Assistant Vice President Prime Brokerage Tax Operations

June 6, 2024

Assistant Vice President Prime Brokerage Tax Operations

ReferenceOPE002906

  • Standard / Permanent
  • US-NJ-Jersey City
  • MISCELLANEOUS
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Business Overview:

The ITO Tax Operations Group is responsible for establishing operational procedures and controls to comply with IRS regulations regarding US information reporting (i.e. 1099 and 1042S reporting). Tax Operations is responsible for maintaining tax documentation (i.e. W-8’s and W-9’s), withholding and remitting taxes to the IRS, and the production and issuance of annual 1099 and 1042S reporting to clients and the IRS. The group collaborates with BNP Paribas US Corporate Tax to assess the impact of new tax legislation and requirements and engages with cross-functional resources to develop plans to respond and/or comply with new regulations. To the extent a new business process is required, Tax Operations develops business requirements, coordinates with internal stakeholders, and ensures local IT and operational procedures are enhanced to support new regulations. In addition, Tax Operations supports cost basis, transfer reporting and corporate action events by managing client data in the GENEVA portfolio accounting system.

Candidate Success Factors:

Candidates are measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:

  • Results and Impact
    • Able to influence peers and team.
    • Demonstrates good judgement when making decisions of high complexity and impact.
    • Exercise appropriate autonomy in the execution and delivery of work.
    • Responsible for driving outcomes, which have meaningful effect on team or department.
  • Leadership and Collaboration:
    • Creates trust with colleagues.
    • Acts in leadership capacity for projects, processes, or programs.
  • Client, Customer and Stakeholder Focus:
    • Able to build relationships with a mix of colleagues and clients.
    • Interacts regularly with management and department leaders.
    • Demonstrates the ability to influence stakeholders at the team level.
  • Compliance Culture and Conduct:
    • Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts.
    • Perceived as a person of high moral character; upholds corporate values and displays high ethical standards.

Responsibilities:

·       Support daily management of BAU for BNP Paribas Qualified Intermediary (QI) divisions located in Europe and Asia

·       Assist with the onboarding of new relationships and management of pre-existing relationships in terms of tax form validations and the annual tax form re-solicitation process for expiring forms W8.

·       Provide training for existing and pending IRS tax code requirements and regulations, and to assist with the development of QI operational procedures required to comply with the IRS tax code.

·       Daily management of QI dedicated tax email boxes to assist with inquiries or provide problem resolution assistance with any incoming inquiries associated with income sourcing, taxability, and allocation of activity for Non-Qualified Intermediary (NQI) and NonWithholding Foreign Partnership (NWFP) clients, primarily interacting with BNP Paribas Front Office Relationship Managers and tax operations teams based in APAC & EMEA

·       Assist with weekly QI and Qualified Derivatives Dealer (QDD) TEFRA, NRA & 871m tax remittance to the IRS using the IRS EFTPS system and internal BNP Paribas systems.

·       Perform periodic reconciliations of QI tax remittance to the IRS against IRS 945 and 1042 deposit transcripts.

·       Daily management of activity and withholding posting in the Broadridge BPS settlement system

·       Assist with management of exception reports and contribute to monthly tax season simulations aimed towards tax season preparation.

·       Coordinate with third party vendors to issue original and amended 1099 and 1042-S reporting within IRS mandated timelines, including assistance with the production of information reporting managed on behalf of BNP Paribas QI branches located in EMEA and APC

·       Contribute to the preparation & submission of all QI branch 945 and 1042 recon files, and ability to scrutinize all reconciliation data submitted to identify any reconciliation and information reporting errors in advance of the pending 945 and 1042 deadlines.

·       Contribute to the preparation & filing of all original and amended QI Form 945 and 1042 tax returns with the IRS by IRS mandated (or extended) submission deadlines.

·       Coordinate regular check-ins with QI branch population to identify any needs to file amended Forms 945 and 1042-S with the IRS during the 3-year statute of limitations.

·       Contribute to the management, investigation, and responses to the IRS with respect to QI IRS penalty notices (IRS 972-CG, IRS CP-2100 & IRS CP-2100A, as well as civil penalty notifications) and correspondence, providing findings and evidence to support all communication with the IRS.  Additional requirements related to this task involve providing guidance and feedback to QI branches regarding how to manage client activities and procedures to minimize future IRS penalty risk.

·       Ensure compliance with terms of service outlined in the framework of pre-existing QI dedicated SLAs.

·       Track monthly KPIs to assist with the monthly billing of services provided to BNP Paribas QI branches under the framework of pre-existing service level agreements.

·       Ensure the following are saved to the internal QI dedicated SharePoint site for QI branches and stakeholders for future access: Form 1099 PDF files; Form 1042-S PDF files; Form 945; Form 1042-S; IRS civil penalty notices and correspondence (incoming notices as well as outgoing responses); evidence of controls performed associated with tasks managed on behalf of QI branches.

