Research what it takes to become a corporate tax accountant. Learn about job duties, degree requirements, career outlook and salary to find out if this is the career for you.
If you’re interested in specializing in tax within the accounting field, a corporate tax accountant plays a key role in helping businesses manage their tax responsibilities. These professionals focus on preparing tax filings, ensuring compliance with regulations, and developing strategies to minimize tax liability.
Corporate tax accountants work closely with financial teams to analyze company finances and apply tax laws accurately. Understanding the job description can help you determine whether this detail-oriented and strategic role aligns with your career goals. Keep reading for details on how to become an accountant in this field.
What Does a Corporate Tax Accountant Do?
A corporate tax accountant handles a business' tax returns and tax strategy. These professionals make sure documents are accurate and that all tax laws have been followed. They work to prevent audits and errors and also will make suggestions for companies to improve their financial management. Find out more about this career through the information listed in the chart below.
<table border="1"><tr><td><b>Degree Required</b> </td><td> Bachelor's degree</td></tr>
<tr><td><b>Education Field of Study</b> </td><td> Accounting</td></tr>
<tr><td><b>Key Skills</b></td><td> Math, communication, organization, analytical</td></tr>
<tr><td><b>Licensure/Certification</b></td><td> Licensure and certification as a Certified Public Accountant (CPA) is required to file a report with the Securities and Exchange Commission</td></tr>
<tr><td><b>Job Growth (2020-2030)</b></td><td> 7% (for all accountants and auditors)*</td></tr>
<tr><td><b>Median Salary (2020)</b></td><td> $73,560 (for all accountants and auditors)*</td></tr>
</table><p><i>Source: *U.S. Bureau of Labor Statistics</i>
</p><h3 id="section---WhatEducationDoINeedToBecomeACorporateTaxAccountant">What Education Do I Need to Become a Corporate Tax Accountant?</h3><p>Most companies look for candidates with bachelor's degrees, and you might also consider a master's in accounting. A bachelor's degree program in accounting or a similar field can give you the knowledge to perform the tasks assigned to a corporate tax accountant. Generally, to become a corporate tax accountant, you need some years of experience in a lower-level position in the accounting industry. You might also decide to seek certification as a CPA, a designation that demonstrates your knowledge and experience in the accounting field.
</p><h3 id="section---WhatSkillsDoINeed">What Skills Do I Need?</h3><p>To be a successful corporate tax accountant, you need to understand the basics of accounting and record keeping. You need to be organized and precise in your work. Possessing a strong knowledge of mathematics and being familiar with tax laws and regulations at the local, state and federal levels might also be important.
</p><h3 id="section---WhatWouldMyDutiesBe">What Would My Duties Be?</h3><p>As a corporate tax accountant, you would be responsible for gathering your company's financial data and filing annual tax returns. You might also be expected to devise strategies for optimizing the amount of taxes your company pays by taking advantage of tax credits and deductions and setting up tax shelters. Aside from being responsible for managing corporate income taxes, you might also be responsible for dealing with property and payroll taxes.
</p><h3 id="section---WhatSalaryCouldIEarn">What Salary Could I Earn?</h3><p>According to <i>PayScale.com</i>, the median salary, not including bonuses and profit sharing, for senior tax accountants in 2021 was $73,324. The U.S. Bureau of Labor Statistics (BLS) reported that, in May 2020, accountants and auditors made a median yearly salary of $73,560 (<i>www.bls.gov</i>). The BLS also notes that the job outlook for accountants and auditors is favorable, particularly for those candidates with a professional designation, such as that of CPA.
</p><h3 id="section---WhatAreSomeRelatedAlternativeCareers">What Are Some Related Alternative Careers?</h3><p>Related careers include budget analysts, financial managers and management analysts. Budget analysts keep up with the spending and finances of institutions. Financial managers oversee the investments and strategic monetary development of organizations. Management analysts recommend ways to increase profits and reduce costs. All of these careers require a bachelor's degree.</p>
