Expectations As a Tax Specialist

As a tax specialist, there are some requirements, responsibilities and unique skill set you ought to possess. This article lists gives the requirement, skill and responsibilities expected of a tax specialist.

They may also help individuals who have complicated financial situations, in order to help them ensure they are paying the correct taxes on their income and properties

Tax specialists work with individuals, small businesses, and large companies on tax-related issues. They research and understand the implications of relevant tax laws, as well as meet clients to gather information and explain their options.

These specialists also meet with the Internal Revenue Service (IRS) and customs officials on behalf of the client, and they complete different tax forms and audit their clients’ tax records.

One of the tax specialist’s primary duties is tax planning, advising clients on how to reduce the amount they must pay.

Therefore, they also work on tax compliance, preparing and submitting tax return forms. Our area of focus in this article is on the tax specialist’s job description and salary information.

Responsibilities

1. Prepare quarterly and annual Federal related tax compliance.

2. Prepare select Federal compliance relating to international subsidiaries, including but not limited to foreign tax credit calculations.

3. Preparation calculations of research and development credit, including documentation requirements under the Internal Revenue Code.

4. Manage tax software and implement new features and updates, assist with the quarterly and annual provision process.

5. Respond to related tax correspondence and research issues as they arise.

6. Assist with IRS and state audits as they arise, prepare quarterly and annual Fin 48 compliance

7. Prepare quarterly and annual FAS 123R compliance.

8. Tax specialists fill out the forms for their clients or for the businesses in which they work.

9. More experienced tax specialists review the work of others, while senior-level tax professionals help set tax policies, ensure compliance, and advise executive leadership on best practices and emerging issues related to tax.

10. Tax specialists document all stages of the accounting cycle in order to prepare Federal, State, and local tax returns.

Tax Specialist Skills

11. Reviews data prior to preparing the returns, prepare and file returns and provide background documentation in case of an audit.

12. Develop and maintain all account reconciliations.

13. Search and solve tax account balance problems with different tax agencies.

14. Respond to different government tax agencies inquiries associated with the above items.

15. Coordinate with auditors in the tax portion of the annual-end audit.

16. Take part in process development and coordinate with business units along with tax systems and process improvement.

17. Supervise special projects as allocated by the tax director from time to time.

18. Transmit taxes before the last settlement date.

19. Ensure to file tax returns to the suitable tax authority.

20. Tax specialists review tax credits and analyze their benefits, and they must file tax forms by designated deadlines.

21. They also maintain tax records.

22. In organisations, the tax specialist usually works with the corporate tax management staff and may interact with the chief financial officer (CFO) of the company.

23. These professionals typically work in an office setting during regular business hours, although overtime may be required as deadlines approach.

24. Prepares quarterly and annual Federal related tax compliance.

25. Prepares select Federal compliance relating to international subsidiaries, including but not limited to foreign tax credit calculations.

26. Preparation calculations of research and development credit, including documentation requirements under the Internal Revenue Code.

27. Respond to related tax correspondence and research issues as they arise.

Educational Requirements

1. A bachelor’s degree in business, accounting, economics, or a related field is typically required for this position.

2. Tax specialists must be able to work independently under deadlines, have strong written and oral communication skills, and be able to use the basic computer software required for this position.

3. They must have an in-depth knowledge of federal, state, and local tax laws

4. A 5-year combined undergraduate/master’s degree program for accounting majors who want to become CPAs.

5. 3 to 4 years of tax experience.

6. Demonstrated attention to detail and accuracy.

7. Demonstrated analytical, technical, organisational, and problem-solving skills.

8. Ability to work well in a team and independently.

9. Demonstrated initiative in mastering new technical areas quickly.

10. Flexibility to work additional hours as needed.

11. Exposure to general ledger accounting and financial statement reporting.

12. Experience with online accounting systems.

13. Securities transactions tax experience.

14. General knowledge of the mutual fund industry or mutual fund tax experience.

Common Interview Questions for Tax Specialists.

These are some questions that you should expect to be asked in an interview.

1. What sort of companies/clients have you supported in the past?

2. If you encounter a situation that you are unfamiliar with, how do you research to find the answer?

3. Do you have experience resolving discrepancies with the IRS on behalf of your clients?

4. How do you handle heavy volumes of work during tax season?

5. Can you describe the systems you have used and your comfort level with each?

Tax Specialists Salary Information

Average Tax Specialist Salary

• $51,334
• N18, 505,673.88
• £40,470.91

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