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Are you searching for a tax associate job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a tax associate. Feel free to use our tax associate job description template to produce your own tax associate job description. We also provide you with information about the salary you can earn as a tax associate.

 

Who is a Tax Associate?

Tax associates, also referred to as tax specialists, prepare tax returns for corporations, partnerships, and individuals and make sure their customers abide by local, state, and federal tax laws. In order to assist clients in finding solutions, they also let clients know if there are any problems with their tax documents. Although a tax associate is similar to a tax accountant, many entry-level tax associate roles don’t call for any formal certification or licensure, such as a CPA license. While many tax associates work in an office setting, some businesses allow their staff to work remotely.

 

Tax Associate Job Description

What is a tax associate job description? A tax associate job description is simply a list of duties and responsibilities of a tax associate in an organization. Below are the tax associate job description examples you can use to develop your resume or write a tax associate job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.

The duties and responsibilities of a tax associate entail all of the following:

• Make sure clients pay their state and federal taxes on time and in accordance with IRS standards.
• Utilize tax reduction measures after doing an analysis to reduce the tax obligations.
• Examine the financial documents, income statements, and spending of a firm.
• Prepare and file corporate, partnership, and individual tax returns and work papers.
• Investigate tax matters and support tax audits.
• Consult with clients, look through their tax data, and address any queries or worries.
• Assist clients with salary negotiations, accounting procedures, and employee health benefits.
• Keep accurate and current client records.
• Prepare returns by entering data into tax preparation software, checking the findings for accuracy, and submitting them.
• Examine individual tax returns to see whether any more details or supporting paperwork are required before processing.
• Prepare tax returns for individuals or businesses by compiling data on income, deductions, credits, and other factors that affect tax liabilities.
• Handle complicated tax difficulties that call for an in-depth understanding of the tax code.
• Prepare matters for court, research tax laws, court decisions, and other legal precedents.
• Stay in touch with clients to address any questions they may have regarding their tax obligations and to give them status updates throughout the tax filing process.
• Guarantee conformity with current rules and regulations by reviewing prior tax returns.
• Determine the tax burden in accordance with the Internal Revenue Service’s guidelines (IRS).

 

Qualifications

The educational and experience required for the role of a tax associate include the following:

1. Education: Most businesses need at least a bachelor’s degree in accounting, finance, or a closely related profession from tax associates. Some businesses prefer accountants with master’s degrees in accounting or business administration with a focus on accounting.
2. Experience and training: Usually, tax associates learn on the job from their managers or other seasoned tax professionals. The tax associate gains knowledge of the company’s particular practices and procedures thanks to this training. Additionally, they pick up computer and software skills from the company. Internships are another way that tax associates might learn new skills. A tax associate gets expertise in the area of taxes during an internship. They get the skills necessary to carry out the tasks of a tax professional and are able to use the knowledge they acquired in the classroom in practical situations.
3. Licenses and certificates: An entry-level tax associate position does not require a certification, but obtaining one might show your commitment to your career and boost your earning potential.

 

Essential Skills

The basic requirements for the role of a tax associate include all of the following:

