What Does an International Tax Accountant Do?

International tax accountants are responsible for ensuring that companies and individuals pay the correct amount of taxes to the government. They commonly work with clients who have international business interests, such as multinational corporations or small businesses that operate in multiple countries.

International tax accountants may also help their clients plan ahead for future tax obligations. This might include helping them decide which assets should be placed into trusts or other legal entities so they can avoid paying certain taxes later on.

International Tax Accountant Job Duties

International tax accountants have a wide range of responsibilities, which can include:

• Preparing or reviewing tax returns or other accounting records for individuals or businesses
• Advising clients on tax law changes, filing requirements, and planning opportunities
• Preparing and filing federal, state, or international tax returns for individuals or businesses
• Reviewing financial statements to identify potential areas of noncompliance with tax laws
• Negotiating with the Internal Revenue Service (IRS) on behalf of clients who are facing audits in order to reach settlement agreements
• Analyzing financial data and performing accounting work for individuals or businesses
• Coordinating tax planning with clients’ financial advisors in order to maximize their assets
• Calculating federal and state income tax liabilities, including estimated payments and refunds
• Preparing tax forms and filing them with the appropriate taxing authorities

International Tax Accountant Salary & Outlook

The salary of a tax accountant can vary depending on their level of education, years of experience, and the type of company they work for. Tax accountants who work in the corporate sector typically earn more than those who work in other industries.

• Median Annual Salary: $82,500 ($39.66/hour)
• Top 10% Annual Salary: $153,000 ($73.56/hour)

The employment of international tax accountants is expected to grow at an average rate over the next decade.

Demand for international tax accountants will stem from the increasing globalization of business and trade. As companies expand into new markets, they will need tax advice on how to structure their operations in a way that complies with tax laws in multiple jurisdictions.

Related: International Tax Accountant Interview Questions and Answers

International Tax Accountant Job Requirements

To become an international tax accountant, you will likely need:

Education: Most employers require international tax accountants to have a bachelor’s degree in accounting, finance or a related field. Some employers prefer candidates who have a master’s degree in accounting or business administration with a concentration in accounting. Relevant coursework includes accounting, business law, economics, finance, management and taxation.

Training & Experience: International tax accountants typically receive on-the-job training in their first few months of employment. This training helps them learn the specific processes and procedures of the company. It also helps them become familiar with the company’s clients and their needs.

Certifications & Licenses: Although international tax accountant certifications are not necessary for the job, they can help you become a more competitive candidate when applying for positions.

International Tax Accountant Skills

International tax accountants need the following skills in order to be successful:

Tax knowledge: Tax knowledge is the ability to understand the complex laws and regulations that affect international tax. This includes knowledge of the tax systems of other countries, how to navigate those systems and how to interpret the information they provide. Tax knowledge is essential for tax accountants because it allows them to accurately calculate and report taxes and ensure their clients are in compliance with the law.

Communication skills: Communication skills are essential for tax accountants, as they often work with people from different backgrounds and locations. Effective communication skills can help them convey information to clients and colleagues, as well as interpret information from clients and colleagues. They can also use their communication skills to negotiate with clients and suppliers.

Attention to detail: Attention to detail is the ability to notice small changes and errors. As an international tax accountant, you may be required to review large amounts of data, so it’s important to be able to identify any errors or inconsistencies. This can help you ensure that your company is paying the correct amount of taxes.

Problem-solving skills: Problem-solving skills are essential for tax accountants, as they often work with complex financial data. This can include finding solutions to tax law changes, finding ways to reduce tax liabilities and finding ways to ensure compliance with tax regulations.

Organization: As a tax accountant, you may be required to manage large amounts of data and information. Organization skills can help you keep track of your files and paperwork, as well as manage your time effectively. Organization skills can also help you maintain a clean and professional workspace.

International Tax Accountant Work Environment

International tax accountants work in the accounting departments of large multinational corporations or in the tax departments of accounting firms. They may also work in the tax departments of government agencies or in the treasury departments of banks. Most international tax accountants work in office settings, although some travel to meet with clients or attend conferences. They typically work a standard 40-hour week, although they may work longer hours during tax season or when deadlines are approaching. International tax accountants must be able to work well under pressure and meet deadlines. They must also be able to work independently and be self-motivated, as much of their work is done without direct supervision.

