How to Become A Tax Specialist In South Africa

A tax specialist is an accountant or lawyer who specializes in helping individuals and organizations prepare and file taxes. Public accountants who specialize in taxes often help individual clients prepare their taxes.

What is a tax specialist called?

A tax advisor is a financial expert with advanced training and knowledge of tax accounting and tax law. Tax advisors can include Certified Public Accounts (CPAs), tax attorneys, enrolled agents, and some financial advisors. A tax advisor may also be known as a tax consultant.

What does a revenue tax specialist do?

The job of a revenue specialist involves processing payments and claims for an organization. Typical job duties range from reviewing customer orders or insurance claims to ensuring all taxes are paid on time. The exact responsibilities vary widely depending on the industry and employer.

What is the role of a tax manager?

Tax managers report taxes, ensure compliance with various regulations, and oversee accounting staff in their organizations. The type of taxes and regulations tax managers are in charge of depends on the industry, though federal, state, and local tax laws must be considered.

How to Become A Tax Specialist In South Africa

How to Become a Tax Specialist: Requirements & Education:

What Does a Tax Specialist Do?

The tax specialist definition states that they are responsible for ensuring that individuals and businesses pay their taxes to the government. Their duties may include reviewing tax returns, determining taxes owed, answering questions, and discussing returns. Tax specialists also ensure that all tax credits and deductions follow laws and regulations.

Many tax specialists work for government bodies; government employees generally earn competitive salaries, good benefits, and enjoy a measure of job security. Tax specialists work full-time during regular business hours, although some longer hours may be asked of them during tax season.

They primarily work in office settings, though some light travel to individuals’ homes or businesses may be needed. Tax specialists may work for companies or the Internal Revenue Service (IRS).

A tax specialist may also be referred to as a tax preparer or may be specialized, such as a tax law specialist. These jobs may differ slightly when it comes to clients and specialty but focus on tax reviewing, financial documentation and preparing tax returns. Some of these other similar titles may include:

Tax Preparer

Tax Law Specialist

IRS Tax Law Specialist

US Tax Specialist

Executive Tax Specialist

Requirements of a Tax Specialist

Before you apply for income tax specialist jobs, you’ll need to know how to become a tax expert. These jobs require expertise in the overall income tax process and regulations within the IRS.

Tax specialist requirements may vary depending on the tax specialist job description in a listing. Most will require a bachelor’s degree, experience preparing taxes and knowledge of tax preparation software. Some of the key skills for the job include:

Analytical skills

Customer service

Tax preparation software proficiency

Accounting principles

Knowledge of tax laws

Degree LevelHigh School Diploma; Bachelor’s degree required for some jobs
Experience1 to 7 years of experience
RegistrationTax specialists who prepare federal returns must be registered with the IRS
Key SkillsKnowledge of Microsoft Excel, automated tax system software, Intuit QuickBooks software, Microsoft Access, online databases
Median Annual Salary (2019)R 646429.48 (for tax preparers)
Job Outlook (2019-2029)-1% (for tax preparers)

Below are steps to Become A Tax Specialist In South Africa

Step 1: Earn a Bachelor’s Degree

Though not all jobs in this field require it, a bachelor’s degree in accounting or business is beneficial. Within accounting degree programs, students examine concepts in business management, business law, financial accounting, marketing and strategic management.

Those interested in becoming a certified public accountant can do so after receiving their bachelor’s degree. They must complete an examination to become licensed. Once licensed, they must complete continuing education to keep their license active.

Success Tips for Taxation Specialists

Develop strong people and communication skills. Since taxation specialists are required to possess customer and personal service skills, students can ensure that their written and verbal exchanges are understood by taking advantage of communication courses.

Take advantage of accounting courses. Some positions may require applicants to have taken a related tax specialist course or a certain amount of accounting courses in their education. Business students can take additional accounting courses to meet this requirement.

