Tax accountants help individuals and companies prepare and file accurate tax returns that meet all legal standards. They also use their knowledge of tax law to help clients increase savings and avoid penalties. Duties and Responsibilities of a Tax Accountant
Some tax accountants hold permanent in-house positions with businesses. Others work for payroll service providers or accounting firms. Government agencies, insurance companies, and financial services firms also hire tax accountants. Self-employment is another option.
Like most tax professionals, tax accountants are usually very busy during the Jan. 1-April 15 tax season. During the off season, they may provide tax management services to clients. These services include performing audits, offering advice on investment and asset management, and developing financial plans.
As of 2021, women in the accounting field earned 95% of what men in the field earned. This indicates a smaller gender pay gap than other professions.
Tax Accountant Duties
- Study, appraise, analyze, and resolve tax-related issues
- Research and apply tax laws to company, business, and individual situations
- Provide tax-related consultation to staff and clients
- Research and prepare tax forms
- Follow up with clients to obtain required tax documentation
- Work closely with tax manager to ensure tax-related issues and questions are resolved
Tax Accountant Responsibilities
- Manage operational taxes and structure profit plans to maintain or increase profit margins
- Review financial reports and balance sheets; identify and analyze trends
- Prepare and file state and local tax returns
- Solve tax problems, and collaborate with the accounting team
- Meet with state and federal agencies regarding audit and tax matters