Collateralized Debt Obligations -FM CLO Tax- Senior Associate

Line of Service

Tax

Industry/Sector

Not Applicable

Specialism

Global Compliance Services

Management Level

Senior Associate

& Summary

A career within Financial Markets Business Advisory services, will provide you with the opportunity to contribute to a variety of audit, regulatory, valuation, and financial analyses services to design solutions that address our clients’ complex accounting and financial reporting challenges, as well as their broader business issues.

To really stand out and make us fit for the future in a constantly changing world, each and every one of us at PwC needs to be a purpose-led and values-driven leader at every level. To help us achieve this we have the PwC Professional; our global leadership development framework. It gives us a single set of expectations across our lines, geographies and career paths, and provides transparency on the skills we need as individuals to be successful and progress in our careers, now and in the future.

As a Senior Associate, you'll work as part of a team of problem solvers, helping to solve complex business issues from strategy to execution. PwC Professional skills and responsibilities for this management level include but are not limited to:

• Use feedback and reflection to develop self awareness, personal strengths and address development areas.


• Delegate to others to provide stretch opportunities, coaching them to deliver results.


• Demonstrate critical thinking and the ability to bring order to unstructured problems.


• Use a broad range of tools and techniques to extract insights from current industry or sector trends.


• Review your work and that of others for quality, accuracy and relevance.


• Know how and when to use tools available for a given situation and can explain the reasons for this choice.


• Seek and embrace opportunities which give exposure to different situations, environments and perspectives.


• Use straightforward communication, in a structured way, when influencing and connecting with others.


• Able to read situations and modify behavior to build quality relationships.


• Uphold the firm's code of ethics and business conduct.

Preferred skills

• CLO/CDO

Minimum years experience required

• 4 to 6 years

Additional application instructions

• Technical Expertise requirement:



• How the securitization cycle works, Conversion of non-tradable asset (Loans) to tradable asset using the Special purpose vehicle (CLO/CDO). In and out knowledge of CDO’s from Cash flow/Funds flow analysis through PFIC distribution to shareholders (Equity Investors)


• Portfolio analysis (purchases, sales, principal pay downs and ending portfolio tie out with book vs year end trustee report), Computation of accruals, Note valuation/ water fall report analysis for Class Notes and subordinated notes, Swap expenses analysis, Debt issuance and organizational cost analysis, Partial and full sales analysis (re-class of ordinary income, ST/LT gain or loss computation),


• Original issue discount, market discount, premium, acquisition premium and Tax basis computation for Structured Debt instruments. Preparing final PFIC for Equity Investors and distributing Form 5471's based on CFC test


• Analyzing original issue discount, market discount, ordinary income Re-class, short term / long term capital gain, Coupon interest as per US tax rules for the debt instruments - ( Standard/ Structure debts) [ CDO, CLO, CMO, ABS, MBS, CMBS, RMBS, BANK LOANS, CORPORATE/MUNICIPAL BONDS.


• Identifying the tax methodology at CUSIP level and applying those methodology to compute the taxable income. REMICS – Computation of the Original issue discount/ market discount, premium and acquisition premium (OID bonds) utilizing the Tax Factor data.


• Analyzing the warehousing activities and preparing the funds flow, cash flows, income statement, balance sheet and PFIC for warehousing activities


• In-depth Knowledge of how the securities segregated into different tranches based the rating provided by different rating agencies (Prime / Subprime mortgages). CDO Tranches segregates in to [Senior / Mezzanine/ Equity] AAA, AA, A, BBB, BB, B, CCC, CC, C and Subordinates notes / Income notes.


• 
  Cash flows analysis ( daily transactions)- Analyzing the day to day transaction and segregating the income and expenses items based on the nature of activities [Interest Income, Interest expenses / Principal paid for note holders, Purchases, sales, pay downs, upfront fee, purchases/sold interest, Administrative expenses (trustee fee, collateral manager fee)


• 
  Note holders Transactions (Liability of CLO)– Analyzing the note valuation / water fall reports to track down the interest expenses, principal paid at each class [ Class A, B, C and D ], Track the admin related expenses [ trustee fee, collateral fee and any other admin related expenses ].


• 
  Portfolio analysis (Asset of CLO) – Preparing/ reviewing the portfolio analysis by tracking all the purchases, sales, pay downs from cash flows and preparing the portfolio analysis tab.


• Preparing Income statement [ Segregating the ordinary and capital income based on IRS rules] , Balance sheet, Equity Investors analysis to check the CFC test and confirm for which Equity Investor need to prepare the 5471 depends on percentage holding in the CDO


• Knowledge on different type of debt instruments ABS, MBS, CMBS, RMBS, BANK LOANS, CORPORATE/MUNICIPAL BONDS and TERMLOANS

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• Computation of Original issue discount ( OID )/ Total Market discount ( MD ) or premium, Accrued but unrecognized market discount/ premium/ acquisitions premium, total remaining recognized market discount/ premium/ acquisitions premium at the year end.


• Preparation and Review of Form 1065 partnership returns for the Partnership CLO’s activity utilizing GoSystem portal


• Preparation of 1120 Blocker and 1120F Blocker returns for the blocker investment in PFIC

Education (if blank, degree and/or field of study not specified)

Degrees/Field of Study required:

Degrees/Field of Study preferred:

Certifications (if blank, certifications not specified)

Required Skills

Optional Skills

Desired Languages (If blank, desired languages not specified)

Travel Requirements

Available for Work Visa Sponsorship?

Government Clearance Required?

Job Posting End Date