Tax Audit Coordinator in South Dakota Career Overview

As a Tax Audit Coordinator, you play a significant role in ensuring compliance with tax laws and regulations. This position involves coordinating and overseeing tax audit processes to minimize risks for your organization or clients. Here are some key aspects of the role:

  • Audit Coordination: You are responsible for planning and facilitating tax audits, ensuring that all necessary documentation is gathered and organized for review by auditors.

  • Regulatory Compliance: Your work helps maintain adherence to federal, state, and local tax laws, which is essential for avoiding penalties and ensuring lawful financial practices.

  • Communication: You serve as a liaison between auditors and other departments or clients, fostering clear communication to address any questions or issues that arise during the audit process.

  • Analysis and Reporting: An important part of your role includes analyzing audit results and compiling findings into reports that provide valuable insights for decision-making.

  • Risk Management: Through your coordination efforts, you identify potential tax liabilities and work to mitigate risks, enhancing the financial health and reputation of your organization.

  • Continuing Education: Staying informed about changes in tax legislation and auditing standards is crucial to maintain effectiveness in your role, as it ensures your audits are thorough and current.

Working as a Tax Audit Coordinator not only involves technical knowledge but also requires strong organizational and interpersonal skills to navigate the complexities of tax compliance and audit processes. Your contribution is vital in safeguarding the integrity of financial practices within your organization.

Tax Audit Coordinator Salary in South Dakota

Annual Median: $52,040
Hourly Median: $25.02

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Tax Audit Coordinator in South Dakota

To become a Tax Audit Coordinator in South Dakota, you will need to complete a relevant educational program. Below are specific college degree options that are typically required for this career path:

  • Bachelor's Degree in Accounting: This program provides a solid foundation in accounting principles, financial reporting, and auditing practices.

  • Bachelor's Degree in Accounting and Finance: This dual-degree program combines accounting with financial management, equipping you with comprehensive knowledge of both fields.

  • Bachelor's Degree in Auditing: Focusing specifically on auditing processes and standards, this degree can provide specialized skills advantageous for a Tax Audit Coordinator role.

  • Bachelor's Degree in Tax Law and Taxation: Studying tax law and the regulatory environment prepares you to navigate the complexities of tax codes and compliance issues.

  • Bachelor's Degree in Taxation: This program emphasizes taxation principles, policy, and procedures, focusing on the practical application of tax strategies and issues.

In addition to your degree, gaining experience through internships or entry-level positions in accounting or auditing can enhance your qualifications and prepare you for a role as a Tax Audit Coordinator.

Best Schools to become a Tax Audit Coordinator in South Dakota 2024

#1Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3New York County

CUNY Bernard M Baruch College

New York, NY

In-State Tuition:$6,930
Out-of-State Tuition:$14,880
Admission Rate:50%
Graduation Rate:74%
Total Enrollment:19,854
#4Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#5Utah County

Utah Valley University

Orem, UT

In-State Tuition:$5,614
Out-of-State Tuition:$17,174
Admission Rate:N/A
Graduation Rate:39%
Total Enrollment:43,099
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Tax Audit Coordinator Job Description:
  • Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

Tax Audit Coordinator Required Skills and Competencies in South Dakota

  • Analytical Skills: You need to possess strong analytical abilities to evaluate financial statements and identify discrepancies or anomalies during audits.

  • Attention to Detail: A meticulous nature is vital for examining financial documents, ensuring that all data is accurate and complies with regulations.

  • Technical Proficiency: Familiarity with accounting software, data analysis tools, and tax preparation software is essential for efficiently conducting audits.

  • Organizational Skills: Being organized will help you manage multiple audits and deadlines effectively while keeping track of essential documents and findings.

  • Communication Skills: Effective verbal and written communication abilities are necessary for discussing findings with stakeholders and explaining complex tax-related issues clearly.

  • Interpersonal Skills: Strong interpersonal abilities will enable you to build and maintain relationships with colleagues, clients, and regulatory agencies.

  • Problem-Solving Skills: You should be able to think critically and develop solutions to audit-related issues that may arise during the process.

  • Regulatory Knowledge: An understanding of local, state, and federal tax laws and regulations is crucial to ensure compliance and address any legal issues.

  • Time Management: Prioritizing tasks and managing your time effectively will allow you to meet stringent deadlines and maintain a high level of productivity.

  • Ethical Judgment: Upholding ethical standards and integrity in your work is paramount, as you will often handle sensitive financial information.

Job Duties for Tax Audit Coordinators

  • Confer with taxpayers or their representatives to discuss the issues, laws, and regulations involved in returns, and to resolve problems with returns.

  • Notify taxpayers of any overpayment or underpayment, and either issue a refund or request further payment.

  • Send notices to taxpayers when accounts are delinquent.

Technologies and Skills Used by Tax Audit Coordinators

Accounting software

  • Fund accounting software
  • Intuit QuickBooks

Electronic mail software

  • Email software
  • Microsoft Outlook

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Reading work related information

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Tax Audit Coordinator in South Dakota

  • The job market for Tax Audit Coordinators in South Dakota reflects a steady demand due to the complexities involved in tax regulations and compliance. Many businesses and organizations require skilled professionals to ensure they are operating within legal tax frameworks.

  • Growth potential for Tax Audit Coordinators in South Dakota is promising. As more companies expand their operations and as regulatory scrutiny increases, there is an ongoing necessity for competent auditors who can identify discrepancies and ensure accurate tax filings.

