Tax Specialist for Partnership Returns

1 month ago

Bengaluru, Karnataka, India Withum Full time

Are you a detail-oriented accounting professional looking to take your career to the next level? Withum, a forward-thinking advisory and accounting firm, is seeking a Tax Specialist to join our team in India. As a Tax Specialist, you will play a key role in preparing partnership returns for real estate and operating partnerships across federal and state jurisdictions.

Key Responsibilities:

  • Preparation of form 1065-Partnership returns for both Real estate and operating partnership federal & state jurisdictions returns.
  • 2 to 4 years of post-qualification hands-on experience in U.S. accounting firms.
  • Brief understanding of Temporary and permanent adjustments.
  • Brief understanding of favorable and unfavorable adjustments.
  • Book to tax adjustment for accruals and prepaids.
  • Work on book to tax reconciliation (Sch M-1), depreciation computation (Form 4562) & supporting documents with adequate referencing (e.g., Applicability of Sec 179, 168(k) bonus depreciation and Regular MACRS depreciation).
  • Working-level experience on Gains and losses (Sec 1245, 1231, 1250 and 291)
  • Amortization – Tax concept, applicability, and eligible assets.
  • Brief understanding of Guarantee payment tax treatment.
  • Reference IRC codes & preliminary source for any new book to tax differences identified in supporting workpapers.
  • Brief understanding of State tax returns, e.g., common state adjustments, Allocation and Apportionment (A&A)
  • Ability to differentiate between Allocation of income and Apportionment of income.
  • Factors associated with A&A.
  • Special allocations V/S default ratio allocations.
  • Clear understanding of partners' tax capital accounts.
  • Ability to perform proper self-review of work before moving the task for review.
  • Document open items and share updates with reviewer in completing tax returns within set deadlines.
  • Ability to work on multiple projects simultaneously and correspondence with aligned reviewer on status.
  • Knowledge of efile validation and diagnostics of returns and connect Go support for efile diagnostics clearing.
  • Hands-on experience on tools and applications.
  • Brief understanding of CARES Act and its implication and application.

Requirements:

  • A bachelor's degree in Accounting or related field.
  • 2 to 4 years of post-qualification experience in U.S. accounting firms.
  • Excellent analytical and problem-solving skills.
  • Strong attention to detail and organizational skills.
  • Proficiency in MS Office and knowledge of accounting software.

What We Offer:

  • An estimated salary of $80,000 - $120,000 per year, depending on experience.
  • A dynamic and supportive work environment.
  • Ongoing training and development opportunities.
  • A comprehensive benefits package, including medical, dental, and vision insurance.
  • A 401(k) plan with company match.
  • Tuition reimbursement and education assistance programs.

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