Tax analysts are in charge of processing tax-related documentation for their organization. They are responsible for interacting with tax authorities to clear up tax discrepancies. They manage, and audit inventories following specific company procedures, communicate their findings to superiors, and interact with other analysts, external auditors, and tax employees. Tax analysts also review company data and analyze it to obtain the best tax benefits for their organization, as well as create informative reports for executives.
Most of the tax analysts' time is spent ensuring tax compliance and creating financial reports. They implement tax-planning strategies and review submitted tax documents. They make recommendations for improving compliance processes and minimize tax risks by follow strict policies and paying strong attention to detail. They must identify and evaluate tax costs and savings using different company attributes and expenses. One of the analyst's main tools is a computer with spreadsheet software to calculate transaction taxes and run analyses.
This position typically requires a bachelor's degree in accounting, finance, or a related field. Experience in a tax-related position is generally preferred, as are industry certifications. Tax analysts must have extensive knowledge of local, state, and federal tax laws; they must stay up to date with changes to relevant laws as well. They are results oriented, and have superior analytical skills. Tax analysts should also work well independently with minimal supervision.
Tax Analyst Tasks
Oversee preparation for and the conducting of audits.
Analyze a company’s tax policies to make sure they are in compliance with the law.
Calculate the taxes a company owes and process and file tax returns.
Understand local, state, and federal tax laws and stay up to date on changes to laws.