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 generating 1099 and 1042s reporting to clients and the IRS. The group collaborates with 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 and ensures local IT and operational procedures are enhanced to support new regulations.
*Physical presence in BNPP’s office(s) is an essential function of this position. BNPP requires all of our employees to be vaccinated in order to access its offices, subject to reasonable accommodations for reasons related to disability or religion.
Candidate Success Factors:
Candidates to be measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:
- Results and Impact
- Impacts division and influences peers and team
- Demonstrates good judgement when making decisions of high complexity and impact
- Relies on limited guidance for most complex decision making
- Is responsible for driving outcomes which have meaningful effect on team or department
- Leadership and Collaboration
- Creates trust with department leaders
- Acts in leadership capacity for large projects, processes, or programs for a team
- Client, Customer and Stakeholder Focus
- Able to build relationships with a mix of intermediate and senior colleagues or clients
- Interacts regularly with management and department leaders
- Demonstrates the ability to persuade and 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”
- Monitor client on-boarding and ensure that required tax documents are received
- Ensure validation of tax forms using internal guidelines and IRS approved MD3 software
- Manage client referential data and update tax information in internal onboarding repository systems
- Manage annual solicitation of expiring tax documents
- Daily management and prompt resolution of incoming client, counterparty, and front office inquiries submitted to shared team email accounts
- Support development of technical business requirements and UAT of application enhancements
- Manage support for internal and external audits
- Correspond with internal BNP Paribas divisions such as Due Diligence, Client Onboarding, and Static Data to assist with resolving client inquires and concerns
- Manage tax relief in non-US markets through DTC and foreign tax revenue agencies by collecting market specific tax certification, selecting relief at source options (i.e. DTC EDS elections), filing post payable tax reclaims, tracking pending reclaims, and investigating the status of aged reclaims
- Adhere to regulatory changes in the US and global markets by working with business and IT groups to enhance systems and procedures
- Manage annual production of US Custody Information Reporting (Forms 1099 & 1042S)
- Manage processing of IRS tax withholding and deposits
- Assist with the preparation and filing of consolidated 1042 Reporting
- Assist with investigating IRS notices and penalties, providing research used to draft responses submitted to the IRS
- Manage internal control framework for the US Custody platform
Minimum Required Qualifications
- BS or BBA required
- Demonstrated experience in managing a high performance team of tax professionals.
- Strong knowledge and comprehension of Internal Revenue Codes Chapter 3, Chapter 4, Chapter 61, 871M and Qualified Intermediary requirements.
- 12+ years of tax information reporting, withholding, and tax documentation management experience in the financial services industry with a focus on Custodial Services.
- Experience with Settlement & Processing systems/products such as BANCs, BPS, TMS (Tax Managed Services) and TDS (Tax Data Solutions), or similar settlement and reporting systems
- Proficient computer skills, particularly in the use of Microsoft Office Access, Excel, PowerPoint and/or other business related software programs
- Ability to analyze and resolve complex tax issues
- Driven by client needs and satisfaction
- Proactive, motivated and willing to comprehend new concepts
- Strong verbal and written communication skills
- Highly attentive to detail and accuracy
- JD Tax or CPA designation
- Experience validating client tax docs (Forms W-8 series, Forms W-9) using MD3, and updating back office static data and referential data systems
- Familiarity with foreign tax markets and the certification requirements for filing reclaims
- Proven track record of contributing and managing team oriented tasks and strategies, with the ability to identify client driven enhancements
- Control orientated mindset
- Advanced Microsoft Excel experience and skills (SQL and/or Python capabilities a plus)
- Ability to perform multiple tasks and meet established deadlines in a fast pace work environment with minimal supervision
- Solutions oriented thinker who is able to generate creative ideas
- Effective analytical, organizational, and problem resolution skills
About BNP Paribas:
In the United States, 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.
BNP Paribas’ Corporate & Institutional Banking services corporate clients and institutional investors offering tailored solutions in financing, cash management, and advisory services to companies via Corporate Banking, in capital markets via Global Markets, and in securities custody and administration via Securities Services. As the asset management arm of BNP Paribas, BNP Paribas Asset Management offers high value-added solutions to individual savers, companies, and institutional investors.
The bank employs nearly 14,000 people and has a presence in the country since the late 1800s in major cities including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver and Washington, DC.
BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC. It has a presence in 68 countries, with more than 193,000 employees. The Bank offers a comprehensive range of banking, investment and financial services solutions through three main fields of activity: Retail Banking for the Bank’s retail-banking networks and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, BNP Paribas helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.
We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.
BNP Paribas. The Bank for a Changing World.
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.