Tax accountants offer support to businesses or individuals by preparing their federal and state income taxes. In addition, they assure their clients and business associates that their taxes are properly calculated within federal and state laws. An individual interested in becoming a tax accountant must have a bachelor’s degree in either accounting or finance, great organizational skills in obtaining information and preparing documents, and tax accounting experience in a public or business setting. Experience can be gained in numerous ways, such as obtaining a part-time job or an internship with a finance company.
Federal and State Income Tax Preparation
Tax accountants prepare federal and state income tax returns for individuals, businesses and other organizations. Tax accountants usually research and determine specific payment amounts so the most accurate information is applied to the returns.
Tax Audit Preparation
Tax accountants examine tax accounts and records and determine how much tax individuals or companies owe by researching federal laws, regulations and tax rates.
Tax accountants are responsible for analyzing and arranging 1099 forms for multiple organizations as well as filing the forms with the IRS after they are completed.
Tax accountants organize various taxes for businesses, including property taxes, sales taxes and business license taxes. Taxes are usually calculated and filed as well as arranged in statements to submit to businesses for payment.
To provide an accurate financial outlook for a company, reports conducted daily, monthly and annually are issued to the Chief Financial Officer. They include annual tax projection reports, monthly management fee reports, sales tax reports and daily cash reports.