A tax manager has responsibility over specific tax functions such as tax accounting and reporting or tax compliance, and is also the leader of a staff of tax accountants. The role of a tax manager can be with a public accounting firm or with a private company, and can focus on federal, state and local, or international tax. A tax manager may be responsible for a several different types of tax, including corporate income, sales, property, payroll, and various excise taxes.
Manager of Tax Accounting and Reporting
The key responsibility of a Manager of Tax Accounting and reporting is the monthly and quarterly preparation and reconciliation of a company’s provision for income tax. A Manager of Tax Accounting must be a subject matter expert of Accounting Standards Codification (ASC) 740 and 740-10 governing the requirements of income tax report under Generally Accepted Accounting Principles (GAAP). The Manager of Tax Accounting must have strong knowledge of the business in order to apply technical tax knowledge to a specific business case, and works closely with the Director of Tax to analyze and properly report the company’s interim and annual tax position to stakeholders.
Manager of Tax Compliance
A Manager of Tax Compliance is responsible for a wide array of important functions in the tax group. Those functions include preparation and review of federal, state, and international tax returns, preparation of interim forecasts and projections, and daily guidance of tax staff. In addition, a Manager of Tax Compliance may be responsible for identifying tax planning opportunities, analysis of applicable tax laws and preparation of memorandums, and coordination of tax audits. The Manager of Tax Compliance will also work closely both with internal accounting and finance personnel to understand the business, as well as with external consultants on strategy, audit, and compliance matters.
Manager of International Tax
A Manager of International Tax must lead the overall international tax reporting and accounting process of a company. This includes coordination with local country finance leaders, external consultants and service providers, and domestic tax group personnel. An international tax manager will be heavily involved with international tax planning and implementation of tax-saving strategies and opportunities, including acquisitions, dispositions, and internal legal entity restructuring. In addition, an international tax manager must be willing to travel and spend time understanding the local tax and customs laws, as well as US international tax laws governing business transactions in foreign countries.
Related Resource: Online Accounting Degrees
How Do I Become a Tax Manager?
To become a tax manager, experience in leading a proficient tax process and a group of tax accountants is required. A tax manager is normally a Certified Public Accountant with at least five years of experience in corporate tax as well as an advanced degree in accounting or tax. Strong analytical skills and excellent written and verbal skills are a must, and a tax manager must be proficient in technical tax laws that impact the company.
How Do I Find Out More Information?
A career as a tax manager can be a diverse and rewarding one, with opportunities for technical growth, leadership, and advancement. To learn more about the career path of a tax manager, visit the American Institute of Certified Public Accountants (AICPA) website.
