Tax Accountants prepare tax returns for an organization. They use their knowledge of the U.S. Internal Revenue Code and state laws to guide the organization’s tax policy and manage strategy on tax-related issues. They recommend compliance strategy on all tax reporting requirements, while attempting to minimize tax liability. They prepare special tax reports and represent the organization at tax hearings.
Tax Accountants use their knowledge of the tax code and research on the effects of taxes on corporate earnings to recommend changes in accounting practices to reduce an organization’s tax liability. Tax accounting is one of the most difficult fields in accounting to enter as a career. Taxation is a complex and constantly changing field, and for this reason, those choosing to make tax work their career often specialize their work in one particular area, such as corporate tax, property tax, or sales and use taxes. Some Tax Accountants are independent practitioners who handle the tax needs of highly compensated individuals and owners of privately owned businesses. They offer professional guidance on a range of issues, from estate planning and charitable giving to evaluating qualified retirement plans and compensation planning.
Tax Accountants make extensive use of computers and office automation that help manage the filing of tax returns and minimize the handling of paperwork. Automated tax accounting software makes it possible to process tax returns for multiple jurisdictions in a nearly paperless environment until final versions are printed. Tax Accountants work under tight schedules and they must be able to prioritize their work to meet accounting reporting deadlines. They work in an office setting with minimal travel requirements. They typically work a 40-hour week, but often work longer hours when preparing quarterly tax reports and annual tax returns.