  • Geographical hotspots for employment opportunities in this field are primarily found in urban areas such as Sioux Falls and Rapid City. These cities host a range of businesses, including corporate offices, financial institutions, and accounting firms that frequently seek Tax Audit Coordinators to manage their tax audit processes.

  • Additionally, smaller municipalities are also emerging as potential job markets, especially with the growth of local businesses needing tax compliance support. Surrounding areas with a burgeoning entrepreneurial ecosystem can also provide opportunities.

  • Networking and professional associations within South Dakota can enhance job prospects. Engaging with local accounting organizations can yield insights into job openings and industry trends specific to the region.

  • Temporary or contract positions may present an avenue for entry or advancement within the field. Many companies prefer to utilize Tax Audit Coordinators for specific projects or peak periods, which can lead to longer-term employment opportunities.

  • Remote work options are gaining traction in this field. The ability to work from home can open up additional opportunities with companies that might not have a physical presence in South Dakota but require skilled audit professionals.

  • Industry trends indicate a growing reliance on technology and software in tax auditing. Familiarity with modern auditing tools could set you apart and open up further opportunities within the evolving job market.

  • As businesses navigate the complexities of tax laws and regulations, the role of the Tax Audit Coordinator becomes increasingly essential, ensuring that demand remains robust in South Dakota’s job market.

Top Related Careers to Tax Audit Coordinator 2024

Revenue Compliance Officer
Tax Assessment Specialist
Tax Compliance Specialist
Revenue Collections Manager

Additional Resources To Help You Become a Tax Audit Coordinator in South Dakota

  • American Institute of CPAs (AICPA)
    Access various resources including publications and forums tailored for accounting professionals and tax auditors.
    AICPA

  • National Association of State Boards of Accountancy (NASBA)
    Find information on licensing and regulations for accounting professionals, which is essential for understanding your professional requirements.
    NASBA

  • South Dakota Department of Revenue
    Stay updated with state-specific tax laws, policies, and procedures that affect tax audits and compliance within South Dakota.
    South Dakota Department of Revenue

  • Internal Revenue Service (IRS)
    Explore federal tax codes, updates, and information on audits and compliance from the IRS. This is a crucial resource for understanding federal regulations.
    IRS

  • The Institute of Internal Auditors (IIA)
    Access resources on auditing standards, best practices, and professional development opportunities.
    IIA

  • Tax Policy Center
    Review in-depth analyses and current research on tax policies to aid in your understanding of broader tax implications.
    Tax Policy Center

  • South Dakota Society of CPAs
    Join the local chapter for networking opportunities, continuing education, and professional support specifically for CPAs in South Dakota.
    South Dakota Society of CPAs

  • LinkedIn Learning
    Utilize various online courses on tax auditing, compliance, and related skills to enhance your expertise and qualifications.
    LinkedIn Learning

  • Accountancy Magazine
    For current articles and insights on accounting trends, including tax auditing practices.
    Accountancy Magazine

  • Bureau of Labor Statistics (BLS) - Occupational Outlook Handbook
    Research job outlook statistics, salary information, and requirements for Tax Audit Coordinators and related positions.
    BLS - Tax Examiners and Collectors, and Revenue Agents

Frequently Asked Questions (FAQs) About Tax Audit Coordinator in South Dakota

  • What is a Tax Audit Coordinator?
    A Tax Audit Coordinator is responsible for managing and overseeing tax audits within an organization. This role typically involves collaborating with various departments to ensure compliance with tax regulations and preparing documentation for audits.

  • What qualifications do I need to become a Tax Audit Coordinator?
    Most positions require a bachelor's degree in accounting, finance, or a related field. Additionally, relevant certifications such as a Certified Public Accountant (CPA) or Certified Internal Auditor (CIA) can enhance your employability.

  • What skills are important for a Tax Audit Coordinator?
    Key skills include analytical thinking, attention to detail, strong communication abilities, and proficiency in tax software. Time management and problem-solving skills are also crucial for effectively coordinating audits.

  • What are the typical job responsibilities of a Tax Audit Coordinator?
    Responsibilities generally include:

    • Planning and conducting tax audits
    • Analyzing financial records
    • Preparing audit reports
    • Coordinating with tax authorities
    • Ensuring compliance with tax laws and regulations
    • Training staff on tax regulations

  • What is the job outlook for Tax Audit Coordinators in South Dakota?
    The demand for tax professionals tends to reflect broader trends in the accounting and finance industries. With increasing regulatory complexity, the job outlook remains positive. However, specific projections may vary based on economic conditions.

  • How much can I expect to earn as a Tax Audit Coordinator in South Dakota?
    Salaries for Tax Audit Coordinators can vary based on experience, education, and the organization. Generally, you can expect a salary range from $55,000 to $90,000 annually.

  • Where can I find job openings for Tax Audit Coordinator positions?
    Job openings can frequently be found on various platforms, including:

    • Company career pages
    • Job search websites like Indeed, Glassdoor, and LinkedIn
    • Networking events and professional organizations focused on accounting and finance

  • What are the opportunities for advancement in this career?
    Advancement opportunities may include positions such as Tax Manager, Senior Auditor, or Director of Tax. Gaining additional certifications and expanding your expertise can facilitate career progression.

  • Do I need continuing education as a Tax Audit Coordinator?
    Yes, continuing education is often required to maintain certifications and stay updated on changes in tax laws and regulations. Many professionals pursue workshops, seminars, or additional coursework to fulfill these requirements.

  • What challenges might I face in this role?
    Challenges can include navigating complex tax regulations, managing deadlines during peak audit seasons, and addressing discrepancies in financial data. Effective time management and staying informed about regulatory changes can help mitigate these challenges.