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Tax Reporting Associate - Wealth Management Operations
•30 days ago
| Hours | Full-time, Part-time |
|---|---|
| Location | new york, New York |
About this job
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.
Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships and partnering with technology to realize the full potential of IT and e-solutions. Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures and markets.
Global Wealth Management Operations provides brokerage, investment and financial services to hundreds of thousands of individual investors. We apply our expertise in serving institutional clients to create new opportunities for people to achieve their personal financial goals. Morgan Stanley has one of the largest retail brokerage networks, with numerous worldwide representatives and retail locations. Our services are tailored to each client's investment objectives, risk tolerance, and financial needs. Products include mutual funds, stocks, bonds, and alternative investments where appropriate, as well as banking, mortgages, insurance and annuities.
The Client Tax Reporting Department is responsible for ensuring that all withholding and reporting obligations of the Firm are met. The Client Tax Reporting position is required to perform numerous analytical functions on a daily basis, make decisions, provide guidance, and answer a wide range of complex questions related to tax withholding and reporting coming from our branch offices and internal business partners. The employee will be required to spend significant time working on projects and other related initiative for the department. They will be required to make various decisions regarding process flows and data analysis and reporting.
The employee will be required to learn about the industry and the Firm while contributing to the daily operations of the department.
COMPETENCIES
- The employee will be expected to consistently highlight inefficiencies that may arise throughout the process and raise them to their supervisor’s attention. They must also be able to analyze the cause and effect and offer possible solutions to the problems.
- Must demonstrate basic business knowledge and have a strong desire to continuously increase their overall knowledge within the overall business and department activities.
- Must communicate clearly and concisely, as well as, listen to what others have to say. The employee must be flexible to work independently or as part of a team and build the effective relationships throughout the organization.
- The employee is expected to be held fully accountable for completing assigned task on time and to department expectations.
- Must be willing to put in time and effort to meet department needs and objectives. Able to work under short timeframes and pressure situations.
- The employee will also be given various levels of empowerment to make decisions (depending on the level of experience) that will have a direct impact on the department activities.
PRIMARY RESPONSIBILITIES
Primary Responsibilities include; but are not limited to the following:
- Develop a thorough understanding of the IRS withholding and reporting regulations through on-line reading and research of IRS Publications and internal training.
- Read through security prospectus and determine if any special withholding or reporting requirements exist for both domestic and foreign (NRA) account holders.
- Must be familiar with the various types of client account classifications, tax document requirements and the associated reporting requirements.
- Review and respond daily to a wide range of inquiries received from the field. Many of these inquiries involve detail analysis and research from a multitude of sources before a response can be rendered.
- The employee will be required to participate and or have accountability in various parts of the year end data gathering, analysis, and reporting of 1099DIV, INT, OID, B, MISC, REMIC, 1042S, , 2439, Puerto Rico Form 480.6A, B & C. They will be responsible to ensure that all information is accurately reflected on the forms prior to mailing to our clients. They will also participate in reviewing and analyzing the 1099 & 1042 data prior to any transmission to the IRS.
- The employee will also be required to participate or have accountability in gathering and analyzing data prior to the preparation and filing Form 945 and 1042 returns with the IRS.
- During Tax Season the employee will be required to handle a large amount of call volume coming into the group. They will be required to communicate on a professional level with Financial Advisors, and branch personnel on questions related to client accounts. The employee will have to be well versed and will have to handle a wide range of complex tax reporting inquires.
- They will be required to participate and oversee various mailings that are required by the IRS. These mailings include, the IRS B-Notice, C-Notice, W9 Due Diligence, and W8BEN Recertification. They will coordinate ours efforts with our IT group, prepare communications to our branch offices to advise them of the mailing and work closely with our mail and print vendors.
- Work on other department related projects and initiatives.
- The employee will be required to interact with various vendors applications used in the process. This includes, but is not limited to Wall Street Concepts, Compliance Technology Inc. and Broadridge Financial Services.
MINIMUM REQUIREMENTS
- College degree
- Strong verbal communication skills; dealing with various business and operational units, Internal Revenue Service and vendors.
- Strong written communication skills
- Professional Style - ability to interact with individuals at various levels of management.
- High degree of self-confidence
- Strong research / analytical skills
- Strong PC skills in Microsoft applications (Excel, Project, Access, Word and PowerPoint)
Experience level - 1-3 years; college graduates considered
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.
Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships and partnering with technology to realize the full potential of IT and e-solutions. Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures and markets.
Global Wealth Management Operations provides brokerage, investment and financial services to hundreds of thousands of individual investors. We apply our expertise in serving institutional clients to create new opportunities for people to achieve their personal financial goals. Morgan Stanley has one of the largest retail brokerage networks, with numerous worldwide representatives and retail locations. Our services are tailored to each client's investment objectives, risk tolerance, and financial needs. Products include mutual funds, stocks, bonds, and alternative investments where appropriate, as well as banking, mortgages, insurance and annuities.
The Client Tax Reporting Department is responsible for ensuring that all withholding and reporting obligations of the Firm are met. The Client Tax Reporting position is required to perform numerous analytical functions on a daily basis, make decisions, provide guidance, and answer a wide range of complex questions related to tax withholding and reporting coming from our branch offices and internal business partners. The employee will be required to spend significant time working on projects and other related initiative for the department. They will be required to make various decisions regarding process flows and data analysis and reporting.
The employee will be required to learn about the industry and the Firm while contributing to the daily operations of the department.
COMPETENCIES
- The employee will be expected to consistently highlight inefficiencies that may arise throughout the process and raise them to their supervisor’s attention. They must also be able to analyze the cause and effect and offer possible solutions to the problems.
- Must demonstrate basic business knowledge and have a strong desire to continuously increase their overall knowledge within the overall business and department activities.
- Must communicate clearly and concisely, as well as, listen to what others have to say. The employee must be flexible to work independently or as part of a team and build the effective relationships throughout the organization.
- The employee is expected to be held fully accountable for completing assigned task on time and to department expectations.
- Must be willing to put in time and effort to meet department needs and objectives. Able to work under short timeframes and pressure situations.
- The employee will also be given various levels of empowerment to make decisions (depending on the level of experience) that will have a direct impact on the department activities.
PRIMARY RESPONSIBILITIES
Primary Responsibilities include; but are not limited to the following:
- Develop a thorough understanding of the IRS withholding and reporting regulations through on-line reading and research of IRS Publications and internal training.
- Read through security prospectus and determine if any special withholding or reporting requirements exist for both domestic and foreign (NRA) account holders.
- Must be familiar with the various types of client account classifications, tax document requirements and the associated reporting requirements.
- Review and respond daily to a wide range of inquiries received from the field. Many of these inquiries involve detail analysis and research from a multitude of sources before a response can be rendered.
- The employee will be required to participate and or have accountability in various parts of the year end data gathering, analysis, and reporting of 1099DIV, INT, OID, B, MISC, REMIC, 1042S, , 2439, Puerto Rico Form 480.6A, B & C. They will be responsible to ensure that all information is accurately reflected on the forms prior to mailing to our clients. They will also participate in reviewing and analyzing the 1099 & 1042 data prior to any transmission to the IRS.
- The employee will also be required to participate or have accountability in gathering and analyzing data prior to the preparation and filing Form 945 and 1042 returns with the IRS.
- During Tax Season the employee will be required to handle a large amount of call volume coming into the group. They will be required to communicate on a professional level with Financial Advisors, and branch personnel on questions related to client accounts. The employee will have to be well versed and will have to handle a wide range of complex tax reporting inquires.
- They will be required to participate and oversee various mailings that are required by the IRS. These mailings include, the IRS B-Notice, C-Notice, W9 Due Diligence, and W8BEN Recertification. They will coordinate ours efforts with our IT group, prepare communications to our branch offices to advise them of the mailing and work closely with our mail and print vendors.
- Work on other department related projects and initiatives.
- The employee will be required to interact with various vendors applications used in the process. This includes, but is not limited to Wall Street Concepts, Compliance Technology Inc. and Broadridge Financial Services.
MINIMUM REQUIREMENTS
- College degree
- Strong verbal communication skills; dealing with various business and operational units, Internal Revenue Service and vendors.
- Strong written communication skills
- Professional Style - ability to interact with individuals at various levels of management.
- High degree of self-confidence
- Strong research / analytical skills
- Strong PC skills in Microsoft applications (Excel, Project, Access, Word and PowerPoint)
Experience level - 1-3 years; college graduates considered