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Tax Associate
NYLIFE Securities, Inc.
Jersey City, NJ, United States
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New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
This Associate position would be a multi-functional tax position (state, withheld taxes and federal), but would be responsible primarily for work assignments related to state/local, withheld and unemployment taxes. Responsibilities would include:
• Prepare estimated and annual state premium and income taxes
• Assemble other various tax filings: Sales and use, property taxes, assessments and license filings
• Prepare quarterly/annual federal/state/local withheld tax and unemployment returns
• Perform daily tax withheld payments
• Provide timely responses on external and internal correspondence
• Perform monthly accounting and reconciliation of general ledger accounts
• Keep abreast of current developments in the state tax area
• Proactively interface with business areas throughout the company to identify process improvements
• Participate in any other tax related projects determined by management
Required Qualifications:
• 1+ years of experience in accounting or taxes
• BS/BA in Accounting or Finance; Master's Degree desirable --MS or MBA but not required
• Understanding of state tax compliance, payroll taxes and the life insurance and asset management businesses would be a plus.
• Ability to work as part of a team is essential, should be able to work collaboratively with co-workers
• Display an attitude of continuous learning and personal development.
• Experience applying problem solving skills to situations and can present resolution options to supervisor
• Works independently but knows when to reach out to manager for assistance.
• Should be assertive and articulate in oral and written communications when interfacing with external contacts and internal business areas.
• Intermediate Microsoft Office skills required (Excel, Word, Powerpoint). Knowledge of Tritech Premium Tax Software, Corp Tax and/or other databases or tax technologies tools is a plus
General Profile
• Requires knowledge and experience in own discipline; still acquiring higher-level knowledge and skills
• Builds knowledge of NYL, processes and customers
• Solves problems in straightforward situations
• Analyzes possible solutions using experience, judgment and precedents
• Receives a moderate level of guidance and direction
Functional Knowledge: Has general understanding of NYL’s businesses and uses this understanding to accomplish own work assignments related to withheld, unemployment and state/local tax filings, account reconciliations, balancing tax ledgers and other tax projects determined by management.
Problem Solving: Solves problems in straightforward situations; analyzes possible solutions using education and/or equivalent experience, judgment and precedents. Frequently questions the way things are done today and looks for ways to simplify or automate current work.
Decision Making/ Nature of Impact: Has some latitude to make decisions within guidelines and policies that impact the quality of own work and the work of others on the team. Takes the initiative to do the fact-finding, research and presents several potential solutions for decision points.
Communication Requirements: Summarizes and explains information to others in a clear and concise manner.
SF:LI-MD1
SF:EF-MD1
EOE M/F/D/V
*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.