Tax and Retirement Operations serves as a differentiator in the brokerage industry by providing superior client service and accurate processing of information. This role requires high attention to detail, organizational skills and the ability to interpret and apply industry regulations and best practices to their various products. Associates will be responsible for the production of tax forms, proper withholding and remittance of funds to the state and federal government, timely escheatment of assets and compliance with FATCA, 990-T filings, Common Reporting Standards (CRS) and IRS regulations as they relate to the tracking and reporting of cost basis and retirement contributions/distributions.
What you are good at
Analyze client requests and apply applicable regulation and/or law to that request. May include but not limited to IRS, State and Federal Regulations, FINRA/SEC, and OCC
Analyze client transaction and account data to ensure risk mitigation for the client and TD Ameritrade.
Identify any red flags and/or high risk activity and report to the appropriate business partner
Review and interpret daily reporting for account and client reconciliation and proper resolution
Research, analyze & implement new/updated regulations put forth by the IRS, various state revenue agencies and international governing bodies as they relate to tax reporting & withholding
Review and interpret daily reporting regarding the transfer of cost basis in and out of TDA in order to capture system irregularities or defects that limit our ability to remain in compliance with IRS regulations
Consistently research & review department procedures to ensure updates are made in accordance with updated/new IRS regulations or system enhancements
Ensure prompt and accurate processing and recording of client transactional requests.
Ability to learn, retain and apply processes and procedures as well as system technologies in an efficient and effective manner
Ability to make efficient and risk based decisions on transactional requests
Utilize various vendor and reconciliation systems throughout the year to correct and review client transaction and cost basis data to ensure accurate tax form production at year end
Analyzing variances in processing to ensure consistent handling of exceptions
Ability to work with internal and external business partners in order to ensure proper tax withholding and remittance of funds to the state/ federal government, accurate cost basis reporting and timely escheatment of assets
Work across various internal and third party systems to research, review and resolve various client inquiries related to the tracking and reporting of cost basis
Communicate with clients, business partners and advisers on a daily basis regarding ongoing inquiries related to tax reporting and retirement account issues
Leverage Lean Principles to identify inefficiencies in existing processes
Actively participate in Problem Solving sessions to ensure proper resolution
Work with business partners to ensure upstream and downstream impacts
Ability to collaborate and build relationships with our business partners and peers
Liaise with business partners for resolution of client escalations and research cases regarding GainsKeeper and other cost basis inquiries
Ability to effectively communicate through various channels (Email, Phone, Instant Message, Presenting/Meetings)
Willingness to work with external firms or business partners in an effort to apply best practices as they relate to tax reporting (FATCA, abandoned property, 990-T processing, DTC/transfer of cost basis, etc.)
Ability to handle complex tax and retirement account related inquiries from clients, both internal and external, that require research of IRS publications and security specific reporting requirements (complex debt, 1256 options, original issue discount, etc.)
Review & process client requests for adjustments and updates to their cost basis for reporting purposes
What you have
Ability to analyze, interpret and implement complex IRS regulations and requirements as they relate to the brokerage industry and relay this information to the client as needed.
Communicate complex IRS rules and regulations with thoroughness and clarity to clients and various business partners.
Education Level Required: High School Diploma or Equivalent
Why work for us?
Own Your Tomorrow embodies everything we do! We are committed to helping our employees ignite their potential and achieve their dreams. Our employees get to play a central role in reinventing a multi-trillion-dollar industry, creating a better, more modern way to build and manage wealth.
Benefits: A competitive and flexible package designed to empower you for today and tomorrow. We offer a competitive and flexible package designed to help you make the most of your life at work and at home—today and in the future. Explore further.
Schwab is committed to building a diverse and inclusive workplace where everyone feels valued. As an Equal Opportunity Employer, our policy is to provide equal employment opportunities to all employees and applicants without regard to any status that is protected by law. Please click here to see the policy.
Schwab is an affirmative action employer, focused on advancing women, racial and ethnic minorities, veterans, and individuals with disabilities in the workplace. If you have a disability and require reasonable accommodations in the application process, contact Human Resources at [email protected] or call 800-275-1281.
TD Ameritrade, a subsidiary of Charles Schwab, is an Equal Opportunity Employer. At TD Ameritrade we believe People Matter. We value diversity and believe that it goes beyond all protected classes, thoughts, ideas, and perspectives.