Main Responsibilities and Required Skills for Tax Analyst
A tax analyst is a professional who is responsible for performing data analysis related to tax laws and regulations. They help individuals, businesses, or organizations comply with tax requirements and minimize their tax liability. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Tax Analysts.
Get market insights and compare skills for other jobs here.
Main Responsibilities of Tax Analyst
The following list describes the typical responsibilities of a Tax Analyst:
Adjust
Adjust tax entries, deferred tax reconciliation.
Analyze
Analyze and complete year end 1099 and shareholder reporting data.
Analyze recorded sales taxes.
Analyze the tax treatment of complex derivative securities, partnerships, trusts, REITs, and PFIC's.
Analyze W9 and W8 tax documentation for accurate tax reporting and withholding.
Apply
Apply tax laws and regulations to support tax return positions, audit defense, tax planning, etc..
Arrange
Arrange for payments via EFTPS / wire or check as required.
Arrange internal meetings.
Assist in
Assist and support in income, capital and commodity tax audits.
Assist in computing and detailing the US R&D Credit.
Assist in improving Sales tax and Corporate tax processes.
Assist in preparing schedules and calculations to support tax information.
Assist in preparing the quarterly U.S. income tax provision.
Assist in preparing various tax slip filings with CRA (e.g. T3s, T5008, etc.).
Assist in tax forecasts with multiple scenarios to aid planning and decision making.
Assist in the collection of tax provision data from non-US consolidated entities.
Assist in the preparation / co-ordination for tax return preparation and other tax related filings.
Assist in the preparation of responses to ongoing Federal & State tax authority examinations.
Assist in the preparation of the consolidated tax return for the US Federal group.
Assist in the preparation of the reconciliation and analysis of tax accounts.
Assist / manage corporate income tax audits.
Assist operating companies with sales tax return processes.
Assist Tax Director on ad hoc tax projects.
Assist the Regional Tax Manager in other tax matters such as contract review etc..
Assist the Senior Tax Analyst / Tax Manager with special tax projects, as required.
Assist with Communications with state sales tax auditors during sales tax audits.
Assist with CRA tax filing.
Assist with integration of US acquisitions and communicating with seller's representatives.
Assist with research and assigned projects and other duties, as assigned.
Assist with responses to audit requests.
Assist with running various client reports.
Assist with state apportionment and assist with state & local income / franchise.
Assist with tax authority audits for all taxes throughout Europe as necessary.
Assist with tax research and implementation of various projects and initiatives, when necessary.
Assist with the collection of information with respect to government audits.
Assist with the preparation of the Effective Tax Rate (ETR”) Analysis.
Assist with US domestic tax provision calculations.
Build
Build collaborative working relationships across the organization.
Calculate
Calculate and file quarterly estimated payments.
Calculate deferred tax on purchase price / fair values.
Calculate funds deferred losses and updates carry forward schedule (for year-end distributions).
Calculate quarterly estimated payments and extensions.
Calculate state tax apportionment and state modification adjustments.
Calculate the annual extension and quarterly estimated tax payment process.
Close
Close tax accounts that are no longer necessary.
Communicate
Communicate and implement findings with various internal and external stakeholders.
Communicate complex tax issues in simple terms to non-financial personnel.
Communicate issues and findings to senior tax management.
Communicate technical information at the appropriate level within the organization.
Communicate with tax authorities to obtain information or conduct follow-ups.
Compare
Compare distribution to previous distribution for reasonableness.
Complete
Complete bi-weekly payroll processing including validations and settlement.
Contribute to
Contribute to systems integration projects for any newly acquired or formed entities.
Coordinate
Coordinate filing of business license registrations and renewals.
Coordinate, prioritize and actively manage tasks as needed to meet deadlines.
Coordinate, review and prepare business property tax data with external service provider.
Coordinate with consultants and execute initial reviews.
Create
Create and maintain all process documentation for existing and new processes.
Create standard work for cross-training and internal audit purposes.
Develop
Develop and maintain tax control schedules and process documentation.
Develop internal network and relationships to facilitate information sharing.
Enable
Enable effective Business Intelligence (BI) to provide decision making support.
Engage
Engage as a volunteer through Xylem´s business program for community initiatives.
Engage with external stakeholders on behalf of, and at the direction of, the VP Taxation.
Ensure
Ensure accuracy and compliance of all tax filings and payments for all US business units.
Ensure all amended returns are filed timely and accurately.
Ensure all Payroll taxes are compliant throughout various states.
