Overview:
POSITION SUMMARY STATEMENT:
The Tax Specialist will work with activities related to the monthly compliance of tax related items of the new services legal entities located in Mexico, including tax calculations, fulfillment of returns, preparation of information returns, tax accounting, etc. These positions will help to download all the data needed for reconciling all the payments to vendors, members, employee reimbursements, etc. as well as reconcile, analyze and report taxes. In addition, these Positions are responsible for helping with requirements of the Authorities in connection with the VAT refunds, offsetting of favorable tax balances, or field audits.
DETAILED RESPONSIBILITIES:
Monthly closing process:
- Download trial balances
- Prepare and book VAT reclassification journal entry
- Review final trial balance
Tax Roll forward
- Update into the system beginning and ending balances based on US GAAP TB
- Enter transactions of the month (tax prepayments - income tax withheld by banks and Provisions)
- Verify that the final balances are OK vs. TB.
HFN Management
- Analyze accounting detail report.
- Enter data in the Fundraising Report identifying income, expenses and transfers of funds. Send the following reports:
1) Accounting Report
2) HFF Account Analysis
3) HFF Reconciliation
4) Mexico HFF Inventory Report
5) Fundraising Details Master
6) Monthly Country Fundraising Report Master
7) Expense Invoices.
- Determine and request the transfer of funds. Send the wire transfer receipt
Conciliations - Trintech System
- Identify on Trintech platform accounts to report
- Record the information of the account detail reports in the conciliation forma
- Send the reconciliations to the accounting department along with its working papers
Other Conciliations
- Conciliation of the VAT balances
- Conciliation of other tax accounts
Withholding taxes
- Download the account detail report for each withholding account
- Reconcile the amounts recorded in accounting against cash flow to determine the amount to be paid
Tax prepayment
- Download trial balance and account detail reports of the month
- Elaborate work papers of calculation of taxes based on the information registered in accounting
- Print tax calculations and prepare payment form and get approvals to pay tax prepayments
- Submit the tax returns through the SAT's web page
Accounts Payable Paperwork
- Download Oracle Reports
- Request to Treasury the Bank Statements
- Download and debug the summary report of payments to suppliers to validate the amount of VAT paid
- Physical revision of all the invoices to verify tax requirements
- Reconciled the expenses report of employees
- Reconcile the gasoline expense to obtain the deduction
- Reception and revision of payments made through AMEX (Telephony), as well as allocation of VAT bases per each rate
- Attach the reconciled EBTA information
- Attach the reconciled I- expenses information
- Modify in the AP report the amounts of the leasing of cars, to consider only the deductible portion according to Law
EBTA (Electronic Business Travel Account – AMEX)
- Ask the journal entries related to payments made through American Express
- Reconcile the amounts of the Journal Entries vs accounts payable
- Preparation and revision of the journal entries to identify what expenses and taxes correspond to SIH, Intercompany or Advance Payments
- Generate VAT report and reconcile it vs the journal entries shared by accounting
- Generate proof of filing “e-acknowledgment”
- Generate bank pay line to request the corresponding funds to treasury
- Prepare journal entries related to payment, offsetting, or accreditation of taxes
Annual Tax Return Support
- Incorporate the trial balance of each month into the paperwork of the annual statement
- Perform reconciliation of Intercompany account balances. Identify non-deductible expenses
- Update currency exchange rate
- Identify the non-deductible expenses
Tax depreciation of fixed assets
- Incorporate the additions and write-offs of fixed assets of the period into the working paper and reconcile balances vs. the TB
- Calculate the tax depreciation
- Calculate profit or loss on sale or write-off of assets
- Determine the tax value of fixed assets for deferred tax calculation
Foreign investment national registry
Quarterly Report
- Elaborate report when at the end of the quarter there is a variation of more than $ 20, 000,000 in the balances with related parties and capital
- Submit a report through the website of the Ministry of Economy and obtain Acknowledgment of Receipt
Annual report
- Prepare a report when the assets, liabilities, incomes or expenses are greater than $ 110,000,000
- Submit the report within the portal of the Ministry of Economy. Get Acknowledgment
Annual Statutory Report for INFONAVIT
