Senior Tax Accountant Salary
The average Senior Tax Accountant in the United States can expect to rake in roughly $70K per year. Total cash earnings of Senior Tax Accountants range from $57K on the low end to $89K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $10K and $5K, respectively. Geographic location is the biggest factor affecting pay for this group, followed by the company and years of experience. For the most part, Senior Tax Accountants enjoy their work and report high levels of job satisfaction. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 52 percent. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Senior Tax Accountant
Senior tax accountants provide an important managerial role in producing tax returns for individual clients as well as businesses. They preside over a team of tax accountant specialists to make sure that the proper amount is being paid by clients to the IRS, state, and local governments. Senior tax accountants must work to ensure that a client pays what is due without overpaying or underpaying. They must have a keen understanding of all tax laws, which change from year to year.Read More...
Many senior tax accountants work in private firms dedicated to doing taxes for clients. Others may work for an individual business in their accounting branch if the company is large enough. Primary duties for a senior tax accountant include preparing tax returns, reviewing tax forms produced by the senior tax accountant's staff, assisting clients with any problems that may arise with their taxes, and estimating tax payments. Senior tax accountants must be very good with numbers and detail-oriented. They must also possess leadership abilities, as they preside over a team. While they do manage other accountants, senior tax accountants also report to a higher-level manager, usually a director of accounting. The hours for this position are typical business hours, Monday through Friday from 8 a.m. to 4 p.m. Senior tax accountants work in office settings, and the tools for work include a calculator, various tax forms, computer, telephone, pen and paper, and other normal office supplies.
Required for this job is at least a bachelor's degree in accounting, finance, or related disciplines. Many in this position have a master's degree in one of these fields. A senior tax accountant must also have five to ten years of experience as a tax accountant. Senior tax accountants may also receive certifications in their field, which may be required in some practices.
Senior tax accountants are important in making sure that accounting teams prepare taxes properly for individuals or businesses. Their services are used by just about all businesses and many individuals who are willing to pay to have their taxes done for them. Proficiency in mathematics and a high degree of organizational skills are important skills to have for a senior tax accountant.
Senior Tax Accountant Tasks
- Prepare tax returns and reports, maintain records, analyze and research complex tax issues.
- Provides support during audits.
- Ensure compliance with state and federal regulations.
- Analyze tax regulations and recommend policies that minimize tax burden.
Common Career Paths for Senior Tax Accountant
It's not very common for Senior Tax Accountants to move on to become Tax Directors. Average pay for a Tax Director is $160K annually. Senior Tax Accountants most often move into positions as Tax Managers or Senior Tax Managers; those groups report median salaries that are $21K higher and $51K higher, respectively.
Senior Tax Accountant Job Listings
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Popular Employer Salaries for Senior Tax Accountant
Many Senior Tax Accountants can be found at EY (Ernst & Young), KPMG, LLP, Grant Thornton Llp, BDO Seidman, LLP, and PricewaterhouseCoopers, firms that are at the top of the field. With a median salary of $79K, PricewaterhouseCoopers offers Senior Tax Accountants the highest pay. However, earnings don't seem to live on a large spectrum; they generally peter out at $67K and are capped at $90K. Those in search of high salaries should also consider KPMG, LLP, Mcgladrey, and Moss Adams LLP, top-paying firms where Senior Tax Accountants rake in a comfortable $78K, $74K, or $73K, respectively.
Workers at Crowe, Chizek and Company LLP, BDO Seidman, LLP, and EY (Ernst & Young) also face smaller salaries than the rest of the field — average earnings for these employers come to $67K, $67K, and $71K respectively.
Popular Skills for Senior Tax Accountant
Senior Tax Accountants report using a large range of skills on the job. Most notably, skills in Legal Research, Microsoft Word, Software Knowledge, and Research Analysis are correlated to pay that is above average. Skills that pay less than market rate include Accounting, Financial Analysis, and Auditing. The majority of those who know Tax Compliance also know Tax Consulting and Microsoft Excel.
Pay by Experience Level for Senior Tax Accountant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Senior Tax Accountants with a lot of experience do not necessarily enjoy more money. Respondents with less than five years' experience take home $69K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $74K. Senior Tax Accountants claiming one to two decades of experience make an estimated median of $77K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $78K.
Pay Difference by Location
Senior Tax Accountants will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 15 percent. Senior Tax Accountants will also find cushy salaries in New York (+14 percent), Denver (+8 percent), Los Angeles (+8 percent), and Boston (+5 percent). Senior Tax Accountants in Buffalo take home the lowest salaries, earning a whopping 26 percent less than the national average. Employers in Minneapolis and Memphis also lean toward paying below-median salaries (4 percent lower and 2 percent lower, respectively).
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