Tax Analyst Job Description, Key Duties and Responsibilities
If you are searching to know what the tax analyst job description is, this post provides the information. It treats exhaustively the key duties, tasks, and responsibilities that define the tax analyst work description.
You will also discover from this article the major requirements by most organizations that applicants for the tax analyst role are usually asked to meet to be able to assess the position.
Please, read on:
What Does a Tax Analyst Do?
The tax analyst is a professional responsible for ensuring that an organization pays the right amount of taxes and are in compliance with local, state, and federal tax reporting obligations.
They work in various industries, including banking, telecommunication, IT, manufacturing, transportation, etc.
The tax analyst job description entails analyzing the current tax liabilities owed by an organization and filing the appropriate paperwork with the Internal Revenue Service and state and local agencies with a primary goal of ensuring that the organization pays the correct amount of taxes.
Tax analysts utilize excellent time management skills to ensure that all quarterly and annual returns are filed timely.
They are responsible for ensuring accurate taxation, reporting, and tax remittances for a company’s staff payrolls.
They also provide support to the payroll manager and relevant units with research and projects related to tax matters as needed.
The tax analyst role also involves managing the relationship between a company and her tax vendors to ensure appropriate handling of all tax obligations, and the timely resolution of agency notices.
The tax analyst also serves as a subject matter expert on all payroll tax related matters.
To work as a tax analyst requires a minimum of a Bachelor’s degree in Accounting or Finance, or in a related field.
In addition to their education, individuals interested in the tax analyst career must also be detail-oriented professionals with solid analytical, problem-solving, and quantitative skills.
They must also possess excellent communication, organization, and follow- through abilities to perform their job successfully.
Tax Analyst Job Description Example/Sample/Template
The tax analyst performs various functions in ensuring effective handling of all tax related matters in the organization they work for, and their responsibility vary based on the complexity of the taxes they’re filing for, and the assets, expenses, and deductions associated with the business.
The major tasks, duties, and responsibilities that typically make up the job description of a tax analyst are listed below:
- Responsible for gathering the information required for international compliance and transfer pricing, and provide support with the year-end provision
- Provide support with professional development, as well as review the work of the tax accountant
- Provide support for tax audits and answer to inquiries from various taxing jurisdictions
- Verify account balances by performing reconciliations on tax general ledger accounts
- Responsible for ensuring proper taxation of inbound and outbound expatriate employees
- Ensure the organization is current with changing tax obligations and contact tax agencies to apply for and set up new tax IDs as necessary
- Liaise with tax agencies for timely resolution of all payroll tax related issues
- Review and approve all payments and returns by tax vendors whether on a weekly, biweekly, quarterly, or annual basis
- Regularly perform audits on the system to ensure data integrity; responsible for the resolution of discrepancies that might adversely impact on the company’s tax returns
- Responsible for the reconciliation of payroll tax account balances and other payroll functions as required.
Tax Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
Applicants seeking the job of a tax analyst are commonly expected to satisfy a set of requirements by most organizations.
This is for the hiring organization to be sure that they are recruiting only people who can effectively carry out the assigned obligations, purpose, and objectives of the tax analyst role.
If you are applying for the tax analyst position, shown below are major requirements you may be asked to meet to qualify for recruitment:
- Education: Applicants for the tax analyst job require a Bachelor’s degree in Accounting, Finance, Economics, or in a business related field. However, a Master’s degree or MBA is preferred
- Knowledge: It is essential that they possess strong working knowledge of and ability to apply accounting concepts; knowledge of tax preparation software and tax research databases; and the ability to analyze and synthesize large amounts of data and related compliance/regulations
- Certifications: This is not a requirement, but some organizations prefer to hire a Certified Public Accountant (CPA)
- Computer skills: Tax analysts must be proficient with Microsoft Office tools, especially Excel. It is also essential that they possess strong computer skills to perform digital and online related tax duties
- Quantitative skills: It also vital that they possess strong mathematical and quantitative skills to handle tax audits, reconciliations, and payroll related tax matters
- Attention to detail: They must be meticulously detailed individuals to ensure excellent reconciliation and consistently accurate filling of reports, preparation of documents, and effective performance of other duties assigned
- Organizational skills: Applicants for the tax analyst role must be highly organized individuals with the ability to multi-task and prioritize projects to ensure completion within assigned deadlines
- Follow-through skills: This skill is also essential for them to take ownership of projects and see them through to completion
- Excellent problem-solving skills
- Sound analytical skills: They require strong analytical skills to create highly detailed tax reports and accurately fill out tax forms
- Communication skills: Tax analyst must possess strong verbal and written communications skills necessary for explaining tax processes and making recommendations.
If you are a recruiter or HR manager hiring for the tax analyst position in your organization, you will need to publish the description of the job for interested individuals to learn about the role and be sure that they are suited for it.
To make a detailed and effective description of the tax analyst role in your organization, you can apply the sample job description provided above, in addition to the duties and responsibilities of the position discussed in this post.
The information provided on this page is also useful to individuals interested in the tax analyst career. They will be able to improve their knowledge of the tax analyst duties and responsibilities and therefore will be able to make the right decision concerning their career choice.
Did this article help you learn what tax analysts do? Please, make a comment in the box below. You may also discuss your job description if you work as a tax analyst.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.