Job Description for US Taxation Role:
Knowledge of U.S. Federal corporation income tax principles
Experienced with multi-state corporation income/franchise tax return preparation
Experienced with preparing separate, combined and consolidated state income tax returns
Advanced Excel skills to prepare state apportionment schedules and other workpapers
Advanced Excel skills using formulas and pivot tables
Ability to follow form instructions to prepare tax returns
Tax return preparation software experience, OneSource Income Tax preferred
Good communication skills
2 - 4 Years of experience in U.S. Corporate Income Tax
Mandatory Requirements:
Working from Office
Shift requirement – Working in IST Evening Shift / partial coverage of PST Morning Time.
Ready to extend the shift during tax cycle
Additional Reference for screening candidates:
Look for IRS form numbers on a candidate’s profile:
Form 1120, Sch. M-3, 4562, 4797, 5471, 8858
There are too many state form numbers to list but in California we file Form 100 and Form 568
Sample Questionnaires:
1. What is a state franchise tax?
A state franchise tax is also called a capital tax, net worth tax or privilege tax. It is based upon
the amount of net worth (total assets less total liabilities) or equity of a corporation allocated
or apportioned to a state. A franchise tax is mandatory whether a business is profitable or not.
2. What is state allocation and apportionment?
Allocation is used to designate the amount of non-business income to a specific state or local
tax authority. Apportionment is used to assign the business income among the states using up
to 3 factors.
3. What are the 3 apportionment factors?
Property factor – based on the average depreciable/fixed assets and rent expense by state
Payroll factor – based on the salaries and wages by state
Sales factor – based on the gross receipts, gross volume, or total sales by state
4. Which Federal form is used to file a corporation income tax extension with the IRS?
Form 7004
5. Which Federal form is used for Depreciation?
Form 4562
6. What is Schedule M-1 and/or Schedule M-3 used for?
Reconciliation of book income to taxable income
7. What is Schedule M-2?
Is an analysis of unappropriated Retained Earnings per books
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