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Responsible for in-scope processes related to one or multiple Citi lines of business within the centralized Tax Information Reporting function in FRSS. This position supports the reduction/elimination of Citi's franchise & regulatory risk through accurate and timely reporting and enhanced due diligence on customer accounts. The incumbent is expected to migrate information reporting work from various sub-units within the Business Line into FRSS; this process includes training and job shadowing, building documentation such as procedures and process flows, and identifies gaps in the process based on IRS regulations. In addition, the incumbent will support a specific business vertical and is expected to develop and enhance their product knowledge within a short timeframe. This position will work in a team-oriented environment.
Job Responsibility:
Work on EMEA shift
Support FRSS Service Delivery / Engagement model with client constituency and other key stakeholders
Identify and participate in process reengineering & redesign to achieve better controls, compliance and efficiency
Support audits with IRS and Internal Audit (IA), and any other special audits
Participate in self-assessment testing, MCA, SOX controls as well as any audits with IRS Or Citi's IA
Ensure tight controls over owned processes to include key controls and COB
Review, validate and process W-8 and W-9 tax forms and related documentation according to IRS Chapter 3, chapter 61, FATCA regulations besides CRS
Support Technology projects from a technical tax perspective
Contribute towards departmental requirement to adhere to strict regulatory and Compliance requirements, per IRS and Citi policy
Perform reviews of written tax policy and procedures, research and respond to inquiries from operational areas
Handle Tax reporting for US and Non US legislations
Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency
Requirements:
Bachelor's degree/University degree or equivalent experience
At least 1-3 years related experience in Tax operations or related discipline
Basic Understanding and working knowledge of IRS Forms W-9 and W-8 and information reporting rules, FATCA and CRS
Hands-on experience in FATCA and CRS XML generation process, including data validation, schema checks, error handling, and regulatory reporting requirements
Working knowledge of 1065 nominee K-1 reporting process, including preparation and review of Type 1 and Type 2 statements, ensuring accurate reporting and compliance with tax reporting requirements
Strong MS Office skills particularly Excel
Quick learner with excellent communication skills, team orientation, and ability to work with counterparts in different areas of organization