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Key Responsibilities and Required Skills for a Tax Specialist

💰 $75,000 - $115,000

FinanceAccountingTaxationLegal

🎯 Role Definition

The Tax Specialist is a cornerstone of the finance department, responsible for navigating the complex landscape of tax regulation to ensure the organization meets all its compliance obligations while optimizing its tax position. This role involves a blend of meticulous analytical work, strategic planning, and cross-functional collaboration. The specialist will manage all aspects of tax reporting, from preparing returns to calculating tax provisions for financial statements. They serve as the internal subject matter expert on tax matters, providing guidance to business leaders and supporting strategic initiatives like M&A and international expansion. This position demands a high degree of accuracy, a proactive approach to legislative changes, and the ability to translate complex tax concepts into actionable business insights.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Staff Accountant
  • Junior Tax Associate / Tax Accountant
  • Public Accounting Associate (Tax)

Advancement To:

  • Senior Tax Specialist / Senior Tax Analyst
  • Tax Manager
  • Tax Director

Lateral Moves:

  • Senior Accountant (with tax focus)
  • Financial Planning & Analysis (FP&A) Analyst
  • Treasury Analyst

Core Responsibilities

Primary Functions

  • Meticulously prepare and thoroughly review complex federal, state, and local corporate income and franchise tax returns to ensure absolute accuracy and timely filing.
  • Manage the quarterly and annual tax provision process in strict accordance with ASC 740, including calculating the effective tax rate and preparing all related financial statement footnotes and disclosures.
  • Conduct in-depth tax research on a wide range of complex issues using tax research platforms (e.g., CCH, RIA Checkpoint) and clearly articulate findings and recommendations to senior management.
  • Act as a primary point of contact for and assist in the management and defense of federal, state, and local tax audits by gathering necessary information, preparing schedules, and drafting comprehensive responses to tax authorities.
  • Proactively prepare and file all necessary quarterly estimated tax payments, annual extension requests, and various other tax compliance forms throughout the fiscal year.
  • Faithfully reconcile all income tax-related general ledger accounts, prepare corresponding journal entries, and ensure the integrity and accuracy of tax balances on the company's books.
  • Continuously monitor changes in federal, state, and international tax legislation and regulations, analyze their potential impact on the company, and recommend appropriate strategic adjustments.
  • Support international tax compliance initiatives, including the detailed preparation of forms such as 5471, 5472, and 8858, and assist with the maintenance of transfer pricing documentation.
  • Oversee and manage sales and use tax, property tax, and other non-income indirect tax compliance processes, including return preparation, timely payments, and exemption certificate management.
  • Accurately calculate and maintain detailed records for all book-tax differences, deferred tax assets and liabilities, and track net operating loss (NOL) carryforwards and tax credit utilization.
  • Collaborate closely with the broader accounting and finance teams to ensure that all tax-sensitive accounts are recorded, processed, and reported correctly in the financial systems.
  • Assist in critical tax planning projects and model the potential tax consequences of proposed transactions, such as mergers, acquisitions, divestitures, and internal business restructuring.
  • Identify, develop, and implement process improvements and automation opportunities within the tax function to enhance efficiency, strengthen accuracy, and improve internal controls.
  • Maintain the company's tax depreciation schedules for all fixed assets, ensuring full compliance with relevant tax depreciation rules and making optimal elections.
  • Professionally manage and respond to all inquiries and notices from various tax jurisdictions in a timely and effective manner, aiming for swift and favorable resolutions.

Secondary Functions

  • Assist in the preparation and documentation of Research & Development (R&D) tax credit studies to ensure the company maximizes its eligible credits.
  • Support the Treasury department by providing tax-related analysis for cash flow forecasting, capital allocation, and international repatriation planning.
  • Provide ad-hoc tax support and clear, concise analysis for special projects initiated by other departments, including legal, operations, and business development.
  • Contribute to the maintenance, optimization, and improvement of tax technology solutions and software platforms used by the department.
  • Prepare clear, data-driven materials for and participate in presentations to management and the executive team regarding tax matters, risks, and strategic opportunities.
  • Assist in mentoring, training, and providing constructive guidance to junior tax staff or interns, helping to foster a collaborative and high-performing team environment.

Required Skills & Competencies

Hard Skills (Technical)

  • Deep proficiency in corporate tax preparation software (e.g., OneSource, CorpTax, GoSystem).
  • Expert understanding of U.S. GAAP and tax accounting principles, with a specialization in ASC 740 (Income Taxes).
  • Demonstrable experience with tax research databases such as CCH, BNA, Bloomberg Tax, and RIA Checkpoint.
  • Advanced Microsoft Excel skills, including complex formulas, VLOOKUP/XLOOKUP, pivot tables, and data modeling for analysis and reporting.
  • Strong, comprehensive knowledge of federal, multi-state (SALT), and local tax laws, regulations, and compliance requirements.
  • Working familiarity with major ERP systems (e.g., SAP, Oracle, NetSuite) and their tax-related modules and reporting capabilities.
  • Proven experience in successfully managing and responding to notices and audits from the IRS and various state tax authorities.

Soft Skills

  • Exceptional analytical and problem-solving abilities, with a natural talent for dissecting complex tax regulations and applying them to business scenarios.
  • A high degree of accuracy and meticulous attention to detail, recognizing the critical importance of precision in all tax-related work.
  • Strong organizational and time-management skills, with a proven ability to manage multiple critical deadlines and competing priorities without sacrificing quality.
  • Excellent written and verbal communication skills, with the ability to distill and explain highly complex tax concepts to non-tax professionals in a clear and understandable manner.
  • A proactive, resourceful, and self-motivated work ethic, combined with a strong sense of ownership and accountability for outcomes.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's Degree in a relevant field.

Preferred Education:

  • Master's Degree in Taxation (MST) or Master's in Accounting (MAcc) with a tax concentration.

Relevant Fields of Study:

  • Accounting
  • Finance

Experience Requirements

Typical Experience Range:

  • 3-7 years of progressive experience in a corporate tax department or a public accounting firm with a focus on corporate tax.

Preferred:

  • Certified Public Accountant (CPA) license is highly preferred, or candidate is actively on the CPA examination track.
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