Tax Accountant: Job Description & Requirements
Tax accountants require a significant amount of formal education. Learn about the degree programs, job duties and certification requirements to see if this is the right career for you.
Tax accountants assist clients with their financial and income tax statements. These professionals may have typical work weeks, except around tax season when their hours can increase significantly. Tax accountants must keep up to date on changes in the tax laws that could affect their clients, and they need a bachelor's degree in accounting or a relevant field. Accountants seeking Certified Public Accountant (CPA) status need 30 hours of education beyond the bachelor's degree as well as accounting experience. They also must pass an examination.
|Required Education||Bachelor's degree in accounting or relevant subject; additional 30 hours required to seek CPA credentials|
|Other Requirements||CPA designation required for those who file reports with the SEC|
|Projected Job Growth (2012-2022)*||13% for all accountants and auditors|
|Median Salary (2013)*||$65,080 for all accountants and auditors|
Source: *U.S. Bureau of Labor Statistics
Job Description for Tax Accountant
Tax accountants prepare federal, state and local tax returns for businesses, organizations and individuals. As such, these professionals are knowledgeable on business concepts and government regulations. Tax accountants may advise clients on how to minimize tax liability, inform them of any tax changes that affect their business and ensure compliance with taxing agency requirements. Tax accountants are involved in any disputes or audits that affect their clients.
According to the U.S. Bureau of Labor Statistics (BLS), employment for accountants and auditors was expected to increase by 13% from 2012-2022 (www.bls.gov). The increase is due to stricter regulations and a need for accountants to handle compliance matters.
The BLS reported a median annual salary of $65,080 for accountants and auditors in 2013. The top paying industries at that time were securities and commodity exchanges and the federal government.
Requirements for Becoming a Tax Accountant
A bachelor's degree is usually the minimum educational requirement for becoming a tax accountant. Prospective tax accountants may seek out accounting programs or related majors such as business administration. Individuals who are considering master's programs in accountancy may look for programs that include a tax concentration. These programs include coursework in financial planning, auditing and taxation, in addition to courses in business calculus and statistics.
Certification and Licensing Requirements
In order to file reports with the U.S. Securities and Exchange Commission, accountants must be licensed as Certified Public Accountants (CPAs) by their state boards. Specific requirements for licensure vary by state, but most mandate applicants to complete 150 semester hours, 30 hours more than what is required for a 4-year degree. Additionally, states typically mandate that applicants have two years experience in accounting.
Once eligible, candidates may take the CPA exam administered by the American Institute of Certified Public Accountants (www.aicpa.org). After earning their certification, most CPAs must complete continuing education to maintain their credentials.
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