Tax Specialist

Position Summary

The Tax Specialist performs a variety of functions related to member tax reporting and escheatment processing. This position requires an advanced knowledge of regulatory and IRS requirements. In collaboration with other departments, this position ensures the completeness and accuracy of member tax reporting. This position is responsible for monitoring IRS updates to ensure proper procedures are in place for tax reporting purposes and mapping is correct for form creation. Responsibilities include updating tax records in the core operating system, in addition to the tax reporting software. This position uses sound judgment, professionalism, empathy, integrity, accuracy, verification and expediency in assisting members and employees.

Work Location

This position is a hybrid role with a combination of working both onsite at our Headquarters buildings in East Lansing and at offsite. A schedule of expected onsite and offsite work days will be discussed during the interview process.

Responsibilities

Tax Specialist:

• Perform account related research associated with tax reporting for employees and members with the appropriate sense of urgency
• Assist members and employees by answering in-depth product and service questions relating to all share and specialty account types especially those pertaining to regulations, including tax implications and contribution limits, utilizing appropriate resources; possess strong knowledge of IRAs, HSAs, international accounts, trusts, deceased accounts and other specialized accounts and how they interact with tax reporting
• Review consumer account paperwork for accounts opened at the Credit Union to ensure accuracy, checking for required documentation and making corrections as needed
• Explain to members the process to retrieve escheated funds from the state of escheatment
• Provide guidance to members and employees in the review of residency documents for international accounts, explaining the purpose with support from others. Work various reports to ensure that coding and reporting is accurate
• Complete specialized account transactions and account set-up with support from others
• Handle escalated member situations related to tax reporting or escheats with support from others and take appropriate action to resolve them
• Interact with the IRS, courts and attorneys regarding complex requests that include legal concerns for consumer accounts with support; taking into consideration the risk associated with the account
• Perform corrective reporting by correcting IRS records in the core and tax reporting system and producing new forms for members and the IRS, ensuring accuracy
• Participate in projects, ensuring accuracy, thoroughness, attention to detail and that deadlines are met with help from others
• Conduct account reviews to ensure accounts are properly reporting to the IRS in the defined timeframe
• Design content and lead effective and engaging meetings and trainings involving employees from other departments to disseminate information regarding all member tax reporting and escheat topics
• Collaborate with other departments of the Credit Union to ensure electronic and tax forms are current, the system is in compliance with regulations and system upgrades are performed as necessary
• Work in collaboration with the vendor and other departments of the Credit Union to ensure escheated funds are reported and sent to the state of escheatment per regulation, taking ownership of the process, reporting errors and discrepancies
• Participate in annual tax reporting process, reviewing system and vendor outputs for accuracy and identifying and correcting errors before final reporting. Conduct thorough reviews of annual tax form requirements, researching and providing feedback on changes affecting forms. Assist in tax mailing process as required.
• Work directly with the tax vendor to ensure data is transferring appropriately and our information is displayed correctly within their system
• Perform compliance and regulatory research, providing recommendations for any updates that need to be made to existing and new products, services and documentation due to current and pending regulatory requirements
• Sort, distribute, and process department mail
• Process document imaging with an emphasis on accuracy
• Assist in process of imaging tax form corrections in a timely manner
• Prepare and send Credit Union mailings with accuracy and attention to detail
• Work a variety of reports; ensuring accuracy and timely completion

Senior Tax Specialist:

• All of Deposit Operations Employee and Tax Specialist I duties and responsibilities
• Take ownership of, and process, complex research requests related to tax reporting with urgency independently
• Identify and communicate research related training opportunities, providing feedback and updating available resources
• Serve as a resource by providing compliance related research and subject matter expertise for all member tax reporting forms
• Provide expert level direction to members and employees regarding member tax reporting
• Use in-depth knowledge regarding required residency documents for account opening for international accounts. Use expertise in setting tax withholding to assist members in their understanding of tax implications. Provide guidance to members and employees in the review of documents, explaining the purpose independently.
• Work in collaboration with other departments of the Credit Union to ensure escheated funds are reported and sent to the state of escheatment per regulation, with support from others
• Educate employees and members regarding regulations pertaining to tax reporting independently
• Conduct periodic review of new accounts and shares to ensure compliance; analyze the decision making process and assist in the development of Credit Union employees
• Create, write, publish, and maintain CU Info documents pertaining to member tax forms, assisting with maintenance and updating of a Loop Intranet page for the purpose of informing employees about tax forms, changes to current procedures, and other pertinent information, creating comprehensive resources
• Assist the Credit Union's training department to ensure training materials and guides are current
• Lead effective and engaging meetings and trainings related to member tax reporting and escheat processing
• Work in collaboration with other departments of the Credit Union to ensure escheated funds are reported and sent to the state of escheatment per regulation, taking ownership of the process, resolving errors and discrepancies independently
• Assist with reviewing tax documents prior to submission to confirm accuracy and timely reporting to members and the IRS; play an active role in the processing of all tax forms and provide timely feedback to management when observing errors or inconsistencies
• Process corrections within tax reporting software as needed
• Perform compliance and regulatory research regarding existing and new products, services and documentation to identify updated needed due to current and pending requirements; take ownership of collaborating with other departments when new products are created to understand tax implications and participate in mapping of forms for tax reporting
• Perform compliance, process and regulatory research, developing new, efficient methods and processes, updating resources, applications and disclosures as needed
• Work a variety of reports requiring in-depth knowledge of internal processes and functions; ensuring accuracy and identifying ways to improve processes and efficiencies
• Independently work on and lead others in projects, ensuring accuracy, thoroughness, attention to detail and deadlines are met
• Foster a positive environment while engaging and motivating others to achieve personal and department goals
• Support Credit Union direction, helping others understand the purpose
• Mentor and develop other employees; while providing guidance, clear feedback and learning opportunities
• Work independently to determine the best course of action for complex and unique situations using knowledge, judgment, and resources, while mitigating risk to the Credit Union and member; teaching others to do the same
• Collaborate with the IRS, courts and attorneys to determine how to proceed with complex requests regarding any consumer account, while managing the risk associated with the account
• Provide training to others regarding required residency documents for account opening for international accounts. Train others in setting tax withholding, with the ability to assist members with complicated or unusual documentation. Provide training to employees in the review of documents, explaining the purpose.

