Senior Associate - Tax Operations

The incumbent in this role will be a part of the Global Tax Operations within GMO, supporting the Americas region. Specifically, the ITO Tax Operations in Americas is responsible for establishing operational procedures and controls to ensure compliance with IRS regulations regarding US information reporting (i.e. Forms 1099 and 1042S) under Internal Revenue Service Code Chapter 3, Chapter 4, and Chapter 61. The group is responsible for maintaining client and counterparty tax documentation (i.e. W-8's and W-9's), withholding and remitting taxes to the IRS, producing Forms 1099 and 1042s issued to clients and counterparties, e-filing all Forms 1099 and 1042-S with the IRS, as well as the preparation and submission of annual 945 and 1042 tax returns with the IRS. The group collaborates with US Corporate Tax to assess the impact of new tax legislation and requirements and engages with cross-functional resources to develop plans to respond and/or comply with new regulations. To the extent a new business process is required, Tax Operations develops business requirements and ensures local IT and operational procedures are enhanced to support new regulations. In addition, Tax Operations supports cost-basis updates, transfer reporting and corporate action events by managing client data in the accounting system.

Responsibilities

Assist with validation of client tax documentation (W8s and W9s) during the onboarding and recertification processes, and processing updates with internal client referential data applications

Perform cash reconciliation analysis using large data sets

Confirm accurate tax treatment of corporate action events utilizing third party vendor resources (CCH) assessing the material impact for cost basis tracking and reporting

Daily management of cost basis application for all corporate action events based on tax treatment

Management of monthly 1099-B reconciliation for all reportable transactions

Analysis of written tax policy and procedures, and management of procedural enhancements

Outline clearly defined and articulated testing plan for year-end reporting

Coordinate with Business on problem resolution issues regarding cost basis, taxability and reporting

Supervise and assist with transfer reporting process with brokers and Agents via CBRS or paper statements (sending and receiving

Identify and remediate cash breaks to assist with daily client P/L report production

Assist with generation of statements for all incoming positions

Management of daily/weekly/annual controls

Support year-end cost basis reconciliation

Adjust portfolio accounting system to reflect reclassification of income

Assist with analysis of all transfer bookings between books and records vs cost basis application

Supporting cross training initiatives by training employees within US Tax Operations, and by supporting year end check out processes associated with income reclassification and tax form production

Support cost basis related projects by coordination with stakeholders and business leaders

Identify process enhancements and systems deficiencies

Contribution towards departmental obligations to adhere to strict regulatory and compliance requirements, per IRS and BNP Paribas policy.

Support of IRS and internal audits

Candidates are measured on the following four performance drivers, which will dictate how individual impact is considered:

• Results and Impact
  • Able to influence peers and team.
  • Demonstrates good judgement when making decisions of high complexity and impact.
  • Exercise appropriate autonomy in the execution and delivery of work.
  • Responsible for driving outcomes, which have meaningful effect on team or department.
• Leadership and Collaboration:
  • Creates trust with colleagues.
  • Acts in leadership capacity for projects, processes, or programs.
• Client, Customer and Stakeholder Focus:
  • Able to build relationships with a mix of colleagues and clients.
  • Interacts regularly with management and department leaders.
  • Demonstrates the ability to influence stakeholders at the team level.
• Compliance Culture and Conduct:
  • Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts.
  • Perceived as a person of high moral character; upholds corporate values and displays high ethical standards

• Bachelors degree in accounting, Finance, Business or similar

1-2 years of experience relevant to US tax information reporting, withholding and management of US client tax documents

• Experience and familiarity with global markets and knowledge of cost basis regulations

Well-developed written and verbal communication skills

Quick learner, Proactive, motivated and willing to comprehend new concepts

• Control oriented mindset with respect to management of daily BAU
• High Proficiency in standard Microsoft applications, including the ability to utilize advanced formulas and tools in Excel

Equally able to work independently and as a contributing member of a team to fulfill objectives

• Strong familiarity of tax lot accounting rules and regulations and Corporate Actions processing

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• Understanding of system requirements and capabilities to ensure appropriate controls and processes, and the ability to coordinate with internal IT stakeholders regarding systems developments, enhancements, and data extracts

Skills Referential

Behavioural Skills:

Ability to collaborate / Teamwork

Ability to deliver / Results driven

Communication skills - oral & written

Transversal Skills:

Ability to develop and adapt a process

Analytical Ability

Ability to understand, explain and support change

Education Level:

Bachelor Degree or equivalent

Experience Level

At least 3 years