What Types of Jobs are in Taxation?

Tax season is dreaded by most, but people with the several types of jobs in taxation look at April 15th fondly. These accounting professionals specialize their financial analysis skills on filing individual and corporate tax forms. Taxes are essential government revenue generated based on any entity’s income level. According to the Tax Foundation, the U.S. has 140.9 million taxed people who paid $1.4 trillion total in 2016. Submitting complex tax returns to receive the refunds owed is difficult though. After all, the tax code has nearly 10.1 million words to pore over. Further, President Trump’s tax reform legislation went into effect in 2018 and made many significant changes. Individuals and corporations therefore rely on tax experts to give them the best filing advice. The following are popular career choices for professionals passionate about helping people with taxes.

Resource: Top 15 Online Masters in Taxation

Tax Preparer

Tax preparers are responsible for completing precise tax forms on their clients’ behalf. First, preparers interview clients about their sources of income, expenses, estimated payments, and exemptions. Compiling these vital figures onto documents like Form 1040 comes next. Most use cutting-edge software that handles tax calculations for them. However, tax preparers need the know-how to double check the math and find extra credits to maximize client refunds. Once signed, the preparer assembles the entire tax return for mailing or an e-file to the IRS. Preparers receive median annual pay of $47,090 at accounting firms, tax companies, and home offices.

Tax Examiner

Tax examiners work to ensure that each filed return is wholly accurate without error or fraud. These tax sleuths are hired by federal, state, and local government bodies to analyze the correctness of documents like Form 940. This involves more than just rechecking the math. Tax examiners must make certain each regulation is exactly followed. If discrepancies appear, they conduct audits that dive deeply into taxpayers’ finances. Examiners also notify the person or business that extra money is due with interest or penalties. In 2017, the median wage for the 62,100 tax examiners was $53,130 with credentials, such as Certified Fraud Examiner (CFE), increasing pay.

Tax Collector

Tax collectors hold one of the taxation jobs focused on resolving overdue balances. Specifically, they get involved when individuals or companies fail to pay the entirety of their tax bills. Also called IRS revenue officers, they strive to create solutions where people settle what’s left unpaid. When offending taxpayers claim they can’t afford the debt, collectors start their in-depth investigations. Tax collectors can then analyze their incomes, mortgages, bank accounts, and even car loans. If the person or business remains incompliant, collectors either suggest a lien, lawsuit, criminal charge referral, or wage garnishment. Currently, tax collectors report average salaries of $69,200 in federal, $53,830 in state, and $48,170 in local government agencies.

The Bureau of Labor Statistics predicts that hiring in financial professions will rise quickly by 10 percent through 2026 for over 773,800 new positions total. Most tax-related careers require at least a four-year bachelor’s degree in accounting, finance, or business. However, the number of graduates returning for specialized MS or MBA programs is growing.

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