As part of my part time training, I have been undertaking a course in tax accounting. My intention in the long run is to serve as an independent tax consultant after gaining ample experience in the field. As such, I intend to be employed in the profession for 10 years and then start my own firm after 10 years of service. I intend to specialize in tax accounting amid the various branched of accounting, which include auditing, financial management, etc. This is after realizing that many people have no experience on how to file their tax returns or other knowledge on taxation. The skills will also help me secure contracts with major organizations which do not intend to have a permanent tax accountant. Here is the job description for the 10 years as an employee on the profession; including benefits and compensation.
Tax accountants are integral in the world of business and are an important part of human resource in every organization. They are recognized by the government and are expected to be registered under a professional body of accounting. Registration and certification increases employability and shows professionalism. The main role of the tax accountant is to prepare tax statements, business activity statements (BAS statements), as well as financial statements depending on the interval one is serving ( Mazur, 2019 ). They are also tasked with the responsibility of preparing and returning documents and statements to the company clients within set deadlines.
Delegate your assignment to our experts and they will do the rest.
Furthermore, tax accountants work with regulatory bodies of taxation if and when required: whether during training, in internship programs or practicing professionals. It is also their responsibility to prepare income tax returns for the business in which they are affiliated with in addition to other statements for audits ( Mazur, 2019 ). They also offer important assistance in tax planning- this has gained international recognition due to need for tax ramifications in making decisions. Even though this may be a separate profession, the tax accountants may be called upon to offer assistance to tax planners with the primary objective of developing strategies surrounding financial situations for clients. Besides, through constant engagement with the clients, they help in maintaining a cordial relationship with them. They are also important in the process of identification of areas where the business or clients can reduce taxes, increase profits or make claims ( Smith, 2017 ). Also, they may offer important advice on market trends and financial landscape. Tax accountants also undertake any additional task (s) as requested by their superiors.
To qualify as a tax accountant, one is supposed to earn a bachelor’s degree in accounting. Also, one may serve in a similar position while still holding a master’s degree on the same ( Berger, 2018 ). However, to gain competitive advantage, a tax accountant may take a step further and undertake an exam for Certified Public Accountant (CPA) after graduation (Mazur, 2019). However, this is varied from one region to another and qualification for enrollment are also regional. Depending on the position one holds in an organization as a tax accountant, the department is under the general manager ( Berger, 2018) . The manager of the department reports directly to managers while assistant tax accountants report to their departmental managers ( Berger, 2018) . However, this may vary with respect to organizational structure in place.
To be comfortable and to fit in in the tax, accounting profession, one must have a personal appeal for solving problems and for numbers. Besides, ability to solving challenges is important; which requires resilience and flexibility. This is because, as a tax accountant, one will do more than just prepare tax returns. There is a need for a thorough understanding of both national and international laws on tax ( Mazur, 2019 ). The profession is appropriate for people who enjoy doing research and work in a fast pace; but not at the expense of accuracy ( Berger, 2018) . A tax accountant is also supposed to have effective communication skills, both written and verbal. This is because, tax consultants act as consultants both within and outside the firm, that is, he or she may offer tax advice to the business clients or direct clients for independent tax agents. However, one must be prepared to work for longer hours compared to other professionals, especially at certain seasons of the fiscal year. This is because, to some people, the set deadline may be overwhelming to some people. Therefore, one has to be prepared for the good and bad of the profession.
Tax accountant profession, as auditing profession and others within the accounting bracket, earn “€38,000-€45,000 per annum as a graduate increasing to €50,000-€55,000 with 5+ years’ experience” ( Mazur, 2019 ). However, this amount is not limited to this range, it may change depending on position and economic season. For instance, during the boom, they may report good times due to an increase in their earning percentile. Also, inflation may affect the rate of earning ( Berger, 2018) . The organizational policy is also an important factor that affects the amount of salary earned by a tax accountant. Tax accountants also enjoy benefits packages in the form of maternity leave, 401K, life insurance, Cobra, medical insurance and short-term disability ( Mazur, 2019 ). These also depend on government policy, location and organization among others.
Based on the above description, I believe that I made the right decision joining training to qualify as a tax accountant. As an individual with passing for members and tax laws, it is my hope and believe that the profession will serve to help me realize my long-term goal of starting my own firm and become a reputable tax consultant while offering taxation services to clients.
References
Berger, E. (2018). Tax Law’s Implications for Emergency Physicians: A Mixed Bag, Experts Caution. Annals of Emergency Medicine , 71 (4), A15-A17.
Mazur, M. J. (2019). Luck and Tax Policy. Ohio Northern University Law Review , 44 (1), 5.
Smith, G. S. (2017). The accountant: a character in literature. Meditari Accountancy Research , 25 (1), 2-27.
