Associate Tax Accountant Responsibilities

Paying taxes is one of the most important duties that needs to be performed by every responsible citizen. The revenue generated through the taxes is used by the government in planning, organizing and implementing procedures that will help in the general welfare of the society. Thus tax accounting plays an important role. Individuals or corporate entities generally employ tax accountant or their associates to carry out these functions. Effective execution of the associate tax accountant responsibilities will help in generating a goodwill for the company by keeping in legal compliance.

Importance of Associate Tax Accountant

The associate tax accountant can decide to pay the taxes based on the size of the organization either by cash method or accrual method. Tax accounting helps the organization to analyze the position of the organization from a financial point of view. The well-maintained records help in eliminating the unwanted records, saving the resources as well as the money. It enables an organization to take decisions quickly and help in designing budgets and forecasting the future trends.

Key Responsibilities of Associate Tax Accountant

Associate tax accountant is like a right hand to the tax accountant and performs a majority of his responsibilities which are as follows:

  1. To prepare local, state and federal tax returns for individuals, businesses and organization
  2. To provide guidance and instruct the clients on how to minimize the tax liability
  3. To give them information about the current changes and guide them on the subsequent effects that may occur in their business
  4. To ensure that the taxes are paid keeping in compliance with the standards outlined
  5. To manage and analyze all the crucial financial matters and communicate the findings based on it to the client
  6. To ensure timely filing of taxes

He also maintains accurate reports and data of the clients financial data so that they are available whenever required for future reference. He collects the important financial details from various departments and checks for their accuracy. He conducts a thorough research and applies plans which are appropriate.

Educational Requirements for an Associate Tax Accountant

A bachelor's degree in accounting or finance is necessary. However, a masters degree in business taxation or a CPA is definitely preferred. A professional accounting and auditing experience will help you in getting the job more easily.

Essential Skills for an Associate Tax Accountant

To be a successful associate tax accountant you need to have the following skills:

  1. Good researching ability with a keen eye for detail
  2. Excellent numerical skills
  3. Excellent communication skills, both written and oral
  4. A detailed working knowledge of the tax procedures is required. He should keep himself updated with the current system of tax processing
  5. He should be an excellent team player and should be able to motivate people to bring out their maximum potential
  6. He should be able to prioritize work by displaying exceptional time management and organizational skills especially during the peak season when he is required to work under stressful conditions

Work Hours for an Associate Tax Accountant

The work schedule normally does not extend beyond forty to forty five hours per week. However, he is expected to work for long hours especially during the peak tax season.

Salary for an Associate Tax Accountant

The salary for an associate tax accountant is dependent on the type and size of the organization he works for. It also depends on the relevant experience and the academic qualifications.

Career Advancement for Associate Tax Accountant

Tax accountants have got a bright future in the coming years. Hence an associate tax accountant can be promoted as a tax accountant. He can even have the option of being self-employed so that he earns more monetary returns.

Thus, to carry out the associate tax accountant responsibilities effectively one must have a firm understanding and knowledge of the basic accounting functions and must keep abreast with the current tax issues that may affect the client.

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