JOB PURPOSE (JOB SUMMARY): Under manager supervision, completes more complex tax compliance work for the mutual funds, which involves preparation of federal and state tax returns. Additional duties include training tax accountants and reviewing a portion of their work.
KEY RESPONSIBILITIES / DUTIES:
Reviews income, excise, and state tax returns and audit work papers for the mutual funds as directed by and reviewed by managers.
Prepares more complex income, excise, and state tax returns for the mutual funds.
Periodically reviews portfolio holdings for PFIC, REIT, partnership, complex and derivative securities. Analyzes the tax treatment of complex derivative securities, partnerships, trusts, REITs, and PFIC’s. Maintains a schedule of identified securities that have special tax treatment.
Responsible for all earnings and profit calculations for assigned mutual funds.
Reviews monthly gain/loss reports on money market funds.
Prepares VI funds shareholder notices for DRD and foreign tax.
Reviews corporate actions for tax consequences.
Works with IT and Operations Support to develop software solutions for Tax Accounting Department.
Assists Fund Tax managers in developing and researching internal controls, including preparation of written procedures.
Analyzes book/tax differences for impact on distributions and schedules differences for excise and fiscal years.
Reviews and prepares excise and fiscal year wash sale loss reversals and disallows for the funds, distributions which qualify for the corporate dividends received deduction, the foreign tax credit, and other required fund tax calculations.
After each fund’s quarterly, semi-annual, and fiscal year ends, prepares work papers that lend support to the tax provision and to the tax footnotes in the financial statements. Reviews the completed tax sections in the financial statements as directed and reviewed by manager.
Responsible for calculating all qualified dividend distribution calculations for assigned mutual funds.
Review all foreign tax returns for accuracy and completeness and prepares returns and Power of Attorney required for foreign tax reclaims.
Responsible for preparing schedules for any potential fund mergers. Including, but not limited to; pre and post retention analysis, analysis required under IRC Sections 381-384, capital gain/loss carry-over analysis and built in gains or loss analysis.
Responsible for preparation and/or review of RIC qualification for all assigned mutual funds.
Trains Fund Tax Associates, Fund Tax Accountants I, and Fund Tax Accountants II as needed. Serves as mentor for more complex tax accounting issues and questions.
Periodically reviews monthly tax work sheets that are prepared by fund accounting and reconciles them to tax calculations.
Performs other tax work as directed by fund tax managers.
Responsible for staying current in the area of taxation by gathering information from trade publications, computer updates, attending seminars, etc. Recognizes possible impacts of new tax law.
Will perform research of complicated issues and obtaining supported and sound conclusions. Proactively identifies and makes recommendations for tax strategies. Participation in committees or task-force groups
Complies with all internal controls.
WORK EXPERIENCE / KNOWLEDGE:
High level of tax experience is required.
Five years of experience in preparing federal income tax returns for mutual funds and/or corporations is required of which two years must be in mutual fund tax and/or tax research.
Two years of experience with federal tax treatment of securities is preferred.
Experience with tax software is required.
Business and accounting knowledge with the ability to apply both as they relate to federal tax reporting for mutual funds.
SKILLS / OTHER PERSONAL ATTRIBUTES REQUIRED:
Ability to accurately prepare complex returns is required.
Proficiency in accurately preparing all types of mutual fund tax returns and in performing related tax research.
Proficient tax research skills are also required.
Proficiency in Excel is required.
Must have demonstrated leadership skills.
Ability to communicate well across all mediums is also necessary.
Organizational skills necessary to meet deadlines, prioritize projects, and process several projects simultaneously.
Strong analytical skills and ability to work well in a changing environment.
BA/BS in Accounting with taxation courses is required.
Designation as Certified Public Accountant is preferred.
Invesco’s culture of inclusivity and its commitment to diversity in the workplace are demonstrated through our people practices. We are proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity, sexual orientation, national origin, disability, age, or veteran status.
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