What are Latest Tax Accountant Job Description in 2022
Tax Accountant is very responsible job. He should be well equipped with tax laws of their country as well as accounting concepts. Tax Accountant is normally considered to be knowledgeable in the field of taxation of Salaried, Individual, Partnership Business and for corporate Sector. Tax Accountant Job Description is one of the key role in any organization.
Tax Accountant Job description includes registration matters, compliance (both monthly and annually), and dealing with tax audits, tax assessments etc.,
What is the difference between an accountant and a tax accountant?
A tax accountant job description is concerned with compliance with tax laws, and will give tax advice. He will also file tax statements and attend tax hearings. Preparation of monthly and annual tax reporting.
An accountant, on the other hand, is responsible for preparation of strategies. When accountant will apply these legal strategies then can pay less tax. Accountant is also responsible for preparation of books of accounts, financial statements, ratio analysis, and helping auditors in audit of accounts.
Tax Accountant Duties and Responsibilities
Tax Accountant Job Description includes tax related matters only. However, it is not necessary that he will do only tax related tasks. Management can ask him to perform other duties also, like preparation of financial statements. If a Tax Accountant’s duties are all related to tax then these include the following:
- Prepare of tax provisions schedules,
- Preparation of Income & Sales Tax Returns,
- Calculation & Preparation of tax challans for tax payments,
- Preparation & Submission of monthly & annual Withholding tax statements
- Managing & preparing reports and maintain a company’s tax database
- Find tax solutions to complicated tax issues or errors from incorrect tax filings
- Tax Planning ( Identify legal way to tax savings and suggest ways to improve gains)
- Complying with federal, provincial / state and local tax regulations
- Advise management about the impact of tax liabilities
- Suggest corporate tax strategies
- Advice new tax laws
- Coordination with external officials in tax preparation work
- Accurately preparation of monthly, quarterly and annual tax reports
- Keeping up-to-date with changes in tax laws
- following industry trends by participating in Continuing Professional Development (CPD) activities,
- participating in professional organizations for keeping up with professional networks and reading professional publications.
- Complying different tax registrations federal, provincial, state or local
- preparing tax working for compliance of tax assessments, and tax audits and attending hearing of tax cases
- issuance of tax deduction certificates to employees, suppliers of goods and services etc.,
Skills Required for Tax Accountant
- Additional work experience as a Tax Accountant, Tax Manager, or Tax Preparer
- Complete accounting and bookkeeping skills
- Knowledge of accounting software
- Computer Skills ( especially MS Excel & MS Word )
- Professionally Qualified (CA, ACCA, ICAEW, CAT, CMA, CPA etc.,)
Frequently asked questions
What does a Tax Accountant do?
Tax Accountant does tax planning, tax registrations, monthly and annual tax compliances, working for tax audits and tax assessments, advising tax strategies, and advising changes in tax laws.
What are the duties and responsibilities of a Tax Accountant?
They prepare returns, payments, or other documents for clients with complex taxes. Filing tax returns on time each year. Preparing tax workings for replying tax cases, assessments and audits.
What makes a good Tax Accountant?
Knowledge of updated tax laws makes a tax accountant good tax professional. In addition to this computer literacy, knowledge of accounting standards, auditing standards, and corporate laws are also additionally benefited.
Conclusion – Tax Accountant Job Description
Tax Accountant must engage himself in research, have high ethical compliances and keen interest in the tax laws.
Tax preparer job description is not only applying numbers to tax forms; he is also required to engage himself with their clients to inform them their weaknesses and grey areas. He is also required to inform them to avoid these issues in next compliances.
The Tax Accountant Job Description and skills mentioned here are a tiny effort, tax accountant must indulge himself in all activities which makes him a complete tax professional.