Job Description for a Tax Supervisor
Every citizen and resident living in the United States must eventually pay taxes to their state and federal government. Tax legislation is often complex and requires the insight and expertise of a trained tax accountant. Companies must also rely on the services of tax supervisors, professionals who work in accounting firms, to help them assemble and execute tax planning strategies for their businesses.
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Function
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Tax supervisors work closely with clients to organize, prepare and process their income tax statements. In addition to setting up and hosting telephone conferences and meetings to discuss and finalize tax planning projects, tax supervisors also update and track quarterly tax estimates throughout the year. It is their job to constantly communicate with clients, handle tax planning questions, and review client expenses and net income. Other duties include hiring, training and managing junior-level team members and bookkeeping staff.
Education
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Students looking to become a tax supervisor with a small or large accounting firm must obtain a bachelor’s degree in accounting, finance or a related field. Some firms prefer candidates with a master’s degree in accounting or an MBA. Candidates who wish to practice public accounting must obtain a license through their State Board of Accountancy. By passing the Certified Public Accountant exam, accountants are authorized to file financial reports with the Securities and Exchange Commission. Most states require candidates to obtain a bachelor’s degree prior to taking the CPA exam.
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Skills
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Throughout the entire day, tax supervisors are confronted with complex figures and numbers. Consequently, it is essential that these professionals possess strong math and analytical skills, as well as the ability to clearly explain technical terms to clients and staff. Excellent client service and oral communication skills are also needed on the job, since tax supervisors must build strong client relationships and present solutions that address their clients’ needs.
Salary Range
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The average salary for tax supervisors in the U.S. fell between $63,743 and $79,115 per year, according to a November 2010 PayScale report. PayScale also reported that total earnings in 2010 for tax supervisors, including bonuses, profit sharing and commission ranged from $64,917 to $82,894 per year.
Potential
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According to the U.S. Department of Labor's Bureau of Labor Statistics “Occupational Outlook Handbook, 2010-11 Edition,” the accounting field will grow by 22 percent during the 2008 to 2018 decade. Tax accountants will be needed to guide companies through compliance laws, complex audits and overseas business transactions. The BLS also states that laws requiring increased transparency and accountability will pressure companies to hire experts who can ensure that proper business processes and policies are implemented in their organizations. In addition, the introduction of International Financial Reporting Standards will fuel employment for professionals who are specially trained to help firms interpret and comply with IFRS standards.
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