Tax Accountants use their skills and knowledge of tax legislation and regulations to provide assistance to their clients or employers in paying taxes in the most efficient and beneficial way possible, always complying with government laws and procedures. They provide advice to companies and clients on how to minimize the impact that paying taxes takes on the company.
There are two types of Tax Accountants, Corporate and Personal. Corporate Tax Accountants work for companies, whether as part of an Accounting Firm or as a member of the Accounting department, to ensure that the company doesn’t pay more taxes than the minimum necessary according to law and regulations. Personal Tax Accountants, on the other hand, work for individual clients, usually with an Accounting firm, providing advice and assistance with tax payments.
Most Tax Accountants work for specialized Accounting Firms, as part of the staff of a company, or for the provincial or national government. Firms usually work with small or medium-sized businesses, as well as for individuals looking for assistance with their taxes. Some Tax Accountants prefer to be self-employed and work independently from any firm or company, offering their services to individual clients.
Here’s a non-exhaustive list of common tasks Tax Accountants are required to complete.
- Collect taxation information on clients or companies:
- Reviewing financial books and balances;
- analyzing financial records, systems, and budgets; and
- performing audits and interviews with clients to collect additional data.
- Analyzing collected data to find possible tax deductions or exemptions:
- Calculating tax liabilities; and
- designing strategies to minimize liabilities.
- Meeting with clients and supervisors:
- Explaining tax laws and regulations using non-technical language; and
- proposing ways to reduce payments.
- Developing strategies to reduce tax payments:
- Finding deductibles; and
- understanding tax laws and clauses to find exemptions.
- Submitting tax reports in a timely manner:
- Completing and submitting tax return forms before deadlines; and
- reviewing past tax returns and reports to find possible errors and correcting them.
- Meeting with taxation authorities on behalf of clients or employers:
- Negotiating tax payment issues with the corresponding authorities;
- going over discrepancies (e.g. income and expenses figures not matching or balancing as they should); and
- finding possible solutions for issues or discrepancies.
- Meeting with company superiors to go over tax plans:
- Explaining tax-reducing strategies;
- explaining new and updated laws and regulations regarding taxation; and
- making recommendations regarding tax impact on the company.
- Creating projections and strategies regarding the client or employer’s financial future.
- Preparing tax reports.
- Reviewing tax records of clients or employers.
- Finding possible tax deductions or exemptions.
- Developing future tax strategies and presenting tax projections to clients or employers.
- Preparing governmental tax returns.
- Preparing personal property tax returns.
- Meeting with clients and employers to explain tax laws and regulations.
- Meeting with taxation authorities.
The average Tax Accountant salary is $55,002 per year or $28 per hour. This is around 1.7 times more than the Median wage of the country. Entry level positions start at $39,000 while most experienced workers make up to $77,000. These results are based on 25 salaries extracted from job descriptions.