US Partnership Tax- Staff 2- 1065FS
Location
Bangalore | India
Job description
WithumSmith+Brown, P.C., is a forward-thinking, technology-driven advisory and accounting firm, helping clients to Be in a Position of StrengthSM in today's modern business landscape. Withum empowers clients and our professional staff with innovative tools and solutions to address their accounting, tax and overall business management and operational needs. As a US nationally ranked Top 25 firm, Withum is a place where talent thrives. We recruit only the best and brightest people, with a genuine passion for the business.
Withum's Tax Services Group is made up of a brilliant team of tax specialists that work to ensure tax reporting obligations are met in an accurate and timely manner and minimize or defer the payment of taxes. Their comprehensive understanding of international, US federal, state, and local regulations, counting our affiliation with HLB international, allows them to help develop economical tax strategies anywhere. Their services include Business, Individual, State & Local tax, R&D Tax Credit, as well as International and Private Client services
Withum's brand is a reflection of our people, our culture and our strength. Withum has become synonymous with teamwork and client service excellence. The cornerstone of our success can truly be accredited to the dedicated professionals who work here everyday, easy to work with a sense of purpose and caring for their co-workers and whose mission is to help our clients grow and thrive - to be in a position of strength. But our commitment goes beyond our clients as we continue to live the Withum Way, promoting personal and professional growth for all team members, clients, and surrounding communities.
How You'll Spend Your Time :
- Preparation of form 1065-Partnership returns for Hedge Funds, Private Equity, Venture Capital Funds, Fund of Funds (federal & state jurisdictions returns).
- Basic knowledge of tax allocations, waterfall, carry, instalment Sales.
- Basic understanding of derivatives.
- Basic understanding of Temporary and permanent adjustments.
- Basic understanding of favorable and unfavorable adjustments.
- Basic understanding of Sec 163J and Sec 199A.
- Basic understanding of Schedule M-1, Schedule M3.
- Basic understanding of types of investors (Limited and General Partners).
- Basic understanding of Management companies, GP entities.
- Book to tax adjustment for accruals and prepaids.
- Depreciation & Amortization – Tax concept, applicability, and eligible assets.
- Basic understanding of Guaranteed payment tax treatment.
- Reference IRC codes & preliminary source for any new book to tax differences identified in supporting workpapers.
- Basic understanding of State tax returns, e.g., common state adjustments, Allocation and Apportionment (A&A)
- Ability to differentiate between Allocation of income and Apportionment of income.
- Clear understanding of partners tax capital accounts.
- Ability to perform proper self-review of work before moving the task for review.
- Document open items and share updates with reviewer in completing tax returns within set deadlines.
- Ability to work on multiple projects simultaneously and correspondence with aligned reviewer on status.
- Knowledge of e-file validation and diagnostics of returns and connect Go support for e-file diagnostics clearing.
- Hands on experience on tools and applications (Allocation work papers, aggregates as applicable)
- Basic understanding of CARES Act and its implication and application.
Requirements:
- Minimum 2+ years of post-qualification hands-on experience with U.S. accounting firm;
- Working towards Chartered Accountancy is preferred;
- Experience and knowledge of U.S. Tax Code is required;
- Strong command of the English Language, both written and verbal communication;
- Strong commitment to an entrepreneurial work ethic;
- Competently analyzes and prioritizes information to make appropriate recommendations; and
- Ability to manage multiple engagements simultaneously and communicate as a team with the Domestic (US) engagement teams.
Website:
Withum will not discriminate against any employee or applicant for employment because of race, color, religion, sex, sexual orientation, gender identity, national origin, age, marital status, genetic information, disability or because he or she is a protected veteran.
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