VP – Cost Basis Reporting recruitment
Department Overview
The Tax Operations function manages client and IRS tax reporting, withholding, document validation and cost basis reporting for the US.
The firm has undergone seven years of tremendous growth and the Operations group is now placing considerable focus on providing a strong foundation to ensure that they can support the business, both today and with future growth forecasts. The creation of this role within Asset Servicing Operations provides an opportunity to work within a dynamic environment, offering broad experience across multiple business lines, functions and products; extensive exposure to senior management; and opportunities to understand and influence how the different functions, processes and systems of the Firm work, end to end.
Main Duties
- Assist in managing a team performing the daily processing of the cost basis tax lots for changes due to transactional adjustments, corporate action activity, related systems and processes
- Prepare trend analysis related to reconciliation breaks and recommend strategic solutions for development/resolution
- Act as a subject matter expert in design discussions for developing the Firm’s systemic solution and compliance with Phase 3 of the legislation
- Oversee the transfer statement processing work stream for covered securities
- Designing processes and key controls which govern the activities of the cost basis function to minimize Operational Risk
- Managing KPI’s/performance metrics to identify key risks and translate those into mitigation strategies for recommendation to senior management
- Maintaining working knowledge of industry best practices and ongoing IRS guidance
Basic Qualifications
- Bachelors Degree or equivalent
- 10+ years financial services experience, specific to cost basis accounting
- 5+ years experience with Microsoft Excel, Access and Word
Preferred Qualifications
- Experience with clients in Wealth Management and Prime Brokerage a plus
- Experience in Broadridge’s ADP and Year End Tax Reporting System
- Subject matter expert in Cost Basis Reporting specific to:
- The rules and regulations associated with the gain/loss calculation rules for to equities, mutual funds and debt securities
- Cost Basis Reporting implications via Wash Sale Rules, Accounting Methods (i.e. FIFO), Transfer of Assets, Corporate Actions, Short Sale, Corporate Services and Tax Reporting
- Transfer statement processing in line with EESA 2008
- Excellent written and oral communications, customer service, and organization skills
- Ability to multi-task and work on multiple priorities at the same time is a must
- Keen attention to service levels, customer demands as well as risk and control management
- Must be hands-on self motivated, and have the ability to articulate technical aspects of cost basis reporting to various audiences
We thank all applicants for submission, but only those under consideration will be contacted.