Ensure compliance with company policies and procedures.
Ensure data collected as part of an on-going assignment is entered accurately.
Ensure data collected is entered accurately into internal databases in a timely fashion.
Ensure that income is properly allocated between income types and Return of Capital.
Escalate
Escalate any issues to management and internal business partners as needed.
File
File documents in accordance with established procedures.
Gather
Gather and analyzes documentation as necessary for sales, use and property tax audits.
Handle
Handle complex data requests and develop reports for tax compliance.
Help
Help with withholding determination for intercompany settlements.
Highlight
Highlight potential impacts and required changes to business processes and systems.
Identify
Identify new process improvement opportunities.
Identify operational activities that may create transaction tax nexus for a company.
Input
Input into short term cash flow forecasts for global cash funding position reports.
Input tax lot information into the cost basis system.
Integrate
Integrate the domestic provision into compliance.
Interact with
Interact with clients to gather needed information / documents.
Investigate
Investigate, review, and assist in resolving indirect tax issues.
Lead
Lead on sales tax preparation, filings, and analysis.
Learn
Learn from deep subject matter experts through mentoring and on the job coaching.
Learn on the job, online and in the classroom and from professionals and inspiring leaders.
Liaise with
Lase with governmental auditors.
Log
Log assessments and tax bills issued into internal databases.
Maintain
Maintain and analyze deferred tax inventories and continuity schedules.
Maintain and monitor compliance calendar to stay on abreast of all deadlines.
Maintain compliance with corporate policies that are determined by management.
Maintain current knowledge of all tax laws affecting the company.
Maintain records and documentation to comply with the Sarbanes-Oxley Act.
Maintain SAP tax rates, tax conditions, tax jurisdictions, and customer configurations.
Maintain Sarbanes-Oxley Act (SOX) controls and documentation related to the provision process.
Maintain tax fixed asset detail.
Maintain template of tax basis tracking in all taxable investments.
Maintain the Tax Risk Register.
Manage
Manage Canadian or American government audits with the lower contribution risk.
Manage indirect tax (Sales / Use, GST, HST, VAT, etc.) filings within various countries.
Manage intercompany loans and agreements.
Manage outsourced compliance matters related to.
Manage the reconciliation and generation of W2's.
Manage the updating of the Group IFRS16 portal with relevant and accurate information.
Monitor
Monitor and communicate relevant tax law for the European region.
Monitor and stay informed of state, federal, local / provincial tax laws, ensuring compliance.
Obtain
Obtain all required property information related to property assessment and taxation.
Participate
Participate in maintaining the electronic filling system.
Participate in tax due diligence as it relates to our US based acquisitions.
Perform
Perform data analysis related to tax compliance functions.
Perform federal and state research for return preparation, strategic planning, and data.
Perform moderate tax research and analysis and make recommendations for implementation as assigned.
Perform research and analysis for various files and special projects.
Perform research on a broad range of tax matters, including legislative update and developments.
Perform system testing and data analysis related to commodity tax controls and processes.
Perform technical research of taxation issues.
Prepare
Prepare and coordinates payment requests and tax remittances in a timely manner.
Prepare and review federal and state income tax returns.
Prepare and review periodic distributions (Fiscal, Excise, Quarterly).
Prepare and review quarterly tax provision calculations and review tax provision matters.
Prepare and review tax returns for Canadian entities (both corporations and partnerships).
Prepare Canadian foreign affiliate filings, surplus and ACB calculations.
Prepare Canadian income tax returns.
Prepare Canadian tax returns (T2) and underlying forms (T106, T1134).
Prepare domestic taxable income calculation, including analysis of underlying provision models.
Prepare for, and assist with transaction tax audits and queries from tax authorities.
Prepare income tax estimates used by various groups within the company.
Prepare income tax footnote for the Company's annual 10-K / quarterly 10-Q.
Prepare information requirements and assist with delivery of corporate income tax returns.
Prepare monthly and quarterly sales and use tax returns.
Prepare monthly U.S. tax provisions.
Prepare quarterly and annual US income tax provisions.
Prepare quarterly estimated tax payments and annual extensions.
Prepare research and provide guidance on compliance issues.
Prepare tax credit and applications.
Prepare tax notes to financial statements.
Prepare tax returns, compliance documents, maintain records, including all necessary forms.
Prepare tax working papers that support BlackBerry's year-end tax provision process.
Prepare the analyses and documents required for government audits.
Prepare use tax calculations for promotional materials.
