The following article discusses the career path of Tax Analyst. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Tax Analysts.
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Tax Analyst Job Duties
Tax analysts process all documentation related to taxes for the business. They interact with the different authorities to ensure discrepancies are resolved. The audit and manage inventories according to internal procedures, speak to managers and analysts about their findings, and work together with tax employees and external auditors. They also look over existing company data, ensuring they can get the greatest tax benefits for the organization, while reporting on this at the same time.
A lot of the work a tax analyst does is about making sure financial reports are created and that the organization is fully tax compliant. They develop and implement strategies for tax payments and submit and review tax documents. They also recommend ways to improve compliance and minimize risks by putting strict policies in place and ensuring everyone is compliant with those. They also have to determine where tax savings could be made.
Other job duties of a tax analyst are:
- To calculate the amount of taxes are owed and to file and process tax returns
- To analyze the existing tax policies, ensuring that the company is fully compliant.
- To understand federal, state, and local tax laws and ensure knowledge about these remains up to date
- To provide assistance during audits
Where Tax Analyst’s Work
According to the U.S. Bureau of Labor Statistics, there were 62,100 tax examiners and collectors, and revenue agents in 2016. The largest employers of these professionals were:
- Federal government: 43%
- State government, excluding education and hospitals: 39%
- Local government, excluding education and hospitals: 18%
How to Become a Tax Analyst
Typically, tax analysts have at least an accountancy bachelor’s degree, or in a field related to finance. It is preferred for them to be experienced in the field of taxation, and to hold various industry certifications where needed. Mainly, they must train to gain an understanding of federal, state, and local tax laws, and to make sure their knowledge is always up to date.
Tax Analyst Education Requirements
A bachelor’s degree in accounting, finance, or a related field is usually required for someone to be a tax analyst. If they wish to work for the Internal Revenue Service (IRS), they must also have at least one year’s experience within this. They should also have completed courses in tax analysis, bookkeeping, and accounting.
Formal training beyond a bachelor’s degree must also be engaged in. This is to ensure that a tax analyst learns about all the different federal, state, and local tax laws. Furthermore, it ensures their knowledge of the tax code remains up to date.
Tax Analyst Traits & Qualities
The most effective tax analysts have the following traits to some degree or other:
- Strong analytical skills
- Excellent computer skills
- Detail oriented
- Strong interpersonal skills
- Excellent organizational skills
Minimum Tax Analyst Education
Bachelor’s Degree
The national average salary estimate for Tax Analyst was $62,619. This number is estimated from over 359,924 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $32.61 and monthly of $5,218.
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$22,000
$124,000
The following section lists Tax Analyst salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, New York had the largest quoted salary of $74,356 while Indiana had the smallest quoted salary of $28,327.
According to Indeed.com, the following states had employers looking to hire a Tax Analyst. The quoted salary figure represents the average salary from all job postings by this employer.
| Employer Name | Location | Average Salary |
|---|---|---|
| California | $109,441 | |
| Kforce Finance and Accounting | Illinois | $100,000 |
| SNI Companies | Massachusetts | $100,000 |
| General Employment | Ohio | $98,898 |
| CyberCoders | California | $94,494 |
| Daley and Associates | Massachusetts | $93,930 |
| Execu|Search | New York | $89,971 |
| Robert Half Finance & Accounting | California | $89,450 |
| Creative Financial Staffing | Connecticut | $89,032 |
| Fenway Search Group | Massachusetts | $88,532 |
| The McIntyre Group | Texas | $83,680 |
| General Employment, Inc. | Ohio | $83,296 |
| Coda Search | New York | $79,132 |
| CFS, Inc. | Illinois | $77,517 |
| firstPRO Inc. | Pennsylvania | $76,809 |
Tax Analyst Learn More
| Career Name | Average Salary |
|---|---|
| Research Analyst | $65,125 |
| Operations Manager | $64,810 |
| Financial Advisor | $64,188 |
| Pricing Analyst | $63,937 |
| Insurance Agent | $62,908 |
| Account Manager | $62,548 |
| Project Analyst | $62,133 |
| Logistics Manager | $62,099 |
| Marketing Analyst | $61,822 |
| Finance Officer | $61,442 |
