Manager, Tax Compliance & Reporting

Alexandria , Virginia
Nov 08, 2017
Dec 27, 2017
Full Time
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.


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.


Education and Experience

    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.
Equivalent combination of education and experience is considered.


Supervisory Responsibility This position will directly supervise Information Reporting Specialist I and Information Reporting Specialist II.


Licenses and Certifications CPA certification highly preferred.


Work Environment While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.


Ability to travel to various worksites and be on-call is required.

  About Us Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.6 million members and over $23 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.

Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.


Equal Employment Opportunity

PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.

PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 703-838-1568.

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