Job role: Tax Manager
Are you interested in the role of tax manager? Do you want to build a career that aims towards the tax manager position? Then you should read this to the end. By now, you should know that a tax manager is responsible for keeping businesses in line with various government tax laws which includes local, state, and federal tax regulations. They use measures and improve policies for handling various areas that involve taxes. Tax Managers are also responsible for performing estimations, examining, planning, and research and supervise audits.
Tax manager jobs are widely held because they are constantly involved in a work environment that is challenging, dynamic and constant exposure to senior investors. A company tax manager’s primary role is designing, applying and supervising the tax plan for the company.
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ROLE OF A TAX MANAGER
What other activities does the tax manager do? What does other legal role have to oversee in the business?
- Counselling on tailored tax planning.
- Collect and give periodical reporting.
- Deliver appropriate, precise and trustworthy data to corporate tax.
- Permit correct and timely predicting of the group tax rate and speeding up of tax recording.
- Acquainted with working inside a business, commercial atmosphere.
- Execution of tax planning measures.
- Communicating with third-party experts including attorneys, other auditor, tax advisers, and financial advisers.
- Handling of Compensation packages.
- Evaluation of tax supplies.
- The ability to work well under stress and immense pressure and come out with results.
Well, Tax managers wield an important skill set in every business. Although the tax managers duties vary from organization to organisation depending on the size and location of the business, A tax managers duties mostly includes managing of important tax documents complies to tax laws and uses practical solutions for any tax relating issues that may arise. Clearly, doing your work well will put you in the good books of your superiors. But how can you grow outside just accomplishing your daily tasks, and actually become an important consultant to other senior executives?
- Be a step ahead: A superb understanding of business requirements and an outcome-focused method is a vital part of the tax manager’s responsibility. You should liaise with other departments frequently to ensure that you completely know the aims of the company all the time. Appreciate that your investor’s needs may differ from individual to individual and be considerate to that fact in order to pass information successfully.
- Improve social skills: After you’ve recognised and made the required adjustments in your tax-based skills, you should focus on your people skills. Connections are very important in any position in the corporate world or basically anywhere. On a daily basis, you will get lots of calls and emails from co-workers asking for your help and mentorship skill. This will put you in a position to provide advice on difficult issues to individuals who have not been exposed to the level of technical tax understanding as you have. Be self-confident in your abilities to build earn their respect.
- Provide tax-based value: as a tax manager, you should strive to go beyond your role to deliver. Stay conversant with the ever-changing tax laws developments. You can achieve that by reading articles that are related to the tax trade, communicating with qualified advisors and talking to external contacts in the tax managing position.
- Show superior office skills: The main duty of a successful tax manager is examining information and developing answers to difficult problems. As a tax manager, you should have advanced diagnostic and tactical intelligent skills. Often innovative results will be needed, and it is the responsibility of the tax manager to breakthrough and control the best solution for the organisation. Furthermore, greater managerial skills will help you accomplish numerous duties and clients, as well as to multi-task and rank tasks in order to meet targets.
- Strive for improvement: Technologies are changing the tax function by offering better clarity, control, and effectiveness, while modifying risks, decreasing costs and providing more precise results. An effective tax manager is constantly on high alert for important technologies, for instance, the new VAT gears, exciting advancements that the business can adopt in order to industrialise current methods and device new tools, for example, a more efficient accounting and improved compliance.
- Ensure integrity: Your certificates, experience, and credentials should be flawless. Make sure you are decorated with the highest education or certification you can acquire. Furthermore, you should have a strong technical understanding of all government tax laws including federal, local, state and even international tax laws, this is important. Refresh your understanding of important tax laws, rules and regulations on a weekly basis.
- Communicate effectively with your stakeholders: Outstanding investor’s management skills are important. As a tax manager, you have to make sure you connect frequently, plainly and sociably with senior investors, particularly those who are not from a tax background. Preferably, you should achieve a degree of social standing with your investors.
- Recognise future trends: in recent years, new technologies and advancements in analytics have been revolutionising the finance function, and are focused on handling the trials of financial institutions for so long. So, keep up with how to present financial technology enables the manager to improve productivity or reduce costs of current processes. Understand that with knowledge at the core of all financial transactions, technological improvements have introduced advancements that decrease the chances of human error. These financial technologies or fintech also reduce audit risks, financial crime or fraud, boost management visibility, foster tax obedience, and get the best out of the reclaimable VAT. You should understand terms like Business Intelligence and Artificial Intelligence. Ensure that you know these concepts and understand how they can be used in your business.
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Like every big corporate position, you will first need to finish a bachelor’s degree program in accounting, business law, business administrator and economics. The seat of the tax manager is mostly a senior management position and is greatly competitive. You need to be well decorated with completed programmes and certificates. A master’s degree in tax law, business and accounting will cement your position and keep you above the competition. It doesn’t end there, you will need to have additional experience gained from performing and overseeing account activities, maybe as an intern or an employee in the accounting or taxation division. The tax manager position requires candidates to have at least 6years of work experience.
To become an official Tax Manager, depending on the state you live in, you will have to meet a requirement where you have to get a Public Accountant license from the board of accountancy from the state where you will be working. This is an extra requirement to work as a Tax Manager at any public company, due to the fact that the U.S. Securities and Exchange Commission will only receive filings from a CPA. Becoming a Certified Public Accountant depends on the state, but it generally includes education qualification and up to two years’ experience under the observation of a licensed CPA. After that, you will also need to pass the certified public accountant examination.
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How much do tax managers get paid?
The job is mostly a full-time job and the pay is annual. In line with the bureau of labour statistics, all financial managers which include the audit managers and tax managers, have an annual wage of $117,990 and the least amount goes from $63,020 to $70,000 per annual while the highest is lounging at a sum of $187,000.
Tax managers work environment
The environment should be comfortable, spacious because they tend to handle a large amount of paperwork. The office should be close to the executive especially financial managers and the chief financial officer. The office should be temperature controlled in a way that no matter the degree of hotness or coldness of the outside temperature, the office should not be affected.
The tax manager is grouped under a financial manager and it has been predicted that the growth in job opportunity will increase by 7 percent in the space of two years. Although, this growth will vary from industry to industry. The service that is provided by the financial managers where the tax manager is under will remain in high demand. As new policies and taxes are being issued by the government every day, different companies will continually need the services of a professional tax manager. When searching for a job as a tax manager you will need to polish your resume by highlighting your skills and years of experience. After designing your resume, you should go online in search of a tax manager job opportunity.
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