Gain an understanding of tax laws and principles. Some programs may offer students the opportunity to complete additional coursework in tax law. Students can use these courses to gain a thorough understanding of the current regulations.

Step 2: Complete On-The-Job or Formal Training

Some tax specialists may need to complete on-the-job training or formal training, which may last up to a year. Formal training will familiarize new employees with the tax code, deductions and IRS policies. These learning and skills enhancement-training programs will provide individuals with on-the-job training through courses and on-site learning. Apprenticeship programs may also be available.

Step 3: Register With the IRS

Any tax specialist who helps prepare and submit federal tax returns needs to register for a preparer tax identification number with the IRS. A processing fee is required, and registration must be renewed each year. If you’re interested in becoming licensed by the IRS, 72 hours of continuing education will be needed every three years. This is completed through the Enrolled Agent Program.

Step 4: Keep Up-To-Date on Current Tax Laws

The IRS offers employment advancement programs for tax specialists that demonstrate knowledge of current and changing tax laws. Tax specialists will want to keep their skills and knowledge of the field sharp by completing additional training or skills development programs.

How much do tax specialists earn in South Africa?

At the time of this writing, the average pay for a Professional Tax Specialist (SA) is R473 271 per year, which translates to approximately R39 439 per month.

Are tax specialists in demand in South Africa ?

In preparation, M&A tax professionals will find themselves in especially high demand. Tax Specialty Areas: Firms are looking for ways to continually reduce their effective tax rate, and tax specialists in areas like R&D, Fixed Assets, and Tax Credits continue to be in high demand.

How do I become a master tax practitioner in South Africa?

MASTER TAX PRACTITIONER (MTP SA)

In addition, the applicant seeking a Master level must have ONE of the following: (i) 5 years of director – level / management team level experience, (ii) a Master or Doctorate degree (NQF Level 9 or 10) in Tax, or (iii) an endorsement of work experience from 3 senior tax experts

What do tax specialists do in South Africa ?

A tax specialist is an accountant or lawyer who specializes in helping individuals and organizations prepare and file taxes. Public accountants who specialize in taxes often help individual clients prepare their taxes.

How much does a tax accountant earn in South Africa?

An early career Tax Accountant with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of R388,451 based on 16 salaries. A mid-career Tax Accountant with 5-9 years of experience earns an average total compensation of R408,848 based on 11 salaries.

Is tax accounting a good career in South Africa ?

In fact, the accounting field is expected to grow faster than the average career at a 6% growth rate, according to the Bureau of Labor Statistics. Joining this lucrative career means opening the door to several new opportunities and a rewarding way to earn a living.

What are tax specialists called?

Tax advisors can include Certified Public Accounts (CPAs), tax attorneys, enrolled agents, and some financial advisors. A tax advisor may also be known as a tax consultant.

Do you need a degree to be a tax preparer in South Africa ?

TAX PREPARER CAREER DEVELOPMENT AND CREDENTIALS. Most tax preparers earn a bachelor’s degree, as well as additional credentials and licensing. The most competitive candidates also possess significant work experience.

Is it hard to become a tax preparer in South Africa ?

The task of becoming a tax preparer can be relatively easy compared to the rocky road of some similar ventures, such as becoming a real estate agent or an insurance agent. Tax preparation can be a quirky profession, meaning it is essentially not a year round profession but a more seasonal one.

Where can I learn to prepare taxes in South Africa ?

Compare Providers

Tax Prep CourseWins ForLength of Course
Gleim Enrolled Agent ReviewBest for Enrolled Agent Exam Prep2 to 12+ months
H&R Block Income Tax Preparation CourseBest Low-Cost Option12 weeks
IRS Link and Learn TaxesBest for Volunteers30 hours

How long does it take to learn how do you do taxes in South Africa ?

However, how long it takes to become a seasoned tax preparer is perhaps the more correct question to ask, as the ability to make money and build a career is dependent upon a certain amount of experience and skill. In most cases, it takes about two seasons to learn the basics of tax preparation.