Knowledge, Skills, and Abilities Required

Tax Specialist:

• Flexibility to work varied hours, including after 5 p.m. and on weekends
• Five to seven + years of financial industry experience
• Has received or is actively working towards Bachelor's degree, in a related field preferred
• Detailed knowledge of the Dormant and Escheat processes, with the ability to explain these to members and employees, correspond with members to avoid escheatment, working associated reports and have working knowledge of vendor program used for file transfer for escheat processing.
• Detailed knowledge regarding required residency documents for account opening for international accounts. Proficiency in setting tax withholding, with the ability to assist members in their understanding of tax implications.
• Reliability and dependability
• Excellent member service and interpersonal skills
• Takes initiative
• Ability to manage and prioritize multiple tasks with minimal supervision, while maintaining a high level of member/employee service in a fast-paced environment
• Skill in effective verbal and written communications, including active listening skills and skill in presenting findings and recommendations for improvement
• Ability to work and effectively collaborate in a group setting, acting as a change agent for interdepartmental employees and support department initiatives
• Ability to establish and maintain harmonious team-oriented working relationships, working effectively in a professional team environment
• Ability to present information effectively to other employees
• Ability to handle and resolve conflict confidently and assist others in making complex decisions
• Comprehensive knowledge of Credit Union systems, products, services, policies, and procedures
• Demonstrated ability to accept increasingly complex duties and responsibilities and perform additional duties to a satisfactory level
• Leadership skills to mentor and train others, tailoring approach to level and experience of the audience
• Extensive knowledge of and skill in state and federal regulations that impact accounts and services offered by the Credit Union
• Possess an understanding of risk management
• Math and general clerical aptitude

Senior Tax Specialist:

• All of Tax Specialist knowledge, skills, and abilities
• Seven + years of financial industry experience
• Bachelor's degree in a related field
• Possess expert level knowledge of IRAs, HSAs, international accounts, trusts, deceased accounts and other specialized accounts and how they interact with tax reporting
• A high level of interpersonal and communication skills exhibiting empathy and maintaining a friendly and positive attitude
• Ability to apply holistic understanding of Credit Union strategies and overarching vision
• Advanced knowledge of Credit Union systems, products, services, policies, and procedures
• Ability to think critically and independently, remaining highly organized with significant attention to detail, and clearly communicating complex information to management
• Ability to work and effectively lead a group, acting as a change agent for the Credit Union, supporting Credit Union initiatives
• Contribute to employee development and culture within the department
• Expert knowledge of and skill in state and federal regulations that impact accounts and services offered by the Credit Union
• Advanced understanding of risk management

Physical Demands and Work Environment

• May be required to remain in a stationary position for an extended period of time.
• Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
• Occasionally needs to move about inside of office area
• Exposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposure
• This position is able to work in hybrid or onsite working arrangements.

Disclaimer
The above statements are intended to indicate the kinds of tasks and levels of work difficulty that will be required of positions that will be given this title and shall not be constructed as declaring what the specific duties and responsibilities of any particular position shall be. It is not intended to limit or in any way modify the rights of any supervisor to assign, direct, and control the work of employees under his or her supervision. The use of a particular expression or illustration describing duties shall not be held to exclude other duties not mentioned that are of similar kind of level of difficulty. MSU Federal Credit Union is an affirmative-action, equal-opportunity employer. Reasonable accommodations may be made for individuals with disabilities to enable them to perform the essential functions of the position.