Fifth Third Bank Private Bank Tax Services Specialist in Grand Rapids, Michigan
Fifth Third Bank is one of the top-performing banks in the country, with a heritage that spans more than 150 years. We've staked our claim on looking at things differently to making banking a Fifth Third Better. This applies to our relationships with customers and employees alike.
We employ about 18,000 people, and what we offer is:
# A chance for employees to build their future, with supportive career development and financial wellness programs.
# An environment where we win together. We celebrate achievement and work collaboratively. We're also a three-time Gallup Great Workplace honoree.
# An invitation to impact lives in a positive and lasting way. Everything we do is geared toward improving lives. That's fun and exciting.
It comes down to the fact that Fifth Third is a warm and caring place to with which to grow # as a customer or as a team member.
The Wealth and Asset Management division puts more than 100 years of experience to work to help individual, business, and institutional clients build and manage their wealth. Better ideas # and better solutions # begin with better listening. Listening to our clients is at the heart of our strategy to help our clients achieve their financial goals.
Under general supervision, the Private Bank Tax Services Specialist performs a variety of moderately complex accounting and tax support duties in one or more of the following functions, among others, as described below:
. Transmission of U.S. Treasury payments using EFTPS
. Preparation of estate valuations, tax lot and cost basis adjustments, and wash sales adjustments
. Client account and departmental cash processing
. Tax withholding, including related reconciliations
. Assistance with income tax return assembly, delivery and tracking
. Invoicing tax fees and related reconciliations
. Reconciliation of items in departmental accounts
Partner with Tax Accountants and management in various aspects of servicing the client base to ensure greater client satisfaction, client retention and growth and compliance with all policies and procedures.
Responsibilities may include handling confidential Bank and client information where confidentially must be maintained.
The role is responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues,andensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
ESSENTIAL DUTIES & RESPONSIBILITIES:
. Responsible for transmission of U.S. Treasury and state income payments using established procedures (daily, weekly, monthly, quarterly)
o Submit Federal tax payments via EFTPS
o Submit State tax payment via the corresponding systems
. Perform Estate and Asset Valuations using specialized software.
. Perform the following in the Trust accounting system (AMtrust):
o Tax lot and cost basis adjustments
o Date of death valuation adjustments
o Return of capital adjustments
o Wash sale and other investment securities sales adjustments
o Widely held fixed income trust (WHFIT) capital changes
o Charge off unrecoverable items
. Maintain global asset database (registers) in OneSource tax software.
. Cash Processing
o Responsible for ordering checks using the Trust accounting system.
o Responsible for completing cash deposits for tax refunds and invoice payments received.
. Tax Withholding Functions:
o Non-resident alien withholding, back up withholding, retirement plan and IRA withholding
o Transmit payments to corresponding government authorities
o Reconcile withholding accounts using established procedures (daily, weekly, monthly, quarterly)
o Prepare withholding returns
# Form 945, Annual Return of Withheld Federal Income Tax
# Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
# Various State withholding tax return forms
. Assist in Tax Return assembly, delivery and invoicing process.
o Prepare, track and reconcile client fee invoices for tax services
. Interact frequently with various operations teams within the Bank
. Monitor Audit, Compliance, Risk, Business Controls issues and follow up with appropriate team members to track progress in order to close issues prior to deadlines.
. Reconcile notable items monthly in various accounts within the department and work to clear outstanding issues. Responsible for the department reconciliation status reporting process and at as liaison to the centralized reconciliation team.
. Responsible for assisting with various special projects, as assigned.
o Prepare entry level returns, organize network files, monitor onboarding.
. Serve as a backup for other support functions within the department.
. Demonstrate a sense of urgency for client service and completion of projects/tasks
. Demonstrate sound decision-making skills, including balancing business risk to Fifth Third Bank with client interests
. Work with multiple managers and balance competing priorities
. Champion the Bancorp Vision and Core Values through personal actions
. Recommend enhancements to policies and procedures
. Develop a working knowledge of current trends and changes in the industry with regard to fiduciary tax matters (e.g. fiduciary income tax, estate planning, probate, estate, gift and income tax planning, guardianships, special needstrusts,state-specific law)
. No direct supervisory responsibilities. However, the position is responsible for providing guidance, support and feedback to administrative staff.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
For all candidates:
Education: Minimum of a High School Diploma or equivalent. Associate/Bachelor's degree in accounting preferred.
Certifications: None required
Experience: Minimum two years general office experience, preferably in accounting or tax.
. Proficiency with Microsoft Office software including Word, Excel, Access, PowerPoint
. Understanding of basic tax return processes
. Strong analytical and verbal and written communication skills necessary to interact with personnel ranging from other staff to more senior management.
. Ability to work both individually and as a member of a team.
. Ability to work in professional and dynamic environment.
. Demonstrate sound judgment, as well as apply logical/critical thought processes.
. Normal office environment with little exposure to dust, noise, temperature and the like.
. Extended viewing of CRT screen.
Fifth Third Bank is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.