US Business Taxation - Bengaluru - FinloTax

Description

Company Description

FinloTax is a comprehensive tax preparation, bookkeeping, and CFO service provider that supports startups, small businesses, and high-net-worth individuals. Specializing in U.S. business taxation, FinloTax helps clients navigate complex tax regulations while ensuring compliance and optimizing financial strategies. Offering services such as corporate tax preparation, payroll management, tax planning, and audit representation, the firm provides tailored solutions to meet diverse needs. By maintaining up-to-date knowledge of tax laws, FinloTax aims to minimize tax liabilities and maximize financial efficiency for its clients.

Role Description

This is a full-time, on-site role located in Bengaluru for a U.S. Business Taxation professional. The responsibilities include preparing and reviewing tax returns, ensuring compliance with U.S. tax regulations, providing tax planning and consultation support, and assisting with audit-related tasks. The role also involves guiding clients on strategies for tax efficiency, staying updated with relevant U.S. tax laws, and collaborating with internal teams to ensure accurate financial reporting.

Qualifications

• Strong Analytical Skills for monitoring tax data, financial analysis, and problem-solving in compliance with U.S. tax regulations
• Business Planning and a solid understanding of U.S. taxation and corporate financial strategies
• Excellent Communication and Customer Service skills to interact with clients and provide clear guidance on complex tax matters
• Familiarity with financial software and ability to handle detailed tax documentation
• Bachelor's degree in Accounting, Finance, Business Administration, or related fields
• Proficiency in U.S. tax codes, with relevant certifications (e.g., CPA or EA designation) preferred

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 withholdings
• 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
• 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 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.)
• Form W-9: Contractor provides taxpayer ID
• Form 1096: Summary of paper-filed 1099s

 Other Common Forms

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