Tax accountants evaluate and prepare financial information relating to tax matters. They communicate and advise their clients on tax-related issues. Tax accountants may work for individual clients, companies and government entities. Also, tax accountants may work at home or in an office setting. Additionally, this occupation may require frequent travel to government facilities and other client locations.
Accountants generally help clients carry on their business and financial affairs efficiently and competently. They assist clients with preparing and verifying financial documents, and advise clients on the effects of various tax-related decisions. Because tax accountants are knowledgeable about tax implications and the corresponding financial connection, they are able to effectively assist their clients in making important financial decisions.
Tax accountants prepare and file taxes for their clients in compliance with the Internal Revenue Service, state and local tax laws. They also prepare documents that affect their clients' tax matters, such as employment and income. Tax accountants must remain well informed with the relevant laws that affect their clients' tax matters. Also, the accountants must be familiar with the legal implications of their clients' tax-related transactions.
In general, tax accountants possess a bachelor's degree or higher in accounting. However, acquiring a degree in taxation, business administration or a related field may provide the same educational background necessary for a career in tax accounting. Nevertheless, according to the Bureau of Labor Statistics, many companies are employing accountants with a master's degree in a tax-related field. Tax accountants must pass the CPA exam prior to employment. Moreover, according to the BLS, any accountant who files reports with the Securities and Exchange Commission (SEC) must become a licensed CPA. The CPA exam certifies the individual as a certified public accountant. Additionally, tax accountants are proficient with computer software that allows them to summarize and record financial transactions.
Tax accountants normally possess prior work experience that involves taxes. Many colleges and universities provide individuals with accounting majors experience through internships. Also, tax accountants remain current with tax laws relating to a variety of financial matters and tax preparations. Some accountants generally maintain journals and books about tax consulting. Successful tax accountants are competent with handling tax affairs in different industries and possess an aptitude for math. Therefore, tax experience in a variety of industries provides an advantage to an aspiring tax accountant. Once employed as a tax accountant, these individuals typically work 40 hours or more weekly.
The BLS reports that, in 2008, accountants and auditors held 1.3 million jobs. Also, by 2018, this industry is expected to reach a much faster job growth. As stated on Diplomaguide.com, accounting salaries in 2010 averaged $50,770.
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Tax Accountant Job Description
Tax accountants offer support to businesses or individuals by preparing their federal and state income taxes. In addition, they assure their clients...