Corporate Tax – tax compliance focused positions oversee the preparation and completion of tax reporting documents at the local, state and federal levels.   Show Responsibilities

• Preparing and reviewing work-papers and returns (Form 1120, Form 1120-S, Form 1120-C) for federal, state, and foreign tax obligations ensuring compliance with tax laws. Large Corporation required Tax Filings.
• Collaborating with tax accounting team to assist with, summarize, and communicate permanent, deferred, equity, and payable tax amounts
• Researching and analyzing the impact of federal, state, and foreign income tax law changes to the enterprise
• Prepare supporting memos for federal, state, and foreign tax positions as required
• Responsibilities: preparation of Corporate Tax Returns for C-Corps and S-Corps

Evolution of corporate tax (and as a result – the new complexity of a tax career)

Partnership Tax

• Responsibilities: preparation of Partnership Tax Returns for Partnerships (IRS Tax Form 1065, K-1 Schedules, etc.)
• Typically applicable to professional services (Global Consulting Firms, Law Firms, etc.) and alternative investment space (Private Equity, Hedge Funds, Venture Capital (VC) Firms) – reasoning: these aforementioned industries typically have an ownership structures with “Partners” – each owing a slice of the company & possessing unique profit payout arrangements – hence the need for individual K-1 filings for each partner, adding interesting complexity to each tax return.

Individual Tax

• Responsibilities: preparation of Individual Tax Returns (IRS tax form 1040s)
• Preparation of 1040s for “High Net Worth Individuals” can be very involved and include additional tax filing requirements for Trust, Estates, Partnership Holdings and more

Tax Accounting / Tax Reporting – professionals should be knowledgeable of the components and calculations of the effective tax rate and deferred taxes pursuant to ASC 740 (formerly FAS 109). This area of tax specialty is typically applicable to publicly traded / larger companies.

Responsibilities:

• Computing current and deferred tax provision and liabilities on previously identified book-tax differences
• Analyzing new transactions to determine potential book-tax differences and other related tax accounting treatments
• Monitoring new Accounting policies and pronouncements to determine proper tax treatment of such new emerging issues
• Assisting in preparation of separate entity Annual Report (10K) tax footnotes as applicable

Tax Strategy & Planning / M&A Tax Support – typically requires a JD / LLM in Taxation – focuses on assisting larger & very complex multi-national corporations with tax strategy advice. (i.e., how to pay the least amount of taxes possible while staying within IRS rules)

• Serve in advisory capacity to management regarding the tax impact of corporate tax strategies, new tax liabilities, and tax implications of merger and acquisition scenarios
• Managing relationships with third party vendors, preparing and reviewing tax provision schedules, maintaining legislative materials by reviewing, interpreting and implementing new or revised tax laws
• Utilize Tax Transfer Pricing strategies on various cross-border business transactions

Controversy Tax

• Career track is focused on resolving disputes between IRS and Tax Payers (Corporations, Partnerships, Individuals). This is often following an IRS Audit. While some large multi-national companies have internal tax controversy experts on-staff; this work is typically performed as part of a legal tax team (working for a law firm) or large public accounting firm’s tax controversy group.
• Example: Tax Controversy and Dispute Resolution Team at PwC

Helpful Designations & Degree Programs for Taxation Careers:

1. EA (Enrolled Agent) – Enrolled Agent status is the highest credential the IRS awards. See IRS process for EA Certification here
2. JD / LLM – this is more applicable towards tax planning careers (vs. tax compliance / tax reporting)
3. MST (Masters of Science in Taxation) – Origin’s top local programs include: Bentley University MST Program (either Part Time or Full Time); Suffolk University MST Program (includes Dual MSA / MST + MBA / MST Degrees); Northeastern University MS in Taxation Program – includes online course options

O | Representative Direct Hire Tax Searches:

Tax Analyst, Senior Tax Analyst, Tax Supervisor, Tax Manager,  Tax Compliance Manager, Tax Planning Senior Manager, International Tax Manager, Senior Tax Manager – Tax Accounting (ASC 740), Tax Director, VP of Tax / Head of Tax

Interview Preparation Material (Corporate Tax at Executive Level – Director of Tax / VP of Tax) – relating to companies at Global scale