Withumsmith Brown
Location
Bangalore | India
Job description
- Preparation of form 1065-Partnership returns for both Realestate and operating partnership federal & state jurisdictions returns.
- 2 to 3 years of post-qualification hands on experience inU.S accounting firm.
- Basic understanding of Temporary and permanentadjustments.
- Basic understanding of favorable and unfavorableadjustments.
- Book to tax adjustment for accruals and prepaid.
- Work on book to tax reconciliation (Sch M-1), depreciationcomputation (Form 4562) & supporting documents with adequate referencing(e.g. Applicability of Sec 179, 168(k) bonus depreciation and Regular MACRSdepreciation.
- Working level experience on Gains and losses (Sec 1245, 1231,1250 and 291)
- Amortization Tax concept, applicability, and eligibleassets.
- Basic understanding of Guarantee payment tax treatment.
- Reference IRC codes & preliminary source for any newbook to tax differences identified in supporting work papers.
- Basic understanding of State tax returns, e.g. commonstate adjustments, Allocation and Apportionment (A&A)
- Ability to differentiate between Allocation of income andApportionment of income.
- Factors associated with A&A.
- Special allocations V/S default ratio allocations.
- Clear understanding of partners tax capital accounts.
- Ability to perform proper self-review of work beforemoving the task for review.
- Document open items and share updates with reviewers incompleting tax returns within set deadlines.
- Ability to work on multiple projects simultaneously andcorrespondence with aligned reviewer on status.
- Knowledge of efile validation and diagnostics of returnsand connect Go support for efile diagnostics clearing.
- Hands on experience on tools and applications. - Basicunderstanding of CARES Act and its implication and application.
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