Trust Tax Department Manager/Liaison - Wealth Management

at  US Bank National Association

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

SUMMARY

U.S. Bank is seeking a Trust Tax Department Manager/Liaison within its Wealth Management division.

RESPONSIBILITIES

Tax Competencies:

• Strong working knowledge of fiduciary income tax returns, especially estate income tax returns (1041, 990-PF, 5227)
• Some working knowledge of individual income tax returns (1040, some knowledge of estates)
• Proper reporting related to 1099DIOB and MISC/NEC forms
• Working knowledge of various IRS notices (penalties, audits, abatements), and communication with other tax revenue authorities
• General knowledge related to taxation of trust assets (stocks, bonds, partnerships, farms, etc.)
• Ability to review returns for taxability and reporting of account types, transactions, sales, cost basis, etc.

Tax Preparation and Review:

• May review various tax returns (trusts, individuals, foundations, 1099s, 1042/1042-S)
• Liaison review, and tracking of fiduciary, individual, trust-estates, charities, etc.
• In-depth and cursory reviews of several hundred returns as prepared by external CPA firms, with the majority through our outsourced relationship with our tax vendor
• Provide tax support and liaise with our tax vendor in an outsourcing arrangement
• Review trust instruments for domiciliary tax assignment and proper tax reporting
• Complete analysis of trust instruments with generation skipping tax eligibility
• Provide statistical analyses related to work performed to management

Client Service and Management:

• Ability to address tax-related questions and issues affecting clients, relationship managers, and vendors requiring immediate attention
• This role requires a can-do attitude and excellent client service skills, both written and verbal, and deliver results quickly and accurately to our clients.
• The candidate must have solid, but versatile, leadership skills, who will manage workload associated with an assigned book of accounts, as prepared by our outsourcing vendor.
• The candidate must have demonstrated ability in being approachable and flexible in working with stakeholders and colleagues at all experience levels.

Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That’s why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by la