who forms strong, meaningful, and lasting relationships with others. He will be approachable and relatable which will inspire trust and confidence in his peers, senior, and external partners.