WHAT DOES A CORPORATE TAX MANAGER DO?

Updated: Jan 06, 2025 - The Corporate Tax Manager ensures compliance with tax regulations by managing timely tax filings and reviews, including federal, state, and local requirements, along with quarterly estimates and statutory provisions. This position's collaborative efforts are spearheaded with finance divisions to enhance information flow, identify tax opportunities, and streamline processes across multi-entity business structures. This role also involves leading external audits, improving tax department efficiency, and contributing to financial report disclosures.

A Review of Professional Skills and Functions for Corporate Tax Manager

1. Corporate Tax Manager Duties

  • Tax Filing Management: Manage the activities required for the timely and accurate filing of all federal and state income tax returns.
  • Financial Tax Provisions Preparation: Preparation of interim and annual financial tax provisions in accordance with ASC 740, including working across businesses and functions to ensure the collection of tax-sensitive data and analysis.
  • Process Improvement Support: Provide continuous process improvement support to ensure the tax process flows efficiently and effectively.
  • Data Flow Optimization: Work with various subsidiaries' finance groups and other internal resources to maintain existing data flow and provide ways to improve data flow.
  • Legislative Monitoring: Monitor legislative changes in tax laws that may impact the company's tax positions.
  • Internal Controls Management: Develop and maintain a complete understanding of the tax internal controls environment and update controls as business developments occur.
  • Special Projects Assistance: Assist VP Tax on special projects, planning, research, and analysis.
  • Tax Audit Coordination: Assist in managing and coordinating tax audits.
  • Tax Provision Calculation: Assist in the calculation of the consolidated and separate company quarterly and annual tax provision.
  • Provision to Return True-up Calculation: Assist with preparing provision to return true-up calculation upon filing of the tax returns.
  • Quarterly Tax Estimates Preparation: Prepare quarterly tax estimates at the federal and state level for the Corporate and Partner Level.
  • IRS Audit Assistance: Assist with the state and federal IRS audits.
  • Tax Research: Perform tax research.
  • Tax Practices Update: Remain up to date on current tax practices and changes in tax law.

2. Corporate Tax Manager Details

  • Tax Compliance: Prepare/Review quarterly and annual ASC740
  • International Tax Returns: Coordinate and prepare international tax returns including Forms 5471 and 8858
  • Tax Management: Manage international & domestic tax
  • Due Diligence & Restructuring: Manage acquisition due diligence, restructuring, and tax planning transactions
  • Transfer Pricing: Manage the transfer pricing processes
  • Compliance Monitoring: Manage & Monitor ongoing international tax compliance
  • Tax Planning & Research: Tax planning and review of various tax research projects
  • Tax Return Oversight: Oversee and review the preparation of US consolidated income tax returns and state/local returns
  • Audit Assistance: Assist with gathering information for federal and state income tax audits
  • Consultant Collaboration: Work closely with global tax consultants
  • Incentive Research: Research and support tax incentive opportunities
  • Leadership Projects: Various ad-hoc tax planning and leadership projects

3. Corporate Tax Manager Responsibilities

  • Tax Compliance Management: Manage the company’s compliance with tax laws and regulations through timely filing of tax returns and other required reporting.
  • Tax Analysis and Review: Provide analyses and review of calculations related to federal income tax returns, state and local tax filings, quarterly federal income tax estimated payments, state premium tax filings, and communication from tax authorities.
  • Tax Provision Management: Implement and manage the review process of quarterly and annual income tax provision (ASC 740) and tax-related financial statement disclosures (GAAP and statutory).
  • Information Flow Management: Manage information flow between departments that provide information for tax compliance to ensure required data is exchanged efficiently and timely.
  • Tax Opportunity and Risk Identification: Partner with corporate and subsidiary controllers to identify tax opportunities and risks.
  • Tax Strategy and Research: Assist in implementing tax strategies and performing research related to complex federal, state, and local tax issues such as acquisitions, dispositions, tax return filing positions, payroll tax, sales and use tax, premium tax, claims tax, unclaimed property, and real and personal property tax.
  • Process Improvement: Lead efforts to develop processes and procedures to improve the efficiency of overall tax department operations.
  • External Audit Management: Manage the external audit team with the Internal Revenue Service and/or state authorities.
  • Finance Division Collaboration: Collaborate with related finance division departments and external reporting teams.
  • Tax Calendar Management: Manage the tax calendar for the business.
  • Multi-Entity Business Understanding: Understand multi-entity businesses and follow capital contributions (Series 10) down to the correct portfolio company.
  • Tax Provisions Experience: Extensive tax provisions (409A) experience for US and multinational entities.
  • Complex Equity Plans: Taxes for complex equity plans following FAS123R.
  • Financial Report Contribution: Contribute to financial report footnotes.

4. Corporate Tax Manager Job Summary

  • Tax Advisory: Advising and supporting domestic and international business teams on tax-related issues, policies, and procedures.
  • Tax Compliance Analysis: Analyzing tax items for local tax compliance and US GAAP tax accounting, resulting in the identification of tax savings opportunities and effective tax rate minimization planning.
  • Tax Position Documentation: Developing and documenting tax positions.
  • Tax Provision Preparation: Preparing tax provisions and accounting entries relating to taxes in connection with the monthly close.
  • Income Tax Returns Preparation: Preparing Federal and State income tax returns.
  • Corporate Tax Advisory: Serving as a corporate tax advisor to accounting teams responsible for state and local tax compliance.
  • Tax Audit Assistance: Assisting with international aspects of federal, state, and foreign income tax audits and related matters, including coordinating with outside advisors in tax controversy and dispute resolution forums.
  • Tax Planning and Implementation: Identifying and assisting with the implementation of tax planning opportunities, driving process efficiencies, quality improvements, and risk minimization strategies related to foreign operations.
  • Tax Law Monitoring: Monitoring current and proposed US and foreign tax law changes to identify and assess their impact on the organization.
  • Tax-Efficient Cash Utilization: Collaborating with the Corporate Treasury function to design and implement tax-efficient cash utilization across the global organization.
  • Transfer Pricing Management: Managing transfer pricing planning, implementation, and documentation processes, including maintaining cost-sharing structures and efficient intangible property planning.
  • Special Projects Management: Managing special projects, including providing input and advice on day-to-day tax matters such as sales/use taxes, VAT taxes, payroll, and other employment taxes.

5. Corporate Tax Manager Accountabilities

  • Tax Records Preparation: Prepare and maintain tax records for statutory filings
  • Work Papers Development: Develop work papers and scheduling to support state modifications
  • State Documentation Management: Update and maintain state documentation for filings
  • ASC740 Provision Assistance: Assist with the preparation of ASC740 state provision calculations
  • Reporting Updates: Update company reporting to reflect changes to ASC 740 and extension purposes
  • GL Tax Reconciliation Review: Review GL tax account reconciliations
  • Sales and Use Tax Reporting: Manage Sales and Use Tax Reporting
  • Quarterly Tax Estimates Preparation: Support the preparation of quarterly tax estimates/extensions
  • Tax Inquiries Responses: Prepare responses to tax inquiries
  • State Tax Research: Lead research into state-related tax positions
  • System and Process Improvements: Devise and implement system and process improvements
  • Tax Planning Opportunities: Work internally to identify tax planning opportunities
  • System Implementation Management: Manage the implementation of new systems
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