TAX Accountant

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“TAX Accountant related Frequently Asked Questions by expert members with job experience as TAX Accountant. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”



40 TAX Accountant Questions And Answers

21⟩ Do you know what are expense provisions? Is it important to book these provisions?

Very simply put, provision is an amount of profit which is put aside on the books to cover an expected / potential expense in the foreseeable future. In day-to-day accounting, there is a high chance that expenses already incurred in the given period may not be booked. The reasons for this could vary e.g. the vendor is yet to raise an invoice, or let’s say that the invoice is raised once in 6 months only and at the year end we have already availed services of 3 months. A provision should be created in the books for these expenses which have already been availed by us. Expenses incurred in a given financial year should be booked in the same year to maintain the true and fair view of the financial statements. But if can’t book expenses for any reason, then provision is the next best thing to do.

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22⟩ Tell us are you available year round?

Some accounting firms shut their doors after April 15 and only reopen for the following tax season. But when you're running a small business, you're going to need help all year, director of taxation at the American Institute of CPAs in New York. "If something comes up, you don't want to wait until tax season in order to get your issue addressed."

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23⟩ Tell us who will be doing the work?

Accountants will often outsource work to a third party. This doesn't mean their services are bad, but you want to be sure they are forthright about who is doing the work., CPA. If you want to talk with someone familiar with your bookkeeping and that's a third party, it likely will be difficult to speak with him or her directly.

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24⟩ Explain me how do you feel about creative accounting?

In my book, a good accountant is a creative accountant. You could hire any number of professionals to take care of bookkeeping and generate financial reports. However, a good accountant is able to find ways to reduce expenses, restructure debt, find legal loop holes in the system, and improve efficiency. A good accountant knows how to play the game without compromising their integrity or the reputation of the company they work for. That's the type of accountant I am.

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25⟩ Tell me the procurement process in brief?

Some of the key documents which should be thoroughly verified during the accounting process are:

☛ Purchase Requisition

☛ Purchase Order (and Contract where there is pre-existing contract with the vendor)

☛ Vendor Invoice

☛ Material Receipt Note

☛ Delivery Challan

☛ Documentation for evaluation of rates at which product is procured

☛ Tax related documentation, if any

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26⟩ Explain me do you have knowledge of accounting standards?

First, answer whether you have knowledge of accounting standards such as Generally Accepted Accounting Principles – GAAP – and Sarbanes-Oxley,” said Bill Driscoll, the president of the New England district at Robert Half International and a national spokesperson for Accountemps. “Then explain the depth of your knowledge, how it applies to the role and how you stay up-to-date.

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27⟩ Tell us which accounting software are you familiar with?

I have experience working with several accounting software programs. I'm most comfortable with Netsuite, abila and Zoho, although I've recently started using Intacct as well since it offers a few forecasting and performance management features other applications don't have. I found Intacct the most difficult to learn, but it's still pretty straight forward and easy to understand once you're familiar with their interface. Which accounting software do you use?

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30⟩ Tell us what's your experience with the IRS?

Often people will tell you it's important to hire a certified public accountant rather than an EA, or enrolled agent, because CPAs have more comprehensive certification requirements. While CPAs are state-certified and have training in such areas as financial planning and bookkeeping, EAs are certified by the federal government specifically to handle taxes and are often former IRS agents with extensive experience dealing with audits. "They've been in the belly of the beast. They may have more inside knowledge of how the IRS really works,

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32⟩ Fresh TAX Accountant Job Interview Questions

☛ What accounting software are you familiar with?

☛ What monthly and annual reports do you create?

☛ What information do you need to submit a 1096? What’s different when you e-file a 1099?

☛ What is an IRS Backup Withholding Notice?

☛ How do you avoid numerical errors in your reports?

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33⟩ Do you know what is a FIXED ASSET register?

A physical verification of fixed assets should be done on a regular basis and comments from these verifications should be updated accordingly. There are times when the asset is recorded in the books but physically there is no such asset.

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34⟩ New TAX Accountant Job Interview Questions

☛ What attracted you to tax accounting versus other fields, like forensic or auditing?

☛ How do you stay on top of regulatory changes?

☛ How do you keep up to date on global economic issues?

☛ Describe a time you saved your client/employer money.

☛ Have you ever faced an ethical dilemma at work? If so, how did you manage it?

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36⟩ Tell us a time when you faced a particularly demanding deadline to prepare a financial statement or report. How did you react? What was the result?

If you don’t have a professional example to share, a relevant experience from college might work. Regardless of the example you pick, do not exaggerate or over-dramatize for effect.

Your interviewer will notice and might decide that you’re being less than honest.

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37⟩ Basic TAX Accountant Job Interview Questions

☛ What would you do if you received a B-Notice on behalf of your client?

☛ What information would you use to create a forecasting report for next year’s tax returns?

☛ You thought the deadline for tax payment submission was in a month, but it’s actually in a week. How would you handle this?

☛ How would you inform your manager that your company needs to pay a fine because you weren’t aware of a regulatory change?

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38⟩ Tell me how would you handle a dispute?

You have to look at all the information first. Genrally starting at the employee's new hire paperwork is the best place. With that you can confirm that there was not a data entry error in the HR department. If it's a matter of tax payment, you should have records on day the payment was submitted and a copy of the certified mail for any returns sent by mail.

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40⟩ Why do you want to work for our company as TAX Accountant?

I've been following you're company for a long time. I've always been impressed with your philosophy of honesty and integrity over everything else. When John (company contact) told me a position for an experienced tax accountant had opened up I couldn't pass up the opportunity. I believe I can help you solve many of tax issues you're currently facing and would look forward to joining your team.

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