Position Purpose
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 GENEVA portfolio accounting system.
Responsibilities
Direct Responsibilities
- Management of tax reporting, withholding, and documentation processing for Prime Brokerage business line in strict compliance with IRC Chapters 3, 4, 61, 871(m), 305(c), and FATCA regulations.
- Supervision of staff to ensure support of tax form collection during client onboarding/recertification, payment tracking and tax withholding processing, and submission of year-end 1099, 1042-S, 945, and 1042 reporting in line with regulatory deadlines.
- Oversight of existing controls policies, support of IT system enhancement.
- Essential duties and responsibilities include the following:
- 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 contribution to the management of all incoming client and counterparties inquiries via team inboxes (i.e. tax form corrections, US NRA withholding tax reversals or tax rate adjustments)
- Collaborate with internal business stakeholders such as PM teams, Internal Systems support, Front Office Personnel, Operations personnel, and US Corporate Tax
- Support new client onboarding through the review, validation, and referential data updates associated with W-8 and W-9 client tax forms submissions and related documentation according to IRS Chapter 3, chapter 61, and FATCA regulations
- Support weekly reconciliation of accrued tax withholding, the IRS remittance process, and monitoring remediation of tax ledger cash reconciliation breaks
- Coordination of all year-end tax information for activities/products in scope and reporting of information in accordance with IRS requirements
- Support preparation for yearend production, and contribute to management and remediation of simulation exception report findings
- Coordinate with the primary tax vendors utilized by the bank to ensure proper coordination and data integrity associated with income allocation data for UBOs associated with the banks Non-Withholding Foreign Partnership and Non-Qualified Intermediary client population
- Support year end information reporting production in Q1 of each year in order to contribute to the banks requirement to fulfill timely and accurate production of Forms 1099 & 1042-S
- Perform quality assurance reviews of year end income reclassification of dividend income paid by RIC and REIT issuers reported on Forms 1099 & 1042-S
Contributing Responsibilities
- Identification and participation in process design workshops to achieve better controls, compliance and efficiency
- Review of Tax Operations policies and procedures supporting various business lines, performance of gap analysis, and drafting of business remediation plans
- Support of technology and system migration projects for workflow enhancements and support for new regulatory requirements
- Contribution towards departmental obligations to adhere to strict regulatory and compliance requirements, per IRS and BNP Paribas policy
Technical & Behavioral Competencies
- Candidate is 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.
- Closely work with the team in building the knowledge base within the team as a mentor.
- 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
Specific Qualifications (if required)
Minimum Required Qualifications:
- Bachelors degree in accounting, Finance, Business or similar
- 5 years of experience relevant to US tax information reporting, Corporate Actions, withholding and management of US client tax documents
- Exposure and comprehension of Internal Revenue Codes Chapter 3, Chapter 4, and Chapter 61
- Experience and familiarity with global markets
- Advanced Microsoft Excel and database management (Alteryx, Tableau, Business Objects or similar is an added advantage) experience and skills
- Quick learner, taking detailed notes as references
- Driven by client needs and satisfaction
- Proactive, motivated and willing to comprehend new concepts
- Highly attentive to detail
- Control oriented mindset with respect to management of daily BAU
- Strong team and leadership skills
- Innovative and adept at assessing opportunities for process improvements and automation
- Strong familiarity with respect to tax accounting rules and regulations
- Strong communication (verbal and written) and organizational skills
Preferred Qualifications:
- Knowledge of Tax processing applications, such as the Broadridge BPS, Broadridge TMS (Tax Managed Services) and Broadridge TDS (Tax Data Solutions), BANCs, and Intermediary Processing System (IPS) or similar tax allocation, and reporting systems
- Experience validating client tax forms (Forms W-8 series, Forms W-9) using third party vendor systems (i.e. MD3, TAINA), providing tax rate instructions, and updating back office static data and referential data systems
- Proven track record of contributing to team
-
oriented tasks and strategies, with the ability to identify client driven enhancements - Solutions-oriented thinker who can generate creative ideas
- Ability to perform multiple tasks and meet established deadlines in a fast-paced work environment
- Effective analytical, organizational, and problem resolution skills
- Candidates with FINRA licenses (Series 7, 63) are encouraged, although FINRA licenses are not required for employment
