Operations Specialist - Client Tax Reporting - Wealth Management - Morgan Stanley - New Jersey

Job description

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 Manager position is required to perform numerous supervisory 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 manager will be required to spend significant time supervising the team, working on projects and other related initiative for the department. They will be required to make various decisions regarding process flows, data analysis and reporting.

The manager will supervise and manage a team of 4-5 analysts/associates. The manager will be expected to mentor and provide guidance, to further develop the team in overall business and tax knowledge and assist them with their professional career growth and development

High Level Primary Responsibilities include:

- Manage 1042-S reporting process

- Manage Foreign Intermediary Process (W8 Document processing, Beneficial Owner & Allocation setup and maintenance)

- Manage account reconciliation and exception processing within the foreign account portfolio

- Work closely with the PMO team to implement various system enhancements or coordinate new system project.

- Participate in IRS Compliance mailings related to W9 Due Diligence, W8 Recertification, IRS B-Notices, and IRS C-Notices.

- Participate in implementing new IRS regulatory projects. (FATCA)

- Assist in 1099 year-end forms production process

- Must be familiar with the various types of client account classifications, tax document requirements and the associated reporting requirements.

- Required to consolidate and analyze income and tax data prior to the preparation and filing Form 1042 returns with the IRS

- Develop a thorough understanding of the IRS withholding and reporting regulations through on-line reading and research of IRS Publications and internal training

- Work closely with the Corporate Tax Department on interpretations, tax compliance requirements and or changes that need to be implemented in the processing workflows



Qualifications

Skills Required:

COMPETENCIES

-The manager 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 strong business knowledge and have a 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 analyst must be flexible to work independently or as part of a team and build the effective relationships throughout the organization.

-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.

- Ability to work under short timeframes and pressure situations.

Skills Desired:

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)

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