Controller-Family Office Tax

Location: Youngstown, OH
We are seeking a highly skilled Family Office Tax Manager based in Youngstown, OH
As the Family Office Tax Manager, you will have a crucial role in overseeing the financial operations of affluent families within a family office setting. Your responsibilities will include financial reporting, tax planning, investment accounting, and financial analysis. Additionally, you will provide strategic insights and support to ensure the financial well-being and success of the family office and its stakeholders.

The main responsibility of the Family Office Tax Manager is to ensure the accurate and efficient management of financial reporting, tax compliance, and overall financial affairs for the affluent families being served. Below is a comprehensive job description for a Family Office Accountant:

  1. Financial Reporting: Prepare and maintain precise financial statements, including income statements, balance sheets, and cash flow statements. Deliver timely and reliable financial reports to stakeholders such as family members, trustees, and investment managers.

  2. Budgeting and Forecasting: Collaborate with family members and stakeholders to develop annual budgets and financial forecasts. Monitor actual performance against budgeted targets, analyze variances, and provide insights and recommendations for cost management and revenue enhancement.

  3. Bookkeeping and Transaction Management: Supervise day-to-day accounting operations, including accounts payable and receivable, general ledger maintenance, bank reconciliations, and payroll processing. Ensure accurate recording and classification of financial transactions and maintain well-organized and up-to-date financial records.

  4. Tax Planning and Compliance: Coordinate and partner with external tax advisors to formulate tax strategies and ensure compliance with relevant tax laws and regulations. Prepare and review tax returns, including individual, trust, and corporate returns. Identify tax planning opportunities and provide advice on tax-efficient strategies.

  5. Investment Accounting: Oversee investment accounting processes, such as tracking and recording investment activities, monitoring investment performance, and reconciling investment portfolios. Prepare investment reports, including investment performance summaries and capital gains calculations.

  6. Financial Analysis and Reporting: Conduct financial analysis to evaluate investment performance, liquidity, and the overall financial health of the family office. Prepare financial reports and presentations for family meetings, investment reviews, and other decision-making purposes. Offer financial insights and recommendations to optimize the family office's financial position.

  7. Estate and Succession Planning: Collaborate with estate planning attorneys and trust administrators to support estate and succession planning efforts. Assist in the administration of trusts and estates, including trust accounting, distributions, and compliance with legal and regulatory requirements.

  8. Risk Management: Identify and mitigate financial risks by implementing internal controls, monitoring compliance with policies and procedures, and ensuring data integrity. Propose enhancements to financial systems and processes to improve efficiency and accuracy.

  9. Collaborative Support: Work closely with other professionals within the family office, such as investment managers, attorneys, and wealth advisors, to provide comprehensive financial support and achieve the overall objectives of the family office and its stakeholders.

  10. Professional Development: Remain updated on accounting standards, tax regulations, and industry trends relating to family office operations.

Basic Qualifications:
  • A bachelor’s degree in accounting or finance is required
  • An MBA or a CPA certification is preferred
  • Minimum 5 years of experience in accounting; public accounting or investment accounting experience · Strong knowledge of financial spreadsheets and accounting
  • Experience with preparing, reviewing, and filing tax returns and tax forms.
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