What are the responsibilities and job description for the Partner Compensation Manager position at Wegman?
Job Description
Job Description
Our client seeks an experienced Compensation Manager who will be responsible for managing partner distributions, maintaining partner capital accounts and any other partner related inquiries.
Bachelor's Degree in Accounting, Finance, or Business Administration
7 years of experience with law firm and partnership experience.
Knowledge of partnership taxation and tax accounting
Responsibilities include :
- Calculate and prepare partner monthly and annual cash distributions, working closely with finance, tax, and IT departments to ensure effective and timely distribution process.
- Prepare and issue monthly statements to partners, including detailed breakdowns of gross distributions, deductions, and capital account balances.
- Ensure proper tax withholdings are made for all partner distributions and handle any necessary tax reporting.
- Manage partner capital accounts and update compensation schedules on a monthly basis. Conduct reconciliations as needed.
- Review and analyze personal charge and tax accounts, identify and resolve any issues.
- Prepare year-end close out journal entries for partner capital and draws.
- Work closely with the firm’s accounting and tax teams to ensure all financial data is accurately reported for book and tax purposes.
- Monitor cash flow related to partner tax advances and related withholding.
- Manage the partner compensation system, reconciling the system reporting to partner compensation schedules and the firm’s general ledger.
- Serve as the primary point of contact for the administrative aspects of and questions relating to partner monthly distributions statements. Respond to partner inquiries and provide timely and accurate information.
- Perform partner compensation forecasts and budgets, including requests for partner budget process schedules.
- Assist with requests from other groups and departments related to partners.
- Develop and implement policies and procedures related to partner compensation. Drive process improvements, utilizing technology to improve efficiency.
- Assist with financial statement, tax, and compliance audits.
- Monitor current and proposed changes in tax laws and regulations related to partner compensation.
- Assist with non-periodic assignments related to partner compensation, capital, personal charges / taxes, income verifications, distribution forecasts, and other ad-hoc reporting as requested by management.
