Job Summary
The National Tax Office Financial Products Managing Director (MD) specializes in the taxation of financial products. This position is responsible for advising CTS (Core Tax Services) and STS (Specialized Tax Services) office team members (as well as their clients) on the tax implications of their client’s business objectives, evaluating, and selecting alternative actions to lessen tax burden and cost of compliance, and identifying different methods of complying with tax regulations while acting as the subject matter specialist for financial products related matters. In this role, the National Tax Office Financial Products MD is charged with applying knowledge to understand potential tax issues and recognizing and communicating potential risks and potential changes in the tax policy. In addition, the National Tax Office Financial Products MD will develop and provide thought leadership and training for the firm, including with respect to legislative and regulatory updates.
Job Duties
Tax Specialization
- Applies their in-depth understanding of the technical and practical issues and opportunities regarding the taxation of financial products, including (but not limited to):
- Debt instruments, including debt issuances and modifications and the application of relevant interest deferral or disallowance rules (e.g., AHYDO and section 163(j)), as well as the use of leverage (debt) in M&A transactions
- Derivatives
- Tax hedging transactions
- Foreign currency transactions
- Cryptocurrency transactions
- Dealing, trading, or investing in securities or commodities
- Intercompany cash management
- Distressed debt workouts, including bankruptcy transactions
- Tax amortization (original issue discount) calculations
- Serves as a primary technical resource for the technical practice areas described above for the Firm and its clients, including the CTS, STS, and financial services practices.
Tax Consulting
- Provides tax consulting services to the CTS, STS, and asset management practice (and their clients) on tax issues and opportunities with respect to the taxation of financial products:
- Serves as a technical resource.
- Provides verbal and/or written technical advice through email, PowerPoint slide deck, memo, or opinion regarding tax issues with respect to the taxation of financial products.
- Prepares tax amortization (original issue discount) amortization calculations.
- Ensures client service teams comply with Firm policy regarding Written Tax Advice (“WTA”).
- Provides effective assistance with exam support.
- Frames projects and issues for effective delegation to seniors and associates.
Thought Leadership
- Assists with the development and presentation of thought leadership for the firm:
- Drafts articles, insights, and other written materials discussing recent developments, including legislative and regulatory updates.
- Prepares and participates in the presentation of trainings to CTS, STS, and clients on various tax topics.
- May be required to organize and conduct effective internal CPE training sessions in area of specialization, involving Firm specialists.
Research
- Identifies when research is needed; clearly and concisely frames issues to be researched; and clearly and concisely reports the analysis.
- Applies most Firm and professional standards for preparation of WTA and tax returns.
- Involves additional firm specialists, as appropriate.
Strategy Development
- Introduces and develops new or improved ideas to improve the position of clients, the Firm, or Firm personnel, e.g., by reducing taxes or expenses or providing non-tax benefits:
- Reviews studies of tax implications and offers clients alternative courses of action.
- Identifies and leverages lessons learned on prior projects, and offers input on how to improve processes and methods.
Supervisory Responsibilities
- Supervises associates, senior associates, managers, and senior managers on all projects.
- Reviews work prepared by associates, senior associates, managers, and senior managers and provides review comments.
- Trains associates, senior associates, managers, and senior managers on how to use all current software tools.
- Acts as a Career Advisor to associates, senior associates, managers, and senior managers.
- Schedules and manages workload of associates, senior associates, managers, and senior managers.
- Provides verbal and written performance feedback to associates, senior associates, managers, and senior managers.
Qualifications, Knowledge, Skills, and Abilities:
- Bachelor’s Degree, required; focus in Accounting, Finance, Economics or Statistics, preferred.
- Juris Doctor (JD), preferred.
- Master’s Degree in Taxation, preferred.
Experience
- Seven (7) or more years of prior relevant tax experience and/or public accounting, law firm, private industry accounting or consulting/professional services experience, required.
- Prior supervisory experience, required.
- Expertise Industry experience in one or more tax specialty, preferred.
License/Certifications
- CPA certification, Attorney (admitted to practice in a U.S. jurisdiction), or Internal Revenue Service Enrolled Agent (“EA”) (or the equivalent of one of these designations), required.
- Possession of other professional degrees or certifications applicable to role, preferred.
Software
- Proficient with the Microsoft Office Suite, including Microsoft Excel and PowerPoint, preferred.
- Experience with tax research databases, including Tax Notes, CCH, or BNA, preferred.
Other Knowledge, Skills & Abilities
- Superior verbal and written communication skills.
- Ability to effectively delegate work as needed.
- Strong analytical and critical thinking skills as well as decision-making skills.
- Strong tax research skills using online resources, including BNA and CCH.
- Ability to work well in a team environment.
- Ability to develop and manage a team of tax professionals.
- Ability to compose written tax advice.
- Superior attention to detail.
- Ability to effectively develop and maintain client relationships.
- Executive presence and ability to act as primary client contact for preparation and presentation of issues and resolutions to clients.
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