Institutional Investment Operations Specialist - Tax Operations

Wells Fargo•Charlotte, NC

3d•Hybrid

About The Position

About this role: Wells Fargo is seeking an Institutional Investment Operations Specialist within our Securities Tax Operations team as a part of Corporate Investment Banking Operations. Learn more about the career areas and business divisions at wellsfargojobs.com. This resource will help the team handle the changing regulatory environment and the complexities on capital market products within the Internal Revenue Service (“IRS”) Chapter 3, Chapter 4 and Chapter 61 reporting and withholding regimes along with applicable state and international tax regulations. In this role, you will: Handling tax documentation, withholding and reporting inquiries raised by business partners Daily TEFRA, NRA and FATCA withholding reconciliation and remittance Research and resolution of reporting and withholding exceptions 1099 and 1042-S reporting tasks such as; mock form reviews, management of trial runs and processing of tax reporting adjustments Cost Basis reconciliation and resolution Assist leadership in bringing individual or teams together in order to resolve complex issues Review and analyze functional operational tasks that require research, evaluation, and exercise independent judgment to guide the deliverable Collaborate and consult with peers, colleagues and managers to resolve issues and achieve goals Identifying and formulating procedural changes which will enhance operational efficiency and data integrity Providing leadership on issues raised by the areas we support while communicating ways to improve data quality and client service Partnering with upstream processing teams such as corporate actions and middle office to identify the root cause of issues and mitigate operational risk

Requirements

2+ years of Institutional Investment Operations experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education
Ability to work a hybrid schedule
Willingness to work on-site at stated location on the job opening
This position is subject to FINRA Background Screening Requirements, including successful completion and clearing of a background check.
Internal transfers are subject to comply with 17 CRF 240.17f-2 of the Securities Exchange Act of 1934 and FINRA Bylaws, Article III, Section 3, which states that Associated Persons should not be subject to statutory disqualification.
Successful candidates must also meet ongoing regulatory requirements including additional screening and are required to report certain incidents.
Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company.
They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation, and remediation of issues, and making sound risk decisions.
There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.

Nice To Haves

2+ years of experience in Tax Operations
Understanding of Chapter 3 (NRA), Chapter 4 (FATCA), and Chapter 61 (TEFRA) withholding and reporting requirements
Experience with preparation of Forms 1099 and 1042-S
Validation of IRS Forms W-9, W-8IMY, W-8BEN-E, and W-8ECI
Technical tax withholding and reporting compliance (1099 INT, 1099 MISC, 1099-B, 1042-S, IMY Reporting to Beneficiary Owners)
Cost Basis reporting
International Tax, including relief at source
Strong analytical skills with high attention to detail and accuracy
Strong organizational, multi-tasking, and prioritizing skills
Project management skills with a focus on process improvement and change management; experience with UAT testing and vendor management

Responsibilities

Handling tax documentation, withholding and reporting inquiries raised by business partners
Daily TEFRA, NRA and FATCA withholding reconciliation and remittance
Research and resolution of reporting and withholding exceptions
1099 and 1042-S reporting tasks such as; mock form reviews, management of trial runs and processing of tax reporting adjustments
Cost Basis reconciliation and resolution
Assist leadership in bringing individual or teams together in order to resolve complex issues
Review and analyze functional operational tasks that require research, evaluation, and exercise independent judgment to guide the deliverable
Collaborate and consult with peers, colleagues and managers to resolve issues and achieve goals
Identifying and formulating procedural changes which will enhance operational efficiency and data integrity
Providing leadership on issues raised by the areas we support while communicating ways to improve data quality and client service
Partnering with upstream processing teams such as corporate actions and middle office to identify the root cause of issues and mitigate operational risk