Tax Accounting Analyst I
Eastern Bank

Job Info

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The Tax Accounting Specialist working under the direction of the Accounting Policy and Tax Director is responsible for performing accounting for the tax credit investment portfolio, timely tax compliance and income tax accounting. This position would also be a resource within the organization for various non-income tax matters. This position will have contact with senior-level employees which requires strong interpersonal communication skills both written and verbal and will work with the Company's external and internal auditors to ensure compliance with accounting standards and Company policies.

This position will perform functions for both the Accounting Policy/Tax Director. This position is responsible for ensuring the accuracy and timely processing and reporting of the information described above. Due to the required quick turnaround of financial information, the individual in this role must act quickly in assessing and addressing issues with the quarter-end close and compliance process. Generally, recommendations on how to address problems are presented to the Accounting Policy/Tax Director or the Assistant Controller before remediation.

Major responsibilities include but are not limited to:

Tax Accounting and Compliance:

• Preparation of federal, state, and local income tax examination responses and research, document and address federal and state tax notice responses.
• Assist Tax Director with tax planning and research
• Review of federal and state income tax returns and amended returns/carrybacks
• Review of quarterly federal and state estimated tax liabilities
• Assist with the preparation of monthly, quarterly and annual income tax provisions and preparation of tax disclosures for footnotes
• Maintain tax reserve inventory
• Assist in identifying tax cost savings and process efficiencies, tax-saving opportunities, and minimization of potential tax exposures
• Research and document federal taxation issues and determining state nexus requirements and appropriate state tax filing requirements.
• Act as a resource for 1099 B-notice responses and other 1099 tax matters across the organization
• Manage Sarbanes-Oxley Sec. 404 compliance and documentation for the tax function.
• Keep informed of tax laws, regulations, and ruling pertaining to federal, state and municipal taxes
• Involvement in special project analysis

Tax-credit and tax-advantaged investments:

• Oversees and manages closed Bank investments in low-income housing, historic and new market tax credit opportunities, and other tax advantaged vehicles as well as venture capital funds and small business investment companies to ensure compliance with the investment guidelines and requirements of the Bank, the Community Reinvestment Act, Internal Revenue Service (IRS) and Federal Deposit Insurance Corporation (FDIC)
• Obtains quarterly benefit schedule projections and interfaces with CRA lending to resolve issues; ensures tax provision has up-to-date information in line with benefit schedule projections
• Obtains K-1s for each investment and Interfaces with Tax to resolve all issues related to variances between the tax provision and actual tax returns
• Interfaces with Finance to resolve all issues related to valuation and annual audit reports
• Assists the Assistant Controller with the capital call release, adjuster and journal entry creation process as needed
• Produces routine system reports to monitor and report progress, performance, and compliance to Bank management of exception issues
• Provides administrative support to the Tax Director and Investment Officers for all investments within the Banks investment portfolio
• Coordinates with other staff to create and maintain asset management files and records.

Education and Experience

• A Bachelor's degree in accounting or equivalent work experience is required.
• 2-4 years Big 4 tax experience preferred.
• Experience in the banking industry and/or with tax equity investments is preferred.

Skills and Knowledge

• Proficiency with Microsoft Excel
• Familiarity with accounting software packages such as Oracle
• Detail-oriented and well-organized
• Ability to communicate with individuals of varying backgrounds and stature
• Ability to work independently and prioritize schedule

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