Tax Associate Job Description
A tax associate applies business skills, accounting expertise and fiscal acumen to help a firm comply with federal, state and local tax regulations. A tax assistant typically works under the guidance of a senior professional when performing his duties. A tax aide usually holds a bachelor's degree in accounting or taxation.
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Responsibilities
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A tax associate reviews a company's fiscal reporting systems and ensures they adhere to Internal Revenue Service (IRS) guidelines as well as state and local directives. For instance, an associate at an insurance company can review tax computation methods that the company uses in its payroll department to ensure conformity with IRS rules. A tax aide also may ensure that the firm pays its fiscal liabilities, including property, employment and income taxes, on time.
Education and Training
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A tax associate usually holds a bachelor's degree in accounting, auditing or taxation. A professional with a liberal arts background can work in a tax position but must receive on-the-job training before performing her duties. A tax associate with significant duties may have a master's degree in taxation or law. An employee with prior public accounting experience may hold a certified public accountant (CPA) or an IRS enrolled agent (EA) license.
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Salary
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A tax associate's total salary depends on education, professional certifications, seniority and length of service. U.S. Department of Labor surveys show that median wages of tax clerks were $32,510 in 2008, with the top 10 percent of the occupation earning more than $49,260 and the bottom 10 percent earning less than $20,950. Experienced tax aides earn more. The same polls indicate that median wages of tax associates were $59,430 in 2008, with the middle half of the occupation earning from $45,900 to $78,210.
Career Development
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A tax aide's chances of promotion generally depend on the company size, staffing needs and economic trends. Factors, such as academic or professional credentials, seniority and length of service, also may be career boosters. An undergraduate tax associate may improve chances of promotion by seeking a master's degree in taxation, a CPA license or an EA designation. A competent and productive tax associate moves to a senior role after three to five years.
Working Conditions
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A tax associate has a standard 8 a.m. to 5 p.m. work shift but occasionally may stay late at the office, depending on business conditions. For example, a tax aide working for an investment bank may work late at the end of the month to help with accounting close procedures. Alternatively, she may work on weekends at the end of the quarter to assist in regulatory filings with the IRS or the Securities and Exchange Commission (SEC).
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
