Tax Intern
Purpose of Assignment-
- To assist Tax Department permanent staff (Tax Director, Compliance Manager and Senior Accountant), in all requested functions and activities.
- To learn about corporate taxation principles and our established internal processes developed for the purpose of maintaining full compliance with the tax laws of the United States.
While textbook examples of business processes are effective as theoretical guides to individuals making decisions, exposure to real-life experiences in a business environment is crucial. Financial operations including general accounting and bookkeeping, tax accounting and compliance, and the necessary computer and data systems are all inter-related and affected by unique corporate environments and employee situations. Goal-attainment, decision-making and problem-solving in the work place are not always carried out in terms of theoretical directives. Creativity, ingenuity, spontaneity and flexibility, discretion, compromise and good judgment are needed when confronting the realities of the everyday workplace.
Specific Areas of Exposure/Involvment-
- U.S. federal taxation concepts including those that apply to consolidated group.
- U.S. state taxation principles and the numerous data elements and allocation formulas in use for apportioning one company’s income amongst many different state taxing jurisdictions.
- Analysis of business operations in order to comply with tax law that requires businesses to allocate their activities and profits between defined “manufacturing” activities and non-manufacturing activities so as to take advantage of different taxation rates applicable to the two categories.
- “Accounting for Income Taxes” under International Financial Reporting Standards (IFRS).
Specific Tasks & Assignments to include-
- Assist in the data collection and processing in order to provide the necessary information for compliance with the tax law.
- Comprehend and understand relevance of data collected and its end use in fulfilling the needs of the compliance requirements.
- Preparation and filing of income tax returns
- Preparation and filing of sales/use tax returns
- Assistance in the preparation of tax provisions under International Financial Reporting Standards and the subsequent reporting of results using standardized corporate reporting tools.
- Special projects/tasks as requested.
Qualifications-
- Currently enrolled in Bachelors/Masters Accounting degree program at College of Business within an accredited university.
- Completion of at least 6 academic semesters (Junior status)