The Tax Specialist 5 performs relatively complex assignments. Has direct impact on the business by ensuring the quality of the tasks or services provided. Works under little to no direct supervision. May service an expansive and/or diverse array of products/services. Applies working knowledge of technical and professional principles and concepts and in depth knowledge of team objectives. Understands how assigned duties contribute to the work of the team/unit and how the units coordinate their efforts and resources to achieve the objectives of the function. Ensures the quality and service of self and others. May recommend new options to enhance productivity in accordance with guidelines. Requires tact and diplomacy when exchanging complex or sensitive information with others. Is sensitive to audience diversity. Basic knowledge of the organization, the business and its policies required. Typically responsible for resolving basic to moderately complex problems based on practice and precedence. Able to assess applicability of similar experiences and evaluate options under circumstances not covered by procedures.
Objectives:
Responsible for in-scope processes related to one or multiple Citi lines of business within the centralized Tax Information Reporting function in FRSS. This position supports the reduction/elimination of Citi's franchise & regulatory risk through accurate and timely reporting and enhanced due diligence on customer accounts. The incumbent is expected to migrate information reporting work from various sub-units within the Business Line into FRSS; this process includes training and job shadowing, building documentation such as procedures and process flows, and identifies gaps in the process based on IRS regulations. In addition, the incumbent will support a specific business vertical and is expected to develop and enhance their product knowledge within a short timeframe.
This position will work in a team-oriented environment.
Core Responsibilities:
Act as a tax / information reporting specialist to execute the FATCA, CRS advisory/
rollout, Systems conversions/rollouts.
Executes the tax information reporting processes to products issued by Citi's business
Migration of work into our centralized hub
Develop "Go To" processes and implement appropriate procedures/ controls to
ensure consistent compliance with Information Reporting & FATCA, CRS requirements
Day-to-Day Responsibilities:
Support FRSS's Service Delivery / Engagement model with client constituency and other
key stakeholders
Identify and participate in process reengineering & redesign to achieve better controls,
compliance and efficiency
Support audits with IRS and Internal Audit (IA), and any other special audits.
Participate in self-assessment testing, MCA, SOX controls as well as any audits with IRS
Or Citi's IA.
Ensure tight controls over owned processes to include key controls and COB
Review, validate and process W-8 and W-9 tax forms and related documentation
according to IRS Chapter 3, chapter 61, and FATCA regulations besides CRS.
Support Technology projects from a technical tax perspective
Contribute towards departmental requirement to adhere to strict regulatory and
Compliance requirements, per IRS and Citi policy.
Perform reviews of written tax policy and procedures, research and respond to
inquiries from operational areas
Handle Tax reporting for US and Non US legislations.
Key Deliverables:
1.FATCA/CRS reconciliation and reporting
2.1042s/1099 reconciliation and reporting
3. Analytics and Commentary
4. Project Related delivery
Qualifications:
1-3 Years of Experience
Education:
High School diploma or equivalent
Skills:
Basic Understanding and working knowledge of IRS Forms W-9 and W-8 and information reporting rules, FATCA and CRS.
Ability to act as a change agent for organization.
Project Management experience preferred
Other:
Strong MS Office skills particularly Excel
Quick learner with excellent communication skills, team orientation, and ability to work with counterparts in different areas of organization
VBA, Knowledge of Macro's read and write
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Job Family Group:
Finance------------------------------------------------------
Job Family:
Tax------------------------------------------------------
Time Type:
Full time------------------------------------------------------
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