Manager, Tax Compliance & Reporting
ng/ Tax Compliance & Reporting PenFed is hiring a Manager, Information Reporting/Tax Compliance & Reporting at our Alexandria, Virginia location. The primary purpose of this job is to manage PenFed’s information reporting to members, beneficiaries, and State and Federal Government agencies. Primary responsibilities to include: report of end of year tax information, escheat/unclaimed property, Puerto Rico end of year tax information, review existing compliance procedures to include compliance examinations, recommend and implement institutional changes to maintain compliance. Essential Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
- Manage staff responsible for end of year reporting for credit union members worldwide, including Puerto Rico including the review and creation of substitute forms for approval by the Puerto Rico government.
- Monitor, interpret and ensure compliance with complex requirements of Internal Revenue Code (IRC), Treasury Regulations, IRS Publications, FATCA and other regulations as they pertain to filer reporting.
- Coordinate with Information Technology staff, software companies, other vendors and IRS to ensure proper and timely development and generation of all end-of-year (EOY) reporting forms, including but not limited to 1098, 1098-E, 1099-INT 1099-C, 1099-R, 1099-A, 1099-MISC, 5498, 1042, 1042-S, Department of Treasury of Puerto Rico forms 480.7A, 480.6A, and 480.6B, IRA Fair Market Value statements and required backup withholding notifications.
- Work closely with Information Technology and third party vendors to ensure all forms are produced according to specifications outlined in IRS publications.
- Review forms and end of year production reports for all IRS and state reporting, ensuring accuracy of data.
- Coordinate changes to software applications to maintain compliance and ensure timely response to IRS backup withholding notification. Additionally, identifies operational and technology issues that may be improved for operational efficiencies.
- Oversee the development of all members and employee related material pertaining to reporting and backup withholding.
- Review and process W-8BEN forms in accordance with IRC Section 3406.
- Develop system requirements and schedule to re-certify non-resident aliens in compliance IRS guidelines.
- Manage PenFed’s unclaimed property reporting.
- Monitor, interpret and ensure compliance with individual state statues related to unclaimed property
- Develop policies and procedures to enhance information reporting controls and processes, as well as assist other PenFed staff with respect to training and review of proper techniques.
- Establish reporting correction policies and procedures for operations, which are necessary to maintain member information required to correct reporting records at year end.
- Coordinate annual due diligence mailings and response processing, ensuring proper system certifications and overall compliance with federal regulations.
- Coordinate with Support Services to ensure timely mailing of all forms.
- Provide information and support to other PenFed departments in the area related to correspondence review, account reconstruction, research, etc. as necessary.
- Provide assistance to PenFed staff regarding IRA issues, compliance and reporting.
- Review the Internal Revenue Bulletin on weekly basis to identify changes in reporting requirements
- Assist with staff awareness training and support.
- Interact with all departments in coordinating information reporting/EOY policy and procedure implementation and changes.
- Interact with credit union examiners and internal auditors during information reporting/EOY related reviews.
- Assist PenFed staff regarding tax reporting issues, deceased account processing so they may respond to the member’s questions.
- Interact with PenFed officials, executives and employees concerning information reporting responsibilities relating to their position.
Bachelor’s Degree in Business Administration, Accounting, Finance or a related field required.
Extensive knowledge of IRS reporting required.
Minimum of five (5) years of experience in managing people is required.
Experience in a credit union or bank operations with in depth knowledge of products, services, systems, operational policies and procedures, and regulatory compliance issues.