SUMMARY
The Senior Tax Accountant position is a senior tax professional performing advanced accounting, payroll and income tax return preparation. Exposure to more complex areas for experienced tax professionals converting this knowledge into tax planning and business advice. It is a dual discipline position doing work in both business accounting and individual income tax return preparation. The position has both hands-on production responsibilities and supervising responsibilities. The Senior Tax Accountant is directly responsible to maintain the financial books and tax records and prepare financial statements for multiple business clients and perform comprehensive business and individual income tax return preparation by completing the work themselves.
The position focuses on advance accounting and tax preparation as well as training and reviewing staff work while directly advising individuals and businesses on income tax compliance and deduction strategies to minimize their tax liability. It requires a sufficient understanding and application of Generally Accepted Accounting Principles (GAAP) Accounting Standards Codification and Internal Revenue Code with the ability to prepare financial statements and income tax returns in accordance with the rules and regulations. The job necessitates building relationships with clients while overseeing and providing on-going support and mentorship to staff coupled with critical thinking skills to analyze different accounting and tax positions and make a decision as to the best option or solution for clients. The position offers career progression to a manager role.
RESPONSIBILITIES
The Senior Tax Accountant is responsible to deliver the complete set of accounting and income tax preparation, tax planning and advisory services to multiple business and individual clients. The Senior Tax Accountant is responsible for the preparation of advanced accounting GAAP financial statements and the more complex business and individual income tax returns. The position is responsible to prepare all types of business entity tax returns including: sole proprietorships, C corporations, S corporations, partnerships, LLCs, SMLLCs, trusts, estates, gift and nonprofits. The Senior Tax Accountant has expanded responsibilities to assist with taxpayer representation in the case of IRS or state audit inquiries. The Senior Tax Accountant is responsible to review work delegated to Tax Associates or Tax Accountants under their supervision as well as train staff in technical standards and firm procedures to: (a) document financial books and records compliant with state statutes and IRS recordkeeping regulations, (b) facilitate the preparation of financial statements, (c) substantiate tax return income and deductions, and (d) provide a reconciled audit trail from financial books and records to tax return reporting. The position is responsible to maintain a broader technical knowledge base of accounting standards and the Internal Revenue Code.
ESSENTIAL FUNCTIONS
QuickBooks Bookkeeping – Obtain client monthly bank statements, credit card statements, loan statements, fixed asset records and payroll records and assemble the Business Organizer. Perform data entry of transactions into QuickBooks desktop or QuickBooks On-line (QBO) accounting software. Post adjusting journal entries to the general ledger to record and maintain proper account balances. Record all tax adjustments to the QB data file to keep client QuickBooks in sync with the tax return.
Account Analysis and Reconciliation – Prepare bank reconciliation and reconciliations of credit cards and loans to monthly statements. Prepare account analysis workpapers for accounts receivable, advances, prepaids, inventory, fixed assets, intangible assets, accounts payable, credit card payable, accrued liabilities, leases, loans payable and equity accounts. Reconcile general ledger accounts to ensure appropriate balance sheet and income statement classification. Examine any discrepancies and resolve with adjusting journal entries posted to the general ledger.
Financial Statements - Prepare GAAP-compliant financial statements that include a balance sheet, income statement, cash flow statement and statement of changes in equity substantiated by Business Organizer account analysis and reconciliations. For financial statements requiring full disclosures, prepare notes to the financial statements in accordance with Accounting Standards Codification (ASC).
Sales Tax Accounting - Sales and Use Tax Return and reconcile to sales tax payable.
Accounts Payable Accounting - Perform accounts payable bill entry and vendor payment.
Sole Proprietorship and SMLLC - Prepare, document for review and e-file Schedule C Profit and Loss from Business for sole proprietorships, independent contractors and single-member limited liability companies.
Business Partnership Income Tax Return – Prepare, document for review and e-file Form 1065 U.S. Partnership Income Tax Return including Schedule K-1 Partner’s Share of Income, Deductions, Credits, etc., and Form IL-1065 Partnership Replacement Tax Return and related extensions and estimated tax payments.
Business S Corporation Income Tax Return - Prepare, process for review and e-file Form 1120S U.S. Income Tax Return for an S Corporation including Schedule K-1 Shareholder’s Share of Income, Deductions, Credits, etc., and Form IL-1120-ST Small Business Corporation Replacement Tax Return and related extensions and estimated tax payments.
Business C Corporation Income Tax Return - Prepare, process for review and e-file Form 1120, U.S. Corporation Income Tax Return and Illinois Form IL-1120 Corporation Income and Replacement Tax Return and related extensions and estimated tax payments.
Nonprofit Return - Prepare, process for review and e-file Form 990, Return of Organization Exempt from Income Tax and Attorney General Form Charitable Organization Annual Report and related extensions and fee payments.
Advisory and Tax Planning - Identify accounting process improvement and tax saving opportunities. Assist Tax Supervisor or Tax Manager with communicating compliance related advice on accounting process improvement and tax planning strategies to clients. Participate in implementation.
Taxpayer Representation - Assist Tax Manager with responding to Internal Revenue Service and Washington Department of Revenue tax return inquiries and audits. Participate in case resolution.