·       Support any global BNP Paribas projects or initiatives which impact the QI branch population.

·       Provide material assistance with periodic internal and external QI audits.

·       Support development of technical business requirements and UAT of application enhancements

·       Adhere to regulatory changes by working with business and IT groups to enhance systems and procedures. 

Minimum Required Qualifications:

·       5 years of experience support tax information reporting, withholding and tax document management experience  

·       Strong knowledge and comprehension of Internal Revenue Codes Chapter 3, Chapter 4, and Chapter 61

  • Understanding and expert knowledge of IRS Forms W-9 and W-8 and their associated requirements; Forms 1099 series, 1042-S; Forms 945 and 1042
  • Bachelor’s degree in accounting, Finance, Business or similar
  • Experience and familiarity with global markets.
  • Highly ethical and control-oriented mindset
  • Strong team and leadership skills
  • Innovative and adept at assessing opportunities for process improvements and automation.
  • Excellent knowledge and understanding of tax accounting rules and regulations.
  • Strong communication, multi-tasking, analytical, and organizational skills
  • Solutions-oriented thinker who can generate creative ideas.
  • Effective analytical, organizational, and problem-solving skills
  • Strong verbal and written communication skills
  • Strong validation skills for reviewing large data sets to identify data integrity issues and patterns.

Preferred Qualifications:

·       Knowledge of settlement systems/products used by BNP Paribas, such as the Broadridge BPS settlement system, Broadridge TMS (Tax Managed Services) and Broadridge TDS (Tax Data Solutions), BANCs, and Intermediary Processing System (IPS) or similar settlement, allocation, and reporting systems.

·       Experience validating client tax docs (Forms W-8 series, Forms W-9) using third party vendor systems (i.e. MD3, TAINA), providing tax rate instructions, and updating back office static data and referential data systems.

  • Experience in the development and deployment of reporting systems / tools.

·       Understanding of system requirements and capabilities to ensure appropriate controls and processes.

·       Proven track record of contributing to team-oriented tasks and strategies, with the ability to identify client driven enhancements.

·       Advanced Microsoft Excel and database management (Alteryx, Tableau, Business Objects or similar) experience and skills

·       Ability to perform multiple tasks and meet established deadlines in a fast-paced work environment with minimal supervision.

FINRA Registrations Required: 

  • Not Applicable

CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):

  • Not Applicable

SEC Security-Based Swap Dealer Associated Person:

  • Not Applicable

The expected starting salary range for this position is between $82k to $109k annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.

In addition, our comprehensive benefits package aims to support our employees in various aspects of their lives. From healthcare and wellness programs to retirement plans and childcare services, we prioritize the well-being and growth of our employees. Our benefits include medical, dental and vision coverage, a 401(k) Savings Plan, backup childcare, life, accident and disability insurance, mental health support and paid time off. Additional details about our benefits offerings, inclusive of eligibility for a discretionary bonus, will be provided during the hiring process.

This application will remain open until a candidate has been selected for the role. There is no specific application timeline.

About BNP Paribas:

BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC. It has a presence in 65 countries, with nearly 190,000 employees. The bank employs over 3,500 people in offices in the US across 10 states including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver, Miami, and Washington, DC. BNP Paribas has built a strong and diversified presence to support its client base. We continue to grow and strengthen our commitment to the US market through our Corporate & Institutional Banking activities. We are one of a few non-US banks to offer a full value chain for our clients, from trading to financing, and clearing and custody in the US with the international footprint and capacity to deliver both globally and locally. Leveraging the strength of our European roots, our network can support clients in virtually every region of the world, enabling more connectivity and efficiency wherever our clients conduct business. We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.

As an international company with a global footprint, the unique cultures and viewpoints of our team members are an integral part of the fabric of BNP Paribas. We are a company with a purpose – to be a responsible and sustainable global leader. We aim to create an environment where our employees feel empowered to drive change, make an impact and be true to themselves. We employ talented individuals from a wide variety of backgrounds, locally and globally, and are inspired by our employees who help us in cultivating a diverse, equitable and inclusive workplace through initiatives such as our Diversity, Equity & Inclusion (DEI) Leadership Forum and Employee Resource Group (ERG) communities. We strive to be a workplace where all team members can grow and thrive and offer robust training, development, and mentoring opportunities to make that vision a reality. Our leaders are deeply committed to DEI and highly accessible to our employees, consistently soliciting feedback on how we can continue to support our employees to reach their highest potential. 

BNP Paribas. The Bank for a Changing World – https://usa.bnpparibas/en/homepage/join-us/our-opportunities/

BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status

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