Tax Information Reporting Officer (Mumbai)

The Tax Intermediate Analyst is a developing professional role. Deals with most problems independently and has some latitude to solve complex problems. Integrates in-depth specialty area knowledge with a solid understanding of industry standards and practices. Good understanding of how the team and area integrate with others in accomplishing the objectives of the subfunction/ job family. Applies analytical thinking and knowledge of data analysis tools and methodologies. Requires attention to detail when making judgments and recommendations based on the analysis of factual information. Typically deals with variable issues with potentially broader business impact. Applies professional judgment when interpreting data and results. Breaks down information in a systematic and communicable manner. Developed communication and diplomacy skills are required in order to exchange potentially complex/sensitive information. Moderate but direct impact through close contact with the businesses' core activities. Quality and timeliness of service provided will affect the effectiveness of own team and other closely related teams.

Responsibilities:

• Responsible for the overall management of the tax liabilities, of Citi, both directly and in connection with transactions with clients, including the related compliance, financial reporting, planning and controversy processes.
• Contributes to the planning, accounting, filing and the reporting of tax liability of the company.
• Assists in determining and compiling information required to satisfy income tax filing and related requirements at all levels of jurisdiction.
• May participate in managing payments to tax authorities in compliance with specific tax regulations.
• Identifies and resolves problems using autonomous judgment.
• Implements work flow or process change and redesign, and uses a thorough knowledge of the specific function.
• Accountable for regular reporting or process administration as "owner".
• Primary focus is on execution within defined parameters.
• Assists in the management of one or more processes, reports, procedures or products.
• Directs day-to-day work of junior level employees.
• Has the ability to operate with a limited level of direct supervision.
• Can exercise independence of judgement and autonomy.
• Acts as SME to senior stakeholders and /or other team members.
• Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency.

Qualifications:

• 2-5 years relevant experience

Education:

• Bachelors degree

Objectives:

Responsible for in-scope processes related to one or multiple Citi lines of business within the centralized Tax Information Reporting function in TIR.  This position supports the reduction/elimination of Citi's franchise & regulatory risk through accurate and timely reporting and enhanced due diligence on customer accounts.  The incumbent is expected to migrate information reporting work from various sub-units within the Business Line into TIR, this process includes training and job shadowing, building documentation such as procedures and process flows, and identifies gaps in the process based on IRS regulations.  In addition, the incumbent will support a specific business vertical and is expected to develop and enhance their product knowledge within a short timeframe. This position will work in a team-oriented environment.

Core Responsibilities:

• Act as a Tax information Reporting specialist managing IRS Reporting for Custody business
• Ensure annual completion of the 1042-s & 1099 Regulatory Reporting for Custody, adhering to deadlines for Recipient and IRS filings.
• Responsible for Income reconciliations across all Custody branches dealing with multiple agents, including reclassification process
• Point of contact for US IRS Reporting queries and escalating to senior management when required
• Liaising with internal and external parties, including Clients and Client Executives to assist and resolve issues.
• Provide support with IRS (KPMG) and Internal Audits (IA), including QI periodic reviews for the QI’s supported
• Build and maintain relationships with internal and external parties, such as asset-servicing, local country management and agents.
• Develop best practices and implement appropriate controls to ensure consistent compliance with Information Reporting requirements

Day-to-Day Responsibilities:

• Support TIR Service Delivery / Engagement model with client constituency and other key stakeholders
• Identify and participate in process reengineering & redesign to achieve better controls, compliance and efficiency
• Participate in self-assessment testing, MCA, SOX controls
• Ensure tight controls over owned processes to include key controls and COB
• Review, validate and process W-8 and W-9 tax forms and related documentation according to IRS Chapter 3, chapter 61, FATCA regulations besides CRS.
• Support Technology projects from a technical tax perspective
• Contribute towards departmental requirement to adhere to strict regulatory and Compliance requirements, per IRS and Citi policy.
• Perform reviews of written tax policy and procedures, research and respond to inquiries from operational areas.
• Handle Tax reporting for US and Non-US legislations.

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