Senior Tax Specialist Salary
With a little over a half of Senior Tax Specialists in the United States reporting more than 10 years of experience in the field, this area is heavily weighted toward experienced professionals. Pay ranges from $37K to $100K per year and averages out to $70K annually. Career length is the biggest factor affecting pay for this group, followed by geography. Although a strong majority have medical coverage and more than half have dental coverage, about a fourth claim no health benefits at all. Most Senior Tax Specialists report high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Senior Tax Specialist
Senior tax specialists work to ensure that a company's taxes are all taken care of so that the company is level with the IRS. Senior tax specialists must know all of the ins and outs of tax laws--which are constantly changing--so they must be prepared to always be learning for their job. If a company is audited and they did not report their taxes properly, the company could owe money and in some cases be in serious trouble for tax evasion.Read More...
Senior tax specialists work in offices or cubicles for just about any kind of company that is large enough to require its own tax division. Depending on the size of the company, senior tax specialists may handle all of the tax information on their own or they may work with a team of tax specialists of which they are the head. They usually report to a finance supervisor as the tax division is usually a branch of the finance department.
Working hours are general business hours, Monday through Friday 8 or 9 a.m. to 4 or 5 p.m. Tools used for the job are a calculator, telephone, computer, pens and paper, and other common office supplies. Requirements for this job include a bachelor's degree in accounting, financing, or a related field. Others requirements are experience with corporate tax software, a keen understanding of tax law, and usually several years of prior experience.
Senior Tax Specialist Tasks
- Balance, analyze, prepare, and/or process asset sales, disposals, general ledger accounts, tax returns, and invoices.
- Identify tax issues that arise in the compliance process.
- Prepare federal, state and local income tax filings with quarterly estimates, extensions and tax returns.
- Compile information including sales tax reports, use tax accruals, inventory, accounts payable and fixed asset reports.
- Analyze and code fixed invoices, repair invoices, and apply account classification.
Common Career Paths for Senior Tax Specialist
There are some Senior Tax Specialists — though it's uncommon — that transition into Senior Tax Managers, where earnings are an average $123K annually. It is quite typical for Senior Tax Specialists to transition into roles as Tax Managers or Tax Compliance Managers, where reported median earnings are $25K and $17K higher per year.
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Popular Skills for Senior Tax Specialist
Survey takers who work as Senior Tax Specialists typically report just a few professional skills. Financial compensation rises with mastery of Tax Preparation, Tax Consulting, and Tax Compliance skills (by 7 percent). The majority of those who know Tax Compliance also know Tax Consulting.
Pay by Experience Level for Senior Tax Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $58K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $75K. Senior Tax Specialists bring in $59K after working for 10 to 20 years. Seasoned veterans with 20 years under their belts enjoy a median income of $61K.
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Key Stats for Senior Tax Specialist
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