Senior Fiduciary Tax Manager
At HSBC, the health and well-being of our employees remains of utmost importance. Many of our roles are permitted to work from home (in states in which HSBC is licensed to operate) until further notice. Upon resumption of normal operations, this role may be performed at our New York, New York; Depew, New York; Miami, Florida or Willmington, Delaware office.
As a Senior Fiduciary Tax Manager, you will be responsible for managing the engagement and performance of HSBC Trust and Fiduciary Service’s external fiduciary tax vendor. In this role you will partner and advise Trust Relationships Manager, Officers, and Wealth Planners on tax matters which affect the management of accounts.
HSBC is one of the largest banking and financial services organizations in the world, with operations in 64 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfill their hopes and realize their ambitions.
You will be responsible for:
- Upon request, analyze and interpret trust instruments and other pertinent documents, including GST analysis;
- Research and analyze tax questions posed by internal, global HSBC Trust staff and stay informed regarding relevant, new, or proposed changes in tax laws and regulations;
- Draft and implement fiduciary tax-related policies and procedures;
- Oversee FBAR reporting for US entities (LLCs and US law Trusts) that are part of HSBC US trust structures;
- Review and analyze all foreign distributions to US trusts; track timely receipt of Foreign Beneficiary Statements; coordinate with tax vendor to ensure proper filing of Forms 3520 and other requisite foreign disclosures;
- Work with the HSBC US trust group to ensure correct tax treatment of closely held assets, real estate and other special investments held in our trusts;
- Review planning for foreign resident clients, including dealing with foreign Inheritance tax, non-domiciliary tax planning, coordinating and making timely foreign rebasing elections for trusts with principal distribution to a foreign beneficiary, de-enveloping foreign real property held in PICs because of changes in foreign taxation creating tax inefficiencies, evaluation of Trustee obligations to register under the foreign Trust Registration Service and disclose certain information about the trust and relevant people connected with the trust;
- Advise Wealth Planners on cross-border tax issues involving structures, clients and/or investments coming into the US, which is an area of significant growth for HSBC. This includes working with Trust, Legal and outside tax counsel on updating US Inbound Trust Procedures, addressing CFC, PFIC, Trust Throwback Tax on UNI, US Tax Reform issues, and identifying US inefficient investments;
- Coordinate with HSBC Trust and Fiduciary Service’s tax vendor to undertake training of HSBC trust staff on an at least quarterly basis; and other relevant responsibilities, as assigned.