Director of Taxation & Partner Compensation

As a member of the Accounting Department, the Director of Taxation and Partner Compensation will manage the firm’s tax strategy, tax operations, tax research and tax compliance functions across the firm’s platform. The Director will have broad-based exposure across all tax functions with focused and deep expertise and responsibility in select functional areas as assigned by the Controller. The Director will also manage the compensation and related requirements for the firm’s equity partners and work closely and collaboratively with the Finance team, CFO, senior leadership (COO, Managing Partner, Chairman), and our outside tax advisors. This senior position is expected to ensure delivery of the highest level of customer service to partners in relation to their tax reporting and compliance from the Firm.

ESSENTIAL FUNCTIONS:

Taxation

• Responsible for facilitating and leading the preparation and review of Firm federal tax returns, as well as the accurate and timely filing of all tax forms.
• Responsible for timely reporting of all partner tax information, including estimates, K-1s, 1040 NRs, other county Partner tax returns etc.
• Review working papers, schedules, reports and other correspondence, and state tax returns.
• Prepare working papers necessary to generate 1065 forms and over 500 partner K-1s as well as all state and local income tax filings and other items related to tax returns or to tax payments necessary to comply with tax laws, or other items related to accounting for state / foreign country income taxes.
• Assemble Firmwide apportionment calculations for preparation and review of US partnership returns.
• Prepare and review all state and local partnership income tax filings including all Pass-through Entity Tax (PTET) and Composite Individual Income Tax Returns.
• Coordinate all information and analysis necessary for timely filing and preparation of all required tax filings outside the United States.
• Prepare and review annual K-1 memos to provide and highlight all information that partners and their advisors will need to know to prepare their individual tax returns.
• Coordinate partner elections for participation in composite tax filings.
• Administer the payment of all estimated composite and PTET taxes.
• Review quarterly firmwide market-based receipt sourcing.
• Provide strategic tax planning and oversight by pursuing strategies to reduce the partners’ effective tax rates, including maximizing foreign tax credits and PTE opportunities.
• Perform “true-up” calculations, analysis and administration for all US partners elections and settlements and including all timely communications and disclosures.
• Coordinate with Partner Accounts to ensure all partner estimated withholdings are properly accounted for as well as final true-up settlements in coordination with Firm Accounting.
• Work with Partner Accounts on Equity Partners leaving the firm to ensure proper accounting and communication of final tax settlements.
• Review all compliance consistent with transfer pricing policies & procedures including final accounting for intercompany charges as well as royalties working in coordination with Firm Accounting.
• Pro-actively manage tax audits in all relevant jurisdictions and mitigate claims to the extent possible.
• Respond to information requests for federal and state income tax audits, as well as those from foreign jurisdictions.
• Prepare payroll, sales, use & property commercial returns.
• Prepare, reconcile, and submit yearly 1099 forms for vendors, contractors, etc.
• Regulate and calculate multi-state sales, use, and excise taxes.
• Perform tax planning on domestic tax issues.
• Collaborate with Controller and CFO to compile and analyze tax information requests, prepare worksheets and calculations, and research other issues as assigned.
• Complete ad hoc requests.

Partner Compensation

• Calculate distributable income and review quarterly statements.
• Maintain timely and accurate records of partner capital and loans.
• Manage monthly partner draws and mid-month interim draws during the second half of the fiscal along with accounting for all partner-related activity.
• Maintain cash capital assessments per partner based on unit allocation along with annual year-end contribution.
• Reconcile monthly charges to specific partner general ledger accounts, including tax withholdings.
• Maintain various schedules throughout the year forecasting annual gross distribution to equity partners based on Firm budget.
• Participate in compiling data necessary for the Firm’s annual budget, compensation reviews and statistical surveys.
• Assist with capital projections and analyses.
• Prepare annual income and capital work papers for the Tax team, supporting schedules for external auditors, and preparing annual audits.
• Provide monthly cash flow estimates to CFO as it relates to partner distributions, tax payments and withholdings.
• Maintain a schedule of deals in place for equity partners that do not have units, including partners winding down and retired partners, and calculate payments that are due based on the deal arrangements.
• Engage with and present to the key stakeholders at the Firm, including the Executive Committee and other firm management.
• Maintain schedule of retired partner eligibility for retirement payments and amounts under the partnership agreement.
• Standardize processes and automate monthly income and capital allocations; manage the allocation and calculation of firm P/L’s.
• Manage the payback of capital balances to retired partners under the partnership agreement.
• Provide excellent service to the partners, including timely and accurate information sharing.

ADDITIONAL FUNCTIONS:

• Other duties and projects, as assigned.

QUALIFICATIONS (EXPERIENCE, KNOWLEDGE, SKILLS AND ABILITIES):

Education:     

• Bachelor's degree in a professional discipline, preferably with an emphasis in accounting, finance, or related discipline.
• CPA preferred. Advanced Degree a plus.

Experience:

• Must have in depth tax preparation, planning and financial analysis experience.
• Minimum seven to ten years relevant public accounting tax consulting experience or equivalent law firm or complex professional service firm industry experience.
• Demonstrated understanding of current tax law, relevant complex tax concepts, federal, state, and local taxation, as well as international tax, and the ability to effectively apply the knowledge in developing value-added recommendations and solutions.
• Must be proficient in the use of Microsoft Office Suite, including Excel Word.

Knowledge, Skills, & Abilities:

• Familiarity with the Elite Enterprise/3E software is a plus.
• Detail oriented with strong mathematical, analytical and computer skills.
• Ability to work with detailed information accurately and efficiently.
• Strong written and verbal communication skills.
• Professional and courteous communication with clients, attorneys, paralegals, and staff with excellent customer service orientation.
• Able to follow instructions accurately and proactively keep others informed of progress.
• Ability to manage highly sensitive confidential information in a discreet, professional manner.
• Ability to interact with people in a manner that shows tact and professionalism.

WORK ENVIRONMENT & PHYSICAL DEMANDS:

This job operates in a clerical, office setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.

COMPENSATION & BENEFITS

The salary range for this position applies to the respective listed location. The salary range reflects a variety of factors that are considered in making compensation decisions, including but not limited to experience, education, licensure and/or certifications, geographic location, market demands and other business and organizational needs. It is not typical for an individual to be hired at or near the top of the range for a position. Reasonable estimate of the current range for this position is:

• State of New York: $190,000 - $225,000

For information on Fox Rothschild's compensation and benefits visit: Compensation & Benefits (foxrothschild.com)

PHYSICAL REQUIREMENTS

Sedentary work: Exertion of physical strength to lift, carry, push, pull, or otherwise move objects up to 10 pounds. Work involves sitting most of the time.  Walking and standing is often necessary in carrying out job duties.

VISUAL ACUITY

Worker is required to have close visual acuity to perform an activity such as:  preparing and analyzing data and figures; transcribing; viewing a computer terminal; extensive reading.

DISCLAIMER