What are the responsibilities and job description for the Tax Operations Coordinator position at Macpower Digital Assets Edge Private Limited?
Job Summary:
- The Tax Operations Coordinator is responsible for the production, delivery, and compliance of client annual tax reporting to the IRS.
- This position is tasked with ensuring that the organization meets its IRS reporting requirements while minimizing organizational risks.
- The ideal candidate has a deep understanding of broker-dealer transactions, IRS reporting requirements, and tax rules, along with knowledge of all aspects of 1099 and 5498 document creation.
- The individual should possess clear and concise communication skills, effective time management, the ability to work across multiple departments, have project management experience, and/or understand the concepts and process of managing a project.
- They should also be resilient and adaptable to change while providing creative solutions to complex problems.
Requirements:
Competencies Required:
Critical Competencies:
Competencies Required:
Critical Competencies:
- Ability to delegate to ensure company objectives are achieved and standards are met.
- Clear and professional communication that conveys expectations and reasoning to ensure the timely completion of objectives.
- Identify, prioritize, and execute necessary actions to achieve an objective or an idea within the provided deadlines.
- Ability to use judgment on complex issues and document reasoning.
- Knowledge of IRS tax reporting regulations as it pertains to 1099 and 5498 reporting.
Important Competencies:
- Adhere to all pertinent rules, regulations, policies, and best practices, ensuring behavior in the organization meets the company's standards of conduct.
- Communicate information required by others in a concise, direct, and unambiguous way.
- Empathetic communication that ensures the receiver clearly understands the specifics and function of the message.
- Produce thorough, well-organized documentation that meets government, industry, or organizational standards.
Supporting Competencies:
- Open and objective approach to conflict management with the intention of resolving issues in an unemotional and constructive manner.
- Resilient under pressure and adversity while remaining optimistic and persistent and maintaining focus on objectives.
- Flexible work style that can react to competing demands and shifting priorities.
- Skilled in the use of multiple PC applications.
- Knowledgeable in statistical measures and tools.
Qualification Standards:
- Four or more years of industry experience specific to 1099 and 5498 tax reporting for a Broker/Dealer or other financial institutions.
- Bachelor's degree preferred.
- Available for overtime.
- Series 6 and 26 preferred.
Responsibilities:
The Tax Operations Coordinator is responsible for the production, delivery, and compliance of client annual tax reporting to the IRS. This position is tasked with ensuring that the organization meets its IRS reporting requirements while minimizing organizational risks. The ideal candidate has a deep understanding of broker-dealer transactions, IRS reporting requirements, and tax rules, along with knowledge of all aspects of 1099 and 5498 document creation. The individual should possess clear and concise communication skills, effective time management, the ability to work across multiple departments, have project management experience, and/or understand the concepts and process of managing a project. They should also be resilient and adaptable to change while providing creative solutions to complex problems.
Transactional Processing:
The Tax Operations Coordinator is responsible for the production, delivery, and compliance of client annual tax reporting to the IRS. This position is tasked with ensuring that the organization meets its IRS reporting requirements while minimizing organizational risks. The ideal candidate has a deep understanding of broker-dealer transactions, IRS reporting requirements, and tax rules, along with knowledge of all aspects of 1099 and 5498 document creation. The individual should possess clear and concise communication skills, effective time management, the ability to work across multiple departments, have project management experience, and/or understand the concepts and process of managing a project. They should also be resilient and adaptable to change while providing creative solutions to complex problems.
Transactional Processing:
- Review transactions to ensure they are in compliance with established IRS guidelines for information reporting on Form series 1099 and 5498.
- Conduct timely and relevant escalation of issues to departments for reporting corrections.
- Provide training to departments based on correction analysis.
- Update quarterly and annual online postings and client mailings.
- Identify, propose, and implement policy and process changes to ensure process efficiency and mitigate company risk.
Reporting, Documentation, and Record Keeping:
- Create, analyze, and identify trends and report to senior team members.
- Maintain, organize, and document compliance with IRS and company policies and regulations.
- Generate reports for management review.
- Work with vendors to generate Form series 1099 and 5498.
Client Service and Support:
- Respond to internal and external customer tax inquiries and requests.
- Ensure quality client service by addressing inquiries promptly and professionally, escalating complex issues to senior team members when necessary.
Department and Regulatory Compliance:
- Ensure compliance with relevant IRS regulations regarding series 1099 and 5498 tax forms, and company and department policies.
- Ensure SOPs are relevant and updated.
- Respond to audits and regulatory reviews.
Process Improvement and Risk Management:
- Propose and implement process improvements to enhance efficiency.
- Organize and execute team discussions to implement best practices.
- Identify and report potential risks in departmental financial transactions and operations.
Team Collaboration, Training, and Leadership:
- Identify team development opportunities and implement with senior team members.
- Collaborate effectively with internal and external colleagues to achieve departmental and organizational goals.
- Assist in the training and onboarding of tax team members.
Projects:
- Initiate and complete tax projects and initiatives.
- Develop a library of tax communications.
- Design and implement an advisor and client-facing online tax guide.
Additional Job Duties:
- Manage and conduct reviews of transactions through the SIMPLE Tax system.
- Identify and implement regulatory changes in 1099 and 5498 reporting requirements.
- Complete form corrections.
- Create, resolve, and track research requests.
- Identify trends for improvements.
- Update Standard Operating Procedures.
- Conduct training for tax team members.
- Produce management reporting.
- Conduct TIN/Name matching and mailings.
- Complete B Notices.
- Respond to IRS and State Tax Board notices.
- Facilitate tax improvement projects and implementations.
- Call company representatives regarding escalated tax questions.
- Initiate and complete multi-tiered ad-hoc and periodic projects, postings, and mailings.