1. Accounting knowledge: For tax associates, having accounting abilities is a requirement. You can comprehend the financial elements of taxes and how to compute them with the help of these abilities. Your ability to interpret the tax code and understand it will benefit from your knowledge of accounting.
2. Strong communication abilities: Speaking, listening, and having empathy for others are all part of developing communication skills. It’s crucial to be able to convey complex information in a clear way so that clients can understand it because tax associates frequently have to explain complex tax legislation to them. In order to respond effectively and accurately to a client’s enquiry, it’s also useful to listen to what they have to say when they have a question or concern about their tax returns.
3. Numeracy: Numeracy is the mathematical knowledge and abilities that are frequently required in today’s world and business.It is advantageous to be comfortable working with numbers for an extended period of time because tax associates deal with figures on a regular basis. People who are interested in a career in tax may wish to think about acquiring concepts and theories from the intermediate level of mathematics.
4. Effective time management: Time management is the capacity to organize and schedule your day to make the most of your available time. You can prioritize your duties and get more done during the day by using time management. As a tax associate, it enables you to finish a sizable job on schedule and gives you additional time to complete more billable work.
5. Excellent Problem-Solving Capabilities: In order to solve problems, one must be able to address difficulties at work. With the application of reason, imagination, and tenacity, problem solvers can frequently come up with effective answers quickly. To prevent future worries and to make sure they submit forms with the correct information, tax associates should be able to recognize, assess, and resolve any problems that may occur.
6. A keen focus on details: The capacity to detect subtle informational changes is known as attention to detail. You can be in charge of entering information into a spreadsheet or completing paperwork as a tax associate in a tax firm. Paying close attention to details can aid in the precise and speedy completion of jobs.
7. Decent organizational abilities: Your productivity at work and on-time completion of assignments can both benefit from improved organizational abilities. You can be in charge of entering data, keeping records, and filing documents as an associate. You can complete your tasks more quickly and accurately if you have great organizational skills.
8. Confidence: As a tax associate, you can find yourself in some of the most challenging situations you’ve ever faced. When that happens, it’s up to you to stay confident and get through it. By doing this, you will increase your credibility in your client’s eyes, which is wonderful for keeping their business, attracting new customers through positive word of mouth, and advancing your own career.
9. Motivation: The capacity to maintain motivation when things get challenging will be advantageous to both you and your client, just like credibility and confidence. This means that you need to maintain your attention and stay on track, especially if you operate remotely, as procrastination is a common cause of possible client loss for many prospective tax consultants.
10. Assertiveness: It’s crucial to be understanding of your client’s demands, but it’s also crucial to know when to assert yourself. This is relevant if you are defending your honor after being falsely accused of anything or owing money for a length of time that is unfair. In either scenario, it’s critical to stick to your principles and explain to your client why they are mistaken, even if doing so necessitates that they look for another tax advisor.
11. Honesty: Honesty and integrity are crucial as a tax associate when you have knowledge of how your clients handle their finances. Some of the most private facts about your client’s life are contained here. As a result, telling your client the truth is far simpler than becoming entangled in a web of lies.
12. Accountability: Accountability is crucial for a tax associate to uphold both client trust and corporate correctness. It’s also critical for your mental health to keep in mind that mistakes happen and nothing can ever be flawless. The key to becoming a great tax adviser is finding the right mix between truthfulness, accuracy, and precision. This means that as long as you own up to your mistake and take steps to prevent it from happening again in the future, it is OK to admit when you have made a mistake.
13. High levels of organization: Tax associates must be well-organized and do their jobs promptly and accurately to avoid delays or errors that could lead to more significant problems, such as unpaid tax obligations that could incur fines. Tax associates must be able to divide vast, complex jobs into manageable pieces because they deal with them on a regular basis. You must be extremely organized to preserve copies of receipts, statements, and other financial data for simple retrieval. You may have to sort through chaotic client or employer files when doing taxes, but you may also arrange them to make it easier to file taxes and keep records.

 

How to Become a Tax Associate

Below is a step-by-step guide to becoming a tax associate:

1. Finish up your schooling: A high school diploma is the bare minimum educational qualification to work as a tax associate, but an accounting bachelor’s degree may be advantageous. A bachelor’s degree can broaden your accounting knowledge and give you the specialized training you need to perform tax-related employment. A degree may also improve your chances of being contacted for the position’s interview. A degree’s acquired knowledge might also give you access to higher starting pay possibilities and additional future professional progression opportunities.
2. Select a specialization in your industry: You might be required to select a specialism in your field as a tax professional. Choose the area of tax professional work in which you feel most confident, and then continue to make efforts to advance in that area.
3. Gain work experience: Gaining work experience in a similar position, such as an accounting clerk or bookkeeping assistant, is beneficial whether you decide to pursue employment without advanced accounting schooling or obtain a degree before doing so. You can acquire the real-world experience that hiring managers frequently search for by acquiring similar experience. Another option is to look for an internship, which will help you get accustomed to the workplace and teach you a lot of techniques you may apply after you land a job. Regardless of how you decide to get experience, it might improve your chances of finding work in the future because you can list the position on your resume and let employers know you’ve previously worked in the field.
4. Network: It can be advantageous to network with your peers while in college or at your first job. They can supply you with knowledge about the tax sector and pointers to help you perform your job more effectively. You might also come across a mentor who can offer direction, emotional support, and serve as a role model for some useful working techniques. Additionally, networking gives you the chance to meet people in other tax-related professions, such as managers and accountants, which may lead to future career progression opportunities. Several networking tactics are as follows:

• Take initiative: Maintain your networking efforts so that you can quickly contact them if you ever need a favor or a reference and ask for help.
• Keep track of your contacts: As your network expands, make sure to keep track of each person’s name, contact information, and background. In the future, if you need to get in touch with them about employment or have a query about the industry, it might be helpful.
• Seek out networking opportunities: In addition to networking during business hours, look for other networking opportunities. This could include gatherings at work, gatherings in the community, or getaways.

5. Continued education: A master’s degree in accounting may be of interest to you if you desire to continue your education in order to take advantage of potential career progression opportunities. If going to school full-time, it will take an additional two years to finish. Many working professionals choose to work full-time while attending school part-time. You might also be considering pursuing a career as a certified public accountant (CPA). You need a bachelor’s degree in accounting to become a CPA. You can then schedule your CPA examinations and finish an application. You have 18 months starting from the first exam to finish all four components. Each exam is taken independently, and a passing grade is 75. According to the rules, you must also meet a passing score and have one year of accounting experience before you can submit an application for your CPA license.

 

Reasons to Become a Tax Associate

Flexibility: You might be able to work remotely depending on the company you work for. Numerous employers also offer flexible work schedules, allowing you to choose the times that are most suitable for you.

Career advancement: As your career as a tax associate progresses, you can learn about opportunities for advancement, such as looking for work as a senior tax associate or considering earning an accounting degree and becoming an accountant.

Employee benefits: Many businesses provide a competitive benefits package, which may include maternity and paternity leave, tuition reimbursement, wellness initiatives, commuter perks, disability insurance, health insurance, and more.

 

Where to Work as a Tax Associate

Typically, tax associates work in an office environment for accounting firms, businesses, or governmental organizations. Because there is such a great need for tax experts, many tax accountants start their own businesses. By doing this, they are able to work from either their home or an office. For the purpose of accurately calculating tax rates and allocations, tax associates who work for corporations frequently conduct their office-based work using tools like QuickBooks and Excel.

The busiest time of the year for tax associates, regardless of where they choose to work, is from January 1 to May 1. Tax associates are active from the beginning of the year through April, even though the filing date for people is in April and for businesses, it is in another month. Although the number of hours worked by accountants might nearly double during tax season, the normal work week is 40.

 

Tax Associate Salary Scale

The average tax associate salary in the United States is $61,315 as of July 26, 2022; however, the normal salary range is $55,204 to $68,444. Salary ranges can vary significantly depending on a variety of crucial aspects, including schooling, credentials, supplementary talents, and the length of time you’ve been working in a given field. Salary.com assists you in determining your precise pay target by providing more online, real-time compensation data than any other website.

Based on 19 salaries, an entry-level tax associate with less than one year of experience can expect to make an average total remuneration of £21,524 (tips, bonus, and overtime pay included). Based on 34 salaries, an entry-level tax associate with 1–4 years of experience receives an average annual salary of £23,848. The average total remuneration for a mid-career tax associate with 5 to 9 years of experience, calculated using 7 salaries, is £35,712.

In Toronto, Ontario, the average gross pay for an associate tax accountant is $97,532, which equates to $47 per hour. This is 7% more than the typical associate tax accountant salary in Canada (+$6,717). Additionally, they receive a $3,901 bonus on average. Salary projections are based on data from anonymous employee surveys and employer surveys completed in Toronto, Ontario. The typical compensation for an entry-level associate tax accountant (1-3 years of experience) is $69,058. The average compensation for a senior level associate tax accountant (8+ years of experience) is $120,852.

In Australia, the average gross pay for a transfer pricing tax associate is $99,770, or $48 per hour. Additionally, they receive a $3,173 bonus on average. Wage estimates are based on data from anonymous Australian employees and employers via salary surveys. The typical compensation for an entry-level transfer pricing tax associate (1-3 years of experience) is $70,148. The average compensation for a senior-level transfer pricing tax associate (8+ years of experience) is $124,029.

Tax associates in Ireland earn an average gross salary of €47,881, or €23 per hour. Additionally, they receive a €1,676 bonus on average. Wage projections are based on anonymous employee and employer responses to a salary survey conducted in Ireland. The typical compensation for a tax associate at entry level (1-3 years of experience) is €34,253. The average compensation for a senior-level tax associate (8+ years of experience) is €59,151.

In the Nigeria region, the expected annual salary for a tax associate is NGN 965,000. These figures show the median, or the midpoint of the ranges, from our unique Total Pay Estimate methodology, which is based on data about wages gathered from our users.  Cash bonuses, commissions, tips, and profit sharing are all possible forms of additional compensation. The values in the “Most Likely Range” fall between the 25th and the 75th percentile of all the pay information that is currently available for this role.

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