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Commercial Bank - Tax Specialist - Wholesale Lending Services (Newark, DE)

Req #: 170117635
Location: Newark, DE, US
Job Category: Operations
Potential Referral Amount: 0 US Dollar (USD)
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan Chase & Co brands. JPMorgan Chase & committed to providing a comprehensive set of benefits choices to meet different employee needs and lifestyles, which include choices such as Flexible Work Arrangements with periodic work from home and non-standard business hours, fully paid parental leave time, health care insurance and retirement benefits.
Commercial Banking serves more than 30,000 clients, including corporations, municipalities, financial institutions, and not-for-profit entities with annual revenues generally ranging from $20 million to $2 billion. The Firm's broad platform positions the Commercial Bank to deliver extensive product capabilities - lending, treasury services, investment banking, and asset management - to meet our clients' domestic and international financial needs.

General Summary:
Wholesale Lending Services – Core Loan Operations is a part of the JPMorgan Chase Commercial Bank organization.  Loan Operations provides end to end processing support to the loan product with teams functionally aligned to each distinct phase of the loan life cycle.   

The Loans Tax Specialist provides tax withholding and reporting support for both Commercial and Investment Bank Global Loan Operations for syndicated and participated deals agented by JPMorgan. The Tax Specialist is responsible for monitoring receipt and validity of all tax documentation while ensuring compliance with IRS regulations for domestic and foreign withholding requirements. This position must perform all related research, obtain proper approval authority, and interact with the various stakeholders at all levels who support these credits.

Essential Responsibilities:
  • Monitor various detective control reports to ensure tax documentation is received and validated within specified time frames.
  • Review tax documentation to determine treaty applicability ultimately updating the product processor
  • Liaise with Legal and Corporate Tax Compliance on non-standard client tax issues.
  • Reconcile, verify, research, and monitor the resolution of outstanding exceptions.
  • Calculate the withholding rate for lenders across various tiered levels and ensure that records are updated within the firms systems for yearend reporting.
  • Reconcile daily income and refund activity to the GL account for all daily cash transactions.
  • Monitor revenue transactions to ensure deposits are made to the IRS as mandated
  • Create and reconcile year end statements for submission to the IRS
  • Monitor and escalate withholding discrepancies to ensure items are cleared in a timely manner.
  • Production of daily and/or weekly reporting highlighting trends in key metrics.
  • Capable of backing up co-workers with daily work, projects/reconciliations, or other assigned tasks.
  • Participate in implementation of various regulatory initiatives such as IMY Conversion and FATCA compliance.
Minimum Requirements:
  • Education: Four year degree in Business Administration, Accounting, Finance, or Taxation
  • Must be highly organized with the ability to manage a variety of tasks
  • Excellent oral and written communications skills
  • Strong interpersonal and client servicing skills
  • Strong analytical and problem solving skill
  • Has a track record of good decision making based on sound judgement  
  • Intermediate knowledge of Microsoft Excel applications
  • Basic working knowledge of Microsoft Office (Word, Access) applications
  • General to intermediate accounting (debit and credit) knowledge
  • Working knowledge of Loan IQ a plus.
  • Flexibility and adaptability to change in the work environment
  • Ability to work independently or in a collaborative team setting
  • Knowledge of US Tax Forms; W-9, W-8(ECI, BEN, BEN-E, IMY, EXP) a plus
  • Basic understanding of year-end statements; 1099-C, 1099-MISC, 1099-INT and 1042-S
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