JOB SUMMARY
Assures day-to-day compliance with accounting and reporting for state and local income taxes in accordance with Accounting Standard Codification 740 (ASC 740, formerly known as "SFAS 109"). Leads calculations and recording of separate and consolidated state and local tax provisions, evaluates state deferred income tax assets/liabilities, state effective tax rates and state income tax disclosures. Researches state and local income tax laws and Generally Accepted Accounting Principles (GAAP), Securities and Exchange Commission (SEC) and Federal Energy Regulatory Commission (FERC) guidelines and recommends positions for complex tax accounting and reporting issues. Assists and leads special tax projects. Supports the Federal tax team as needed.
ESSENTIAL DUTIES & RESPONSIBILITIES
Responsible for accounting and reporting for current and deferred income taxes in accordance with GAAP and FERC requirements for various tax structures, including corporations, LLCs and partnerships.
Responsible for accounting and reporting for all current and deferred income taxes in compliance with ASC 740, including preparation of monthly or quarterly accounting documentation (journal entries, account reconciliations, etc.) and leading the preparation of information for financial statement disclosures.
Reconciles book/tax basis adjustments for property and the flow of data between the book and tax fixed asset software systems.
Researches various State, SEC, Financial Accounting Standards Board (FASB) and FERC guidance on complex tax issues; recommends company positions and drafts position papers in support. Works closely with tax consultants on compliance and technical tax research matters to determine appropriate tax positions and interpretation of tax rules and regulations.
Leads the preparation of the filing of state corporate income tax returns. Reviews and/or prepares schedules and reports of information necessary to support the preparation of income tax returns. Maintains all records associated with the filing of state tax returns. Supports the Federal income tax return preparation and filing as needed.
Determines estimated tax payments for state income taxes.
Leads tax planning by providing budget and forecast information. Reviews budgets and forecasts to assure appropriate accounting and tax compliance.
Leads preparation of supporting schedules for FERC income tax reporting function in accordance with ASC 740, The Code of Federal Regulations (CFR) 18, and FERC guidance under AI9530000. This includes support of other regulatory filings and inquiries.
Leads and coordinates audits or reviews by state income tax auditors.
Resolves issues with external auditors in the course of quarterly reviews and annual audits.
Leads analysis of accounts to assure proper accounting of transactions. Resolve any accounting issues.
Leads the preparation and review of financial statement disclosure information.
Lead all other State income tax compliance projects or research as requested by your leader or member of leadership.
Supports other tax department projects and initiatives as needed.
Implements and improves efficiency in business processes using technology solutions and data gathering.
REQUIREMENTS
Bachelor's degree in Accounting or Finance or relevant, equivalent experience and/or education.
Master's degree in accounting or taxation and or CPA preferred.
Minimum of seven (7) years of experience in income tax accounting and compliance in a large U.S corporation or Big 4 accounting firm preferred. Minimum of three (3) years of supervisory or leadership experience (such as managing projects, processes, or people) preferred.
Knowledge and understanding of accounting and tax best practices.
Experience with ASC 740 (Formerly FAS 109) income tax accounting preferred.
Expert knowledge and understanding of tax compliance and accounting, including compliance and accounting for multiple tax structures, such as corporations, LLCs and partnerships.
Ability to research and analyze complex data and provide customized recommendations to solve problems or improve processes that have a significant impact on the business.
Ability to effectively communicate (verbally and in writing) information to all levels (internally and externally) so that others not familiar with the area are able to understand information being provided.
Possess sound analytical and problem-solving skills.
Understanding of the importance of solid documentation and ability to apply these concepts.
Ability to work well on a team or independently.
Utility experience preferred.
PeopleSoft or PowerPlan experience preferred.
Applicants must be authorized to work in the United States for any employer. ITC does not sponsor employment visas, such as H-1B or TN visas.
From electric vehicles to renewables, the world is looking at electricity in a whole new way, and ITC is focused on building and maintaining a power grid that can handle it all. We are looking for individuals who are ready to work with us to build a greater grid for a greener future. In return, ITC is proud to offer industry-leading compensation, benefits and opportunities to channel your energy into community-changing solutions. As an equal opportunity employer, we feel it's crucial to honor our differences, be inclusive, engage as a team, and maximize our individual strengths.
Please take a moment to review our Diversity Statement (https://www.itc-holdings.com/docs/default-source/human-resources-support-docs/itc_diversity_statement.pdf?sfvrsn=507bcbf6_2) .
