This position is responsible for overseeing and supporting the day-to-day tax reporting and withholding obligations withing the Institutional Services business line, requiring a thorough knowledge of business and applicable IRS regulations. Responsible for end-to-end United States (U.S.) Tax Information Reporting Program (IRS and States) and Organization for Economic Cooperation and Development (OECD) Common Reporting Standards (CRS) Program. Serves as the primary point of contact for all tax documentation, withholding and information reporting across multiple businesses. Ensures compliance with U.S. and international IRW tax regulations as they apply to tax documentation, withholding and information reporting obligations. Serves as point of escalation when conflict or issues arise related to customer tax reporting. The position will work closely with product leads, relationship managers, associates, legal, compliance, and technology within GCM to understand and ensure that each deal is reviewed, documented and systems accurately coded for source and character of income types to ensure proper withholding under Chapter 3 (NRA), Chapter 4 (FATCA) and Chapter 61/§3406 (1099/backup withholding) of the Internal Revenue Code and accurate tax reporting on 1099, 1042-S etc.
Primary Responsibilities:
Oversee tax reporting and withholding obligations for Global Capital Markets products, including corporate and municipal bonds, structured notes, escrows, collateral accounts, paying agent and trustee activities.
Understand applicable IRW Tax regulations, internal policies, and their impact on the business groups and products, and apply knowledge to complex tax matters related to tax document validation, tax withholding, and tax reporting received through clients, IRS, States, or Foreign tax authorities.
File information reporting file extensions, execute and manage year end 1099/1042-S and CRS reporting, and coordinate B-Notices & penalty abatements with the IRS.
Lead firmwide taxpayer identification number (TIN) matching initiative and partner with product groups for effective remediation.
Resolve IRS notices and letters; lead IRS, State & foreign tax authority audits across business groups and products.
Review, update and/or create procedures related to IRW tax documentation, withholding, and reporting. Assist with all issues related to payee documentation.
Understand and apply cost basis reporting regulations.
Understand and adhere to the Company’s risk and regulatory standards, policies and controls in accordance with the Company’s Risk Appetite. Identify risk-related issues needing escalation to management.
Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable Complete other related duties as assigned.
Develop and maintain controls related to compliance of IRW tax within GCM working closely with Frist Line Risk Officers Create and maintain procedures related to IRW tax documentation, withholding and reporting for all GCM product lines across US and Europe.
Promote an environment that supports belonging and reflects the M&T Bank brand
Scope of Responsibilities:
The position works with uncertainty with discretionary solutions, possessing moderate risk to the organization.
Supervisory/Managerial Responsibilities:
Not Applicable.
Education and Experience Required:
Bachelor’s degree in Finance, Accounting, Taxation, or Economics and a minimum of 5 years’ relevant experience in IRW tax, or in lieu of a degree, a combined minimum of 8 years’ higher education and/or work experience, including a minimum of 3 years’ experience in IRW Tax inclusive of work with IRS and States to resolve notices and other issues raised.
Proficient in the use of personal computers including word processing, spreadsheet presentations and industry-specific software including tax tools.
Hands-on experience with IRS information reporting, withholding regimes, and related controls.
Understanding of Corporate Trust business - trust, agency, and securities related account structures.
Ability to translate complex tax rules into practical, operational guidance
Strong risk assessment and control mindset within a regulated banking environment
Strong verbal and written communication skills
Detail oriented
Strong interpersonal skills necessary for building relationships
Self-motivated
Ability to multi-task in support of multiple initiatives
Education and Experience Preferred:
Possess or willing to pursue Masters’ Degree in Taxation
Ability to work autonomously as well as in a team environment.