I am a huge XCOM fan and loved just about everything about it. I am looking for something a little more modernized but still holding to the turn based squad combat mold. Would Tactics fit the bill?

Well, Tactics doesn't have all the base building, research, manufacture etc. And it's playable both in turn based or real time. And it's a little more RPG as in your soldiers level up like in Fallout, you spend skill points and pick perks. But overall I think you won't be disappointed.

Another one to consider would be Jagged Alliance 2.

The UFO games might be something you're looking for. They were made with X-Com in mind. Although combat is real-time with pause.

Jagged Alliance is a good suggestion. If you want a good game with turn-based squad combat, you can't go wrong with Jagged Alliance 2. Much better than Tactics in that regard.

I love the UFO series (by this I mean UFO: Aftermath, Aftershock and Afterlight), but in my opinion they are not the same as X-Com despite the clear inspiration in the old UFO: Enemy Unknown series. I feel they're recommendable on their own merits, but comparing them to X-Com tends to get a lot of angry responses from X-Com fans who go in expecting it to be the same.