Operations Associate I - IRA Specialist

Alpaca International Ltd - Houston, TX

Full-time

Houston, TX

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers

About the position

The Operations Associate I - IRA Specialist plays a crucial role in ensuring the timeliness and accuracy of IRA Tax statements, as well as managing required annual IRA notifications and other IRA processing and reporting tasks. This position involves oversight of contributions and distributions, making it essential for the specialist to have a solid understanding of IRA regulations and procedures. Familiarity with IRA Publications 590-A and B is highly valuable, as these documents provide guidance on IRA tax reporting and compliance. Additionally, holding a CIP (Certified IRA Professional), CISP (Certified IRA Securities Professional), or an equivalent designation is considered a significant advantage for candidates applying for this role. In this position, the IRA Specialist will collaborate closely with the Global Tax Manager on various initiatives, which may include improving processes and ensuring compliance with tax regulations. A comprehensive knowledge of retail tax statements, new account setups, monthly customer statements, and escheatment processes will enhance the effectiveness of the specialist in this role. The ability to navigate complex IRA documents and understand the nuances of IRA portability rules, transfer and rollover processing, and contribution deadlines is essential for success. The Operations Associate I - IRA Specialist will also be responsible for customer support related to IRA issues, ensuring that clients receive accurate information and assistance. This role requires meticulous attention to detail, particularly when auditing IRA account books and reconciling activity against year-to-date tax statements. The specialist will review reportable contribution and distribution codes, cash transactions, stock movements, and conduct Fair Market Value audits. Additionally, the role involves calculating Required Minimum Distributions (RMD) upon customer request and coordinating with the Cashiering Department for the appropriate use of IRA distribution and contribution codes. Overall, this position is integral to maintaining the integrity of IRA operations and ensuring compliance with IRS regulations.

Responsibilities

• Ensure timeliness and accuracy of IRA Tax statements and required annual IRA notifications.
• Oversee contributions and distributions related to IRA processing and reporting.
• Audit IRA account books and record activity against year-to-date tax statements.
• Review appropriate reportable contribution and/or distribution codes.
• Review cash transactions and stock movements for accuracy.
• Conduct Fair Market Value audits as necessary.
• Calculate Required Minimum Distributions (RMD) upon customer request.
• Coordinate with the Cashiering Department for IRA distribution/contribution codes.
• Review Excess Contributions for courtesy customer reporting.
• Communicate and coordinate necessary data corrections or tax document corrections with ETC.
• Process and report escheatment assets for unclaimed property.
• Process IRS Liens and Levies as required.
• Assist New Accounts as needed and with additional operations duties as necessary.

Requirements

• Knowledge of IRA documents and prototypes.
• Experience with IRA Tax Reporting Forms.
• Knowledge of IRA portability rules.
• Working knowledge of IRA Transfer and Rollover processing and documents.
• Understanding of different IRA types.
• Familiarity with contribution deadlines.
• Knowledge of prohibited transactions within an IRA.
• Familiarity with domestic retail and foreign account tax withholding and reporting.
• Familiarity with escheatment processing and reporting.
• Understanding of IRS Liens and Levies.
• Familiarity with monthly customer account statements.

Nice-to-haves

• FINRA Series 7 or 99 or the ability to obtain these licenses.
• CIP (Certified IRA Professional) or CISP (Certified IRA Securities Professional) designation.