International Tax Accountant Trends

Here are three trends influencing how international tax accountants work. International tax accountants will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growing Use of Technology

The use of technology in the accounting profession is growing rapidly, and this is having a significant impact on the way that international tax accountants do their work.

As technology becomes more prevalent, international tax accountants will need to learn how to use it effectively in order to stay competitive. This includes learning how to use software such as cloud-based accounting systems, which can make data management and reporting much easier.

In addition, the use of technology allows international tax accountants to connect with clients and colleagues around the world, which can help them build relationships and expand their network.

More Focus on Tax Planning

As businesses become more globalized, the need for tax planning has increased. This is because businesses are now operating in an increasingly complex tax environment, where there are many different rules and regulations that they need to be aware of.

International tax accountants are in a unique position to take advantage of this trend, as they have the knowledge and experience necessary to navigate the complexities of the tax system. They can use this knowledge to help their clients reduce their tax burden, while also ensuring that they are in compliance with all applicable laws.

Greater Scrutiny of Offshore Accounts

Offshore accounts are becoming increasingly popular among individuals who want to keep their money safe from taxes. However, this trend is leading to greater scrutiny from governments, who are looking to collect the revenue that is owed to them.

As a result, international tax accountants will need to be familiar with the latest methods for hiding money offshore. They will also need to be able to identify red flags that indicate that a client may be trying to avoid paying taxes.

How to Become an International Tax Accountant

A career as an international tax accountant can be very rewarding. It offers the opportunity to work with a variety of clients and industries, and to help them navigate the complex tax laws that apply in different countries.

To become an international tax accountant, you’ll need a degree in accounting and certification from the American Institute of Certified Public Accountants (AICPA). You’ll also want to build up your experience by working for a few years at a large accounting firm or consulting company.

Advancement Prospects

International tax accountants typically advance in one of two ways: either they move up within their current organization, or they start their own accounting firm. In either case, advancement is based on experience, education, and business acumen. International tax accountants who move up within their organization may eventually become partners or managing directors. Those who start their own firms can grow their business by hiring additional staff and expanding their client base.

International Tax Accountant Job Description Example

At [CompanyX], we are a global organization with a complex tax structure. We are looking for a highly skilled and experienced international tax accountant to join our team. The ideal candidate will have a strong understanding of international tax laws and regulations and experience preparing tax returns for multinational corporations. He or she will be responsible for ensuring compliance with all applicable tax laws and regulations and for providing tax planning and advice to management. The candidate must be a self-starter with the ability to work independently and be able to handle a high volume of work in a fast-paced environment.

Duties & Responsibilities

• Prepare and file tax returns for international entities in compliance with local, state, and federal regulations
• Manage the tax provision process for international entities in accordance with US GAAP
• Assist with the coordination of transfer pricing documentation and audits
• Research and interpret tax laws and regulations to determine the impact on international entities
• Prepare tax projections for international entities to assist with forecasting and budgeting
• Assist with the management of international tax audits
• Maintain up-to-date knowledge of changes in tax laws and regulations
• Identify opportunities for tax planning and optimization for international entities
• Prepare tax filings for foreign jurisdictions in compliance with local laws and regulations
• Assist with the development and implementation of global tax strategies
• Coordinate with other departments within the organization to ensure compliance with tax regulations
• Perform other duties as assigned

Required Skills and Qualifications

• Bachelor’s degree in accounting or related field
• CPA or CGA designation
• Minimum 5 years professional accounting experience
• Experience working with international clients and tax regulations
• Strong understanding of Canadian and US GAAP
• Proficient in Microsoft Office, with aptitude to learn new software and systems

Preferred Skills and Qualifications

• Masters degree in taxation or law
• LL.M. or JD designation
• Previous experience working in a Big 4 accounting firm
• Fluency in another language
• Working knowledge of Bloomberg Tax