US Business Tax Reviewer / Manager

Finlotax Services; Bengaluru, Sirsi; On-site; INR 8,00,000 - 12,00,000; Full time

Job summary

A financial services firm in Bengaluru is seeking a Tax Consultant to review complex US business tax returns and provide strategic tax planning. The ideal candidate must possess 5-6 years of relevant experience, good communication skills, and fluency in English. Responsibilities include preparing various tax forms, managing client relationships, and ensuring compliance with tax regulations. This role requires a quick learner with a positive demeanor and the ability to work long hours during peak seasons.

Responsibilities

• Review complex US business tax returns (Forms 1065, 1120 and 1120-S).
• Prepare Form 5471 and 5472 filings.
• Compute R&D tax credits.
• File taxes for real estate investments.
• Advise on various tax deductions and credits.
• Manage FBAR and compliance filings.
• Prepare Form 8804 and 8805 for non-residents.
• Stay updated with tax regulations.
• Provide strategic tax planning and consulting.
• Develop and maintain client relationships.
• Prepare partnership and S Corporation tax returns.
• Manage LLC tax filings based on election.

Skills

Good Communication skills

Fluency in English (written and spoken)

Quick learner

Positive demeanor

Team player

Ability to work long hours

Flexibility in meeting deadlines

Relevant Experience 5-6 years

Job description

Requirements

• Good Communication skills
• Fluency in English (written and spoken)
• Quick learner, enthusiastic, positive demeanor, and a team player
• Ready to work long hours during busy season times
• Flexibility and be able to meet the deadlines & work based on the urgency of the projects
• Relevant Experience 5-6 years

Role & responsibilities

• Review complex US business tax returns (Forms 1065, 1120 and 1120-S).
• Form 5471 and 5472 filings
• Schedule M1 and M2 adjustment
• R&D tax credit computation
• Tax filing for real estate investments
• Various tax deductions and credits
• FBAR and compliance filings
• Form 8804 and 8805 for non resident with holdings
• Keeping up to date with tax regulations and guidelines that are set forth by the Federal, State & Local Department.
• Provide strategic tax planning and consulting services to clients, identifying tax-saving opportunities, advising on the tax implications of business decisions, and developing customized tax strategies to optimize clients' overall tax positions.
• Delegating, Monitoring & Training the employees.
• Establish & develop good relationship and communication to ensure Client satisfaction.
• Build work relationships with peers, supervisors, and colleagues and preparation of financial packets for tax preparer.
• Partnership - Form 1065 + Schedule K-1 for each partner
• S Corporation - Form 1120S + Schedule K-1 for shareholders
• C Corporation - Form 1120
• LLC (varies) - Depends on election: Schedule C, 1065, or 1120/1120S

Employment Tax Forms

• Form W-2: Reports wages and taxes withheld for employees
• Form W-3: Summary of W-2s sent to Social Security Administration
• Form W-4: Completed by employees to determine withholding
• Form 941: Quarterly report of income tax, Social Security, and Medicare
• Form 940: Annual Federal Unemployment Tax (FUTA)
• Form 944: Annual alternative to Form 941 for small employers

Contractor & Non-Employee Compensation

• Form 1099-NEC: Payments of $600+ to freelancers/contractors
• Form 1099-MISC: Miscellaneous income (rent, prizes, etc.)

Other Common Forms

• Form 720: Excise taxes
• Form 5500: Retirement plan reporting
• Form 2553: Elect S corporation status
• Form 8832: Entity classification election