J.P. Morgan's Corporate & Investment Bank (CIB) is a global leader across banking, markets and investor services. The world's most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk, performs fund services for institutional clients and extends liquidity in markets around the world.
The Tax Manager Associate will be responsible for the following:
1 - Issue Identification
Tasks and Resources
· Attend Middle Office Meetings
o Inquire the following of the other JPM Service Teams:
- Were there any new investments entered into, and how are they booked?
- Have there been any changes (or has the Client proposed to make any changes) in the book treatment of any items from PY treatment?
- Are there any WINS accounts that are being used differently from PY (for example, have there been any new investment types (say, new swap types) added to/removed from an existing income stream captured by a PY WINS account).
- Were there any significant manual adjustments or unusual transactions (apart from COAC) reflected in the books?
· Review Alerts that Circulate re: Fund Changes
· Arrange Monthly / Quarterly Client Meetings to discuss Tax Projects/Issues
· Attend Recurring Tax Department Meetings
· Actively contribute to the creation and maintenance of a Tax Issues Identification Job Aid, comprised of issues the team accumulates, including system limitations and workarounds.
2 - Issue Tracking
· Maintain a “Transaction Log” for each Client –
A spreadsheet to log issues to be considered for the next deliverable, or that requires resolution prior to the next deliverable. For example, if the fund enters into a new investment type or an unusual transaction, the log would serve as a reminder that the tax treatment needs to be analyzed. Or if the Client has determined the tax treatment of an item that differs from book, the log would serve as a carryforward reminder. Many of these issues would be identified from the sources discussed above under “Issue Identification”.
3 - Issue Resolution
· Monitor the Transaction Log (discussed above)
· Include Outstanding Issues as agenda items on recurring Monthly/Quarterly Client Tax Meetings, if Client assistance is required.
· Include Outstanding Issues as agenda items on recurring Middle Office meetings, if the assistance of another JPM service team is required.
4 - Issue / Policy Documentation
· Documentation of Issue Resolution and/or Policy calls with Client and Audit Team
· File the Issue Documentation in a Specified Shared Folder (TBD)
5 - Issue / Policy Dissemination
· Agenda Item for Recurring KPMG Strategic Partnership Team Meetings
· Agenda Item for Recurring Tax Department Meetings
· Evaluate the Issue for inclusion in the “Tax Issues Identification Job Aid”, discussed above.
· Consideration for Escalation in order to send a Tax Team Alert to evaluate other Clients’ funds for similar issue.
6 - Project Tracking – Timeliness
· To provide due dates to KPMG in advance of the project
· To ensure the correct due dates are reflected on the Tax Department Tracker
· To monitor the tracker to ensure due dates are timely met at each stage in the process
· To follow up with KPMG immediately when a due date is missed to determine their proposed revised due date – and to communicate to external parties (if impacted) that a scheduled deliverable will be late.
7 - Project Tracking - Quality (Metrics)
· Evaluate and categorize all Audit Comments received within in, say, 30 days of cycle end.
· Evaluate and categorize all JPM Comments provided to KPMG, say, 30 days after cycle end.
· Determine trends
· Include as an agenda item in a “post-cycle debriefing” meeting with the KPMG Strategic Partners
8 - Fund Assessment – Complexity
· Assign a Complexity Rating (1-5) for each fund for:
o FYE Provision/Excise purpose
o Tax Return purpose
· Reevaluate the rating for a fund after each such deliverable
9 - Ensure Client Policies are followed
· Complete review of the write-ups on JPM processes and tax adjustments
· Add a separate appendix to each write-up for Client Specific Procedures /Policies
· Conduct Pre-Planning meetings with the KPMG Strategic Partners to review/reinforce Client policies.
10 - JPM Tax Development
· Training Schedule (lunch/learn and formal)
· Tax Issues "Library" (to house alerts/industry memos re: various topics)
· Issue Dissemination from other members of the JPM Tax team
11 - Continuity / Client Knowledge Transfer
· Create and Maintain the Client Admin File – which contains the current list of funds, list of deliverables, list of tax adjustments, playbook of internal/external handoffs.
· Create and Maintain the current list of Client contacts (day / day and point of escalation)
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