Find out more about the duties and responsibilities of tax accountants to learn about what they can do for you.
The tax accountant deals with important concerns which include corporate governance, planning, advice, and compliance with tax regulations. One of the primary responsibilities of tax accountants is to reduce tax liabilities of their clients in accordance with the dynamics of tax guidelines in the country.
The work of tax accountants is not easy. These taxation specialists consist of accomplishing and submitting tax returns on a daily basis. A competent tax accountant must have the capability to explain the fundamentals of relevant laws to high-net worth companies and individuals. This accountant must ensure strategies are set for projected modifications in lawmaking.
While at the University, potential tax accountants are taught the following:
Make tax computations
Advise clients regarding tax requirements
Conduct research about the latest legal cases and statutes
Accomplish and submit different tax forms
Work closely with revenue agencies
Analyze and communicate tax information
Tax accountants must be able to explain complicated legal terminologies to ordinary people. These individuals need aptitude in time management, expertise in mathematics, attention to details, and good verbal and written communication flair.
Minimum educational prerequisite for the position of tax accountant is a bachelor’s degree with major in accounting. Yet, certain employers require additional learning such as master’s degree. Another degree can be business administration with specialization in accounting. Students must enroll in coursework related directly to taxation.
Majority of tax accountants are licensed Certified Public Accountants (CPAs). This license is obtained through the Accountancy State Board. According to the American Institute of Certified Public Accountants, examinations are compulsory for this particular designation. Requirements differ according to state governments although there are four basic parts for the examination. Professional certification is not mandatory in this accounting field. Nevertheless, certifications are recommended since these demonstrate a higher level of skills and professionalism among accountants.
Accountant’s Primary Tasks
The tax accountant helps clients file state and federal taxes. This provider of financial services needs to determine specific needs of clients. It can be as simple as answering inquiries related to taxation or doing the forms for clients. If you want the accountant to file your taxes, expect them to ask for all pertinent information. Tax accountants examine the information carefully, check deductions and find out the amount taxes to be paid. Once everything has been completed, the accountant conducts a final confirmation prior to returning the papers to the client. Taxpayers have the option to file the documents personally of have these filed by the tax accountant on their behalf.
Tax Accounting is standardized by the Internal Revenue Code (IRC) of the United States. This complicated System prescribes specific decrees that business entities and individual citizens must adhere to in the preparation of tax returns. Again, tax accountants can help you understand the IRC better. As a reminder, you need to check out the credentials of tax accountants as well as their Preparer Tax Identification Number (PTIN) before employing one.