How to become A Tax Accountant

• Account Analyst
• Audit Analyst
• Financial Statement Analyst

What do Tax Accountants do?

A Tax Accountant would typically need to:

• Research the basis for tax positions; recommend tax strategies that align with business goals
• Organize and update the company’s tax database to estimate, prepare the necessary paperwork, and track tax payments as well as returns; research and correct process errors that caused incorrect tax filings
• Review and process daily, weekly, and monthly reports as per guidelines; complete quarterly and annual tax reports
• Proactively maintain and update document updates to departmental procedures, share financial data with the accounting department, and forecast tax predictions to senior managers
• Advise management regarding the tax impact of and savings from corporate strategies such as prospective acquisitions as well as the effects of new laws on tax liabilities
• Negotiate with tax authorities over tax payment issues while following industry trends and tracking changes related to taxes
• Liaise with internal and external auditors, coordinate outsourced tax preparation work, and support external and internal clients

Jobs are more commonly available in cities and larger towns. Travel to client offices to discuss professional issues may be necessary. Tax Accountants usually work in accounting firms in an office setting, collaborating with a team that includes staff, management, and co-workers. Considerable time is spent at the computer using accounting software or doing extensive research on current tax laws. The preferred dress code is smart casual unless otherwise specified.

The job often requires late hours, with seasonal spikes in the workload and hours of research.

You may choose to work independently by finding your own set of clients, since a computer or a laptop and accounting software packages are the only necessary logistics.

Tax Accountants are generally employed by:

• The Big 4
• Financial Companies
• Government Organizations
• Private Companies
• Small Firms

Professional associations and organizations are a crucial resource for Tax Accountants interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more looks excellent on your resume to bolster your credentials and qualifications as a Tax Accountant.

• Staying on top of tax changes and being alert to crackdowns on work-related expense claims
• Delivering to deadlines without killing yourself and still growing or sustaining your accounting practice
• Thinking of small changes, such as getting clients on board with new technology, that inspire the people around you, lead to greater clarity, and thus a better ability to make decisions
• Working on your thoughts, feelings, behavior, and communication skills at work and shifting gears to attract and retain the next generation of practitioners

On-the-job training ensures that Tax Accounting trainees will be acquainted with the performance of multiple jobs, including tax compliance, assisting with tax budgeting, coordinating with various officials such as auditors and tax advisors, and assisting with tax provision reporting.

A bachelor’s degree in accounting or business administration is mandatory for aspiring Tax Accountants. You may also pursue accounting with a concentration in tax to improve your employment chances. Tax Accountants hold at least a bachelor's degree, but because additional credits are usually required to become a Chartered Accountant, many professionals go on to earn graduate certificates or master's degrees.

Accounting school graduates can work without certification in general bookkeeping and accounting jobs for finance departments of private and public institutions. However, state and central governments do require Tax Accountants to have earned appropriate certifications before becoming licensed to practice in certain jobs.

Each country has its accounting certifications that financial professionals can use to enhance their careers, achieve promotions, and pay raises. The certifications may differ slightly in requirements and career focus. You would choose the right one depending on your career aspirations, or you might find an advantage in affixing more than one credential behind your name.

You can begin your professional career by having experience in a related field or the required qualifications and interest in tax accountancy. Most accountants move up the career ladder through experience and credentials. They start as trainees and quickly take up more responsibilities.

Once the training is over, climbing up the career and wage ladder is quite simple. You could move up within the profession (a vertical shift) – either at your workplace or a new one – or sideways into something else, like teaching or research or investing (a horizontal shift).

You could even become a high-level Manager or Leader aiming at the role of Chief Financial Officer as you start your own business using what you learned during your time as a Tax Accountant.

Job applicants who hold accounting credentials or certification or have a master’s degree in accounting may find the best job prospects.

A master’s program may be necessary to acquire certification and to give you a professional edge. You may pursue a tax concentration within an accounting program. After earning certification, most must complete continuing education to maintain their credentials. Working in another field of tax, having a dissertation in tax, or accreditations related to tax would be beneficial. Knowledge of tax is mandatory.

Accreditations from certain institutions are key to successfully learning the ropes in the business. Professional organizations provide valuable opportunities for networking, information, and resources vital for career advancement.

Specialization

Since tax laws are highly complex, Tax Accountants choose to specialize and become experts in certain areas. For instance, they may specialize in contract law, wages and compensation practices, income reporting, inventory distribution, or asset liabilities. Businesses and individuals must choose the appropriate type of certified Tax Accountant to receive relevant and expert counsel that protects and promotes their financial interests.

Newspapers started using large sheets of paper because of the “knowledge tax.” In 1816, the British taxed newspapers per page - larger paper added more content, reducing the number of pages!

Tax Accountants influence the lives and finances of clients as they strive to be more than number crunchers. Tax Accountants get to meet and form relationships with people from a diverse range of backgrounds. You never have to worry about getting dull with the variety of tasks work entails as people look to you for advice and counsel. With a little bit of hard work, a drive to succeed, and a passion for your profession, you can reap the many rewards that this field offers!

Learn blockchain if you haven’t already, and AI, too! Even with all these changes, understand your client and service their needs - tax/financial planning, small business assurance, or accounting. Listen, understand, and deliver.