Financial Data and Reporting Ops Consultant

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
This job is responsible for the analysis and resolution of highly complex credit and tax operations processes and issues that require coordination of multiple stakeholders to resolve. Key responsibilities include adhering to defined procedures and regulatory requirements, while managing projects and initiatives in support of process improvement or updates to procedures. Job expectations include supporting effective coordination across key stakeholders groups, including business controls and governance organizations.

Consumer Wealth Tax Operations (CWTO) is responsible for multiple tax related functions to support IRS and State regulatory required tax reporting, withholding payments, primarily on behalf of Consumer Bank, Wealth Management investment and retirement accounts.
The Tax Operations Filings & Solicitations Associate is responsible for legal entity summary filings with the IRS (Internal Revenue Service), solicitations for tax forms, handling IRS correspondence regarding refunds and penalties and receivable/penalty tracking.  The Associate will ensure accurate & timely filing to be in compliance with regulatory requirements for these NFRRs (Non-Financial Regulatory Reports).
This position may require overtime throughout the year, especially during peak reporting periods (January – April and August -September).
Principle Accountabilities:
§ Prepare centralized IRS Tax Filings for Forms 945 & 1042 on behalf of multiple legal entities working with multiple lines of business (LOBs) and Tax Operations teams to ensure reconciliation of liabilities to tax payments
§ Prepare IRS Form 8288/8288A Filings as necessary
§ Manage tracking of IRS and State Receivables and Penalties across multiple legal entities, ensuring accurate reconciliation and evidence is retained, and escalating all issues quickly. 
§ Central point of contact with IRS for all account / issue coordination for multiple legal entities
§ Manage all check deposits and refund credits from the IRS and States to clear receivables
§ Complete IRS Extension mailings for multiple legal entities
§ Complete account review for Financial Institution Data Match (FIDM) program reporting
§ Work with other LOBs, Global Tax Policy (GTP), GCOR (Global Compliance & Regulatory), Finance and Technology partners as needed.
§ Support W8, B Notice, TIN Penalty and Reasonable Cause W9 Solicitation processes
§ Ensure appropriate communications, including facilitating meetings, sending meeting minutes, follow up, communicating expectations, and escalating when appropriate
§ Support all internal and external audit requests
§ Metrics reporting
§ Complete peer review of other processes to ensure accurate information reporting

Responsibilities:

• Leads end-to-end resolution of complex client issues and inquiries related to tax and credit reporting, often requiring significant research and engagement of business functional experts
• Conducts root cause analysis and drives solutions to address organizational challenges and initiatives
• Performs quality control and analytical support to ensure high performance accuracy
• Develops and implements new processes and procedures, and modifies existing procedures to ensure they are accurate and up to date
• Supports operational team projects and production of executive-level reports and presentations for senior management
• Identifies, facilitates, and supports process improvements, requirements, and initiatives across multiple stakeholders

Required Skills:

§ 5 years Finance or Operations experience
§ Strong financial ledger reconciliation experience, analytical and detail oriented
§ Strong problem solving and decision-making skills
§ Strong organization skills
§ Strong oral and written communication skills
§ Ability to manage multiple priorities to meet daily deliverables
§ Proven effectiveness in a fast paced and demanding environment with the ability to work under pressure
§ Proficient in MS Office (Outlook, Excel, Word)
§ Team player who is self-directed with strong interpersonal skills and an ability to collaborate within and across teams

Desired Skills:

§ College degree
§ Prior Tax filing experience and interaction with IRS
§ Understanding of IRS rules and regulations

Skills:

• Business Process Analysis
• Customer and Client Focus
• Reporting
• Business Acumen
• Critical Thinking
• Decision Making
• Problem Solving
• Prioritization
• Process Performance Management
• Risk Management

Shift:

Hours Per Week: