General Description:
G1 Partners, LLC (“G1”) is a tight-knit boutique family office servicing fourteen highly sophisticated, successful families. We are seeking a qualified candidate to join our 19-person team in the full-time Family Office Director of Tax role. Qualified candidates should have a passion for delivering high-quality service to our families, with whom we have close and collaborative relationships, and for whom we serve as their trusted fiduciary. Candidates should also possess a natural communication style and a positive, team attitude so that they fit seamlessly into our culture. Lastly, candidates should have a keen interest in tax compliance (minus the “grind” of public accounting tax seasons) and possess an intellectual curiosity over a wide range of sophisticated financial, legal, business, and tax matters.
About G1 Partners:
G1 is a private, multi-family office specializing in providing financial planning and family office services to ultra-high net worth families located throughout the United States. Located in Park Ridge, IL, a north suburb of Chicago, and two blocks from the Park Ridge Metra-Line train station.
G1, formerly known as Astraeus Advisers, LLC was originally founded in 2008 and currently has a staff of nineteen professionals. G1 is currently looking for a motivated individual to fulfill this position immediately. If you or someone you know may be interested in this position, please forward their resume to Margaret Bechtel at [email protected].
Role and Responsibilities
- Oversight of all tax filings for a current client roster of 14 families.
- Responsible for assuring that all tax filings are completed in a high quality, timely (by the IRS imposed deadlines or sooner) and efficient manner.
- G1 does not prepare tax returns; the Director of Tax would be G1’s primary point person for our various external accounting firms, which are typically the well-known medium to large accounting firms. These firms have dedicated accounting teams assigned to G1 and its families.
- Types of Returns: 1040’s, 1041’s, 1065’s, 1120-S’s, 1120-C’s, 990-PF’s, 709’s, 706’s, as well as SALT filings. There are some, but very few, international filings as well (ex: Canadian income tax return).
- The far majority of said returns are extended because of the timing of receiving K-1’s for various investments.
- Communications to clients explaining the tax returns being filed and executive summaries.
- Management of master tax return list to assure no tax returns fall through the cracks.
- Responsible for assuring that all estimated, tax and extension payments are completed in a timely manner.
- Oversight of ES payment calculations on a quarterly basis.
- Oversight of Extension payment calculations on March 15th and April 15th.
- Assistance by external accounting firms for calculations is available if necessary.
- Oversight of payments, primarily through the EFTPS system or state electronic payment systems.
- Draft and manage client communications regarding required payments and the rationale behind assessed amounts, handled correspondence via email, and occasionally attended board meetings to support discussions and provide updates.
- Responsible for assuring that all tax data is provided to external accounting firms to prepare tax returns or prepare estimate/extension calculations.
- Gathering of tax data and storing it electronically.
- Completion of tax organizers (income, gift, trust, and entity) and authoring annual cover memorandums for external accountants and attorneys
- Leading annual meeting with external accountants to review tax organizers and annual memos.
- Inventory of missing tax data.
- Proactively acquiring missing tax data.
- Responsible for final review of tax returns before they are sent to clients for signatures.
- G1’s clients appreciate the second set of eyes on all tax returns, and it is expected that the Family Office Director of Tax will have reviewed and signed off on every tax filing before it is sent for signature.
- Responsible for providing clear communications on tax topics both internally and externally
- Serve as point person on tax matters for (1) Client (2) G1 Senior Manager overseeing the entire family office relationship and (3) external accountants/attorneys.
- Lead tax-related sections of client meeting agendas.
- Schedule and lead pre-tax season (typically February/March) and post-tax season (typically November/December) debriefs with external accountants and the G1 team assigned to each family.
- Responsible for providing tax strategy advice on complex and sophisticated matters:
* G1 typically works in a team setting with a family’s external accountants and attorneys and finds that the best ideas are generated by such collaboration.
* Collaborate with the team on providing tax strategy ideas and advice on many complex and unique topics:
- Creation of Special Purpose Vehicles for unique and private investment opportunities
- Type of entity to form (partnership, LLC, C vs S)
- Family Office structures and profits interests/carries
- Aircraft charter businesses
- Partnership matters (inside vs outside basis)
- Changes or anticipated changes in tax law
- Split-interest vehicles
- Turning off grantor trust status.
- Other responsibilities:
- Storage of all tax information (returns, payments, data, organizers, memo’s) in G1’s highly organized database.
- Tracking basis of capital assets and big ticket items, such as real estate and aircraft.
- Responding (w/ external accountants) to IRS and state requests for additional information, tax adjustments, or audit letters.
- Negotiating accounting fees on behalf of clients and recommending changes to firm/assigned team when necessary.
- Reviewing accounting firms’ billing.
- Oversight of all sales and use tax matters (ex: purchases and sales of automobiles, real estate, aircraft, artwork, and interior design businesses)
- Oversight of private aircraft tax matters, including depreciation, chartering business, and purchase/sale of aircraft.
- Oversight of nanny and payroll taxes for household staff (outsourced currently to HomePay.com)
- Oversight of FBAR filings, of which we have very few.
- Gathering of charitable contribution letters, and assisting clients and their foundations/DAF’s with charitable commitments/agreements.
- Perform other duties and projects as required to support the firm's tax function.
Credentials and Prior Experience:
- Prior experience at a family office is not a necessity. However, the candidate must preferably have approximately 5-10 years of experience in public accounting (or a comparable amount of experience elsewhere) and substantial hands-on experience in tax return preparation so that the candidate can manage the entire tax return process from Jan/Feb through November 15.
- Excellent communication skills and the ability to explain complex matters understandably.
- Detail oriented, self-starter, and a good self-reviewer.
- Honest, good work ethic, and is a good personality fit for our team.
- Proficiency at technology – Excel, Microsoft Office, Outlook, Microsoft Teams/Zoom, and natural intellectual curiosity to harness technology to create efficiencies and improve communication
- An undergraduate degree is required. A graduate degree is not required.
- Must be a CPA or MST.
- Candidate must be able to provide at least three references and agree to a full background check.
Compensation and Benefits:
- Compensation is competitive and based on the experience of the candidate.
- G1 offers health, dental, disability, life insurance, and 401K.
- The position will be a hybrid between in-office and remote work.
Pay: $125,000.00 - $200,000.00 per year
Benefits:
- 401(k)
- Continuing education credits
- Dental insurance
- Disability insurance
- Flexible schedule
- Flexible spending account
- Health insurance
- Life insurance
- On-site gym
- Paid sick time
- Paid time off
- Vision insurance
- Work from home
Application Question(s):
- What type of tax returns have you worked on?
- How many years have you worked on ultra-high net worth family tax returns?
- Do you have a CPA or MST?
- How many years of public accounting tax experience do you have?
- Have you personally prepared complex tax returns? Please give an example.
- Have you coordinated tax return preparation with outside accounting firms ? Give an example.
- How comfortable are you reviewing tax returns prepared by others and identifying errors before client delivery?
- Have you been responsible for estimated tax payment calculations and extension payments?
- Do you have experience with EFTPS and state electronic tax payment systems?
- Have you worked with trust, estate, gift, and closely held business tax matters simultaneously?
- Have you participated in tax planning discussions involving sophisticated tax strategies? (Entity selection, Grantor trusts, Partnership basis, Private investments, Aircraft, Family office structures)
- This role requires regular communication directly with ultra-high-net-worth families and their advisors. How comfortable are you in this environment?
Work Location: Hybrid remote in Park Ridge, IL 60068
