Lead – Investment Tax

Job Summary

The Lead, Investment Tax is responsible for the tax accounting and tax compliance processes for asset classes tracked within Clearwater; this includes process management and detailed review of tax provision and tax compliance deliverables. In addition, this position will be responsible for the operational onboarding of new investment deals, research on certain investment tax accounting issues, and the documentation of investment tax positions & processes.  

The Lead, Investment Tax will report to the Director, Investment Tax.

Duties and Responsibilities

• Prepare and/or review quarterly income tax provision workpapers for tax adjustments related to income earned on securities, gain/loss on securities, adjustments related to derivatives (options, interest rate swaps, currency swaps, forwards, futures, etc.), and owned distribution partnerships, among other potential current & future adjustments. Perform and document analytical analysis of quarterly results.
• Prepare and/or review deferred tax asset workpapers, including rollforwards, for Clearwater assets. Perform and document analytical analysis of the results. Coordinate the incorporation of alternative investment deferred adjustments into the overall investment tax workpapers, in addition to overseeing the proper inclusion of all investment deferreds into the overall provision workpapers.
• Responsible for the operational onboarding of new investment deals, including collaborating with the tax planning team to ensure key operational considerations are addressed, leading the post-closing operational accounting and compliance onboarding efforts, and documenting operational policies, as applicable.
• Develop, implement, and lead the process(es) to identify, document, and onboard non-RAP investments with tax-specific treatments (i.e. debt securities treated as partnerships for tax, PFICs, foreign denominated debt, etc.)
• Research relevant existing and emerging investment accounting tax issues. Document significant investment tax accounting positions and processes as applicable.
• Responsibility for the quarterly GAAP capital valuation allowance assessment process, including proper calculation of the capital valuation allowance, assistance in developing tax planning strategies, communicating pertinent information to senior management as assigned, and the preparation of the quarterly GAAP valuation allowance memo.
• Serve as the team’s main point of contact on modeling & analysis for the multi-year business plan. Responsibilities include modeling book/tax differences for in-scope adjustments, modeling reversals of temporary differences for the projected admitted deferred tax asset calculation, providing plan to actual analysis, and assisting the Director, Tax in determining relevant plan assumptions.
• Collaborate with Clearwater, Investment Accounting, asset managers, and external consultants to ensure proper consideration of tax requirements within and to properly address system issues & limitations related to tax functionality.
• Responsible for ensuring that proper internal controls are being performed. Assist in aligning the investment tax procedures with overall tax department control procedures, assist in the development & maintenance of key and non-key controls as applicable, and ensure compliance with investment tax specific controls, particularly Clearwater-related controls.
• Manage compliance procedures for identified tax straddles and other tax hedges, including IRS documentation, monthly swap notional value to par value testing, and ensuring the accuracy of corresponding CPD field updates in Clearwater.
• Prepare and/or review book-to-tax adjustments for in-scope investments to be included in the Company’s life and non-life Federal tax return filings. Review and/or prepare return to provision analysis for relevant book-to-tax adjustments.
• Lead implementations for process and automation improvements within the scope of the position, including automation of investment tax review procedures, reconciliation automation, and deferred tax asset roll forward automation.
• Lead the build out of summary reporting for in-scope investment data.
• Participate in and/or lead relevant internal meetings with Investment Strategy, Investment Accounting, and Tax department personnel.
• Assist in coaching, mentoring, onboarding and training others on the team.

Experience and Education Requirements

• Bachelor’s degree in Accounting or equivalent degree.
• Certified Public Accountant or eligible to sit for the CPA exam.
• Minimum of 5 years experience working in a corporate tax environment and/or public accounting firm.
• Prior experience with investment taxation preferred, but not required.
• Experience in the insurance tax industry strongly preferred, but not required.
• Prior hands-on experience with the Clearwater Analytics platform preferred, but not required.
• Experience working in regulated environment for a publicly traded company.

Knowledge, Skills & Abilities

• Demonstrated working knowledge of tax accounting principles
• Demonstrated knowledge of tax accounting software systems
• Strong analytical skills with a high level of accuracy and attention to detail
• Strong organizational and prioritization skills
• Strong computer knowledge including working knowledge of tax and accounting based software (Clearwater, Essbase and Oracle), spreadsheets and word processing software.
• Proficiency with MS Excel; familiarity with Data mining/SQL skills, Bloomberg
• Strong verbal and written communication skills
• Ability to effectively work and communicate with various levels of employees and management
• Highly motivated, able to work both autonomously and in a team environment, and demonstrates the willingness to take on additional responsibility(ies) as needed.
• High-energy and ability to thrive in a fast-paced environment
• Willingness and enthusiasm to learn/train in skills needed to support the Tax Department
• Independently manage multiple projects

Other Requirements

• Perform other functions, duties and projects as assigned
• Regular and punctual attendance
• Minimal travel required (less than 10%)

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