Prepare workpapers and tax returns for federal, state and local jurisdictions.
Prioritize
Prioritize, organize and accomplish work to meet client deliverables and follow up is critical.
Process
Process all customer chargebacks including returns and other allowances.
Provide
Provide and assist with gathering of any data requested by Group Tax for audits.
Provide assistance with implementation of Making Tax Digital for VAT, and later corporation tax.
Provide assistance with testing for Workday and ADP tax updates.
Provide employee contact support for all payroll inquiries.
Provide quarterly forecasts for planning, estimated tax payments, and external reporting purposes.
Provide recommendations or escalates issues to appropriate area.
Provide support and assistance to other areas of the tax department with tax compliance as needed.
Provide support for preparation of the quarterly estimated tax payments and analysis.
Provide tax analytical support on projects and tax audits as assigned.
Reconcile
Reconcile cost basis exception reports versus books and records.
Research
Research and document indirect tax issues impacting expansion into new tax jurisdictions.
Research and understand Canadian and / or U.S. fuel and sales tax legislation.
Research, determine root cause and resolve incoming tax notices.
Research issues and provide tax advice for business transactions and activities.
Research tax issues as they arise.
Respond to
Respond to requests from state or local auditors.
Respond timely to notices received from state and local taxing authorities.
Respond to audit queries as required and directed in a timely manner.
Respond to complex payroll related inquiries from employees and / or stakeholders.
Respond to external, internal and tax agency audit requests.
Retrieve
Retrieve and analyze financial data across all legal entities.
Return
Return incoming client calls to aid with tax questions and set appointments.
Review
Review and analyze current payroll tax procedures and makes recommendations on process changes.
Review and prepare new tax registrations when moving into new tax jurisdictions.
Review, audit and verify accuracy of assessment / tax documents.
Review a variety of documents, maintain up-to date contact information of partner.
Review current corporate tax structures to identify efficiencies and make any recommended changes.
Review monthly purchases for use tax reporting and identify tax saving opportunities.
Review mutual funds financial statements financial statement tax disclosures.
Review the Key Account Executives expense reports.
Review the more basic federal and state tax returns.
Review the work of and assist with the development of junior tax staff members.
Seek
Seek and develop ways to improve processes.
Seek to minimize tax assessments and explores refund opportunities.
Support
Support contacts in Accounting and Operations to execute business plans.
Support Finance staff on Canadian and U.S. tax ability issues.
Support sales tax registration analysis including voluntary disclosure agreements as applicable.
Support tax compliance processes related to corporate tax for a US multi-national company.
Support tax compliance services delivery for the office to ensure timely and accurate tax filings.
Support Tax Manager with federal and state audits by providing workpapers and responses to IDRs.
Support Tax Manager with preparation of US-international forms and supporting workpapers.
Support the Indirect Tax SME for China VAT filing.
Support the Tax Accounting team on Quarterly and Annual ASC 740 tax accounting / provision reports.
Support the Tax director in various tasks.
Support the tax team with tax audits and enquiries from government tax agencies as needed.
Track
Track, research and advise on current and changing tax laws and regulations.
Update
Update and monitor income trust (IT) distribution allocation and tax treatment.
Update Comparative Distribution rates templates Semiannual and annual.
Update distribution templates with accounting to tax adjustments information.
Update the Tax Risk Matrix for legislative developments or negotiated examination agreements.
Utilize
Utilize BSI Tax Factory Services to monitor and test tax updates.
Verify
Verify income allocation factors with information released by the issuer.
Work with
Work with External consultants with US tax filing and other projects.
Work with Local finance team or the business to obtain information as required.
Work with other members of the Tax Team on tax planning and strategic initiatives.
Work with outside service providers to maintain sales and use tax compliance.
Work with Senior Tax Analyst and taxing agencies to reconcile daily and quarterly tax deposits.
Work with third party unclaimed property service providers to ensure Expedia's compliance.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Tax Analyst:
TAX
MS Word
Taxation
SAP
Onesource
Public Accounting
Corptax
Microsoft Office
ASC 740
Accounting Designation
Corporate Tax
Tax Compliance
MST
Payroll Tax
Most In-demand Soft Skills
The following list describes the most required soft skills of a Tax Analyst:
Written and oral communication skills
Analytical ability
Problem-solving attitude
Organizational capacity
Interpersonal skills
Attention to detail
Work independently with little direction
Flexible
Time-management
Detail-oriented
Proactive
Self-starter
Multi-task
Team player
Collaborative
