FS Investments is seeking a forward-thinking senior tax professional who has excellent tax technical knowledge in the fields of partnerships, LP-style investment funds, debt instruments, investment management and regulated investment companies. This tax executive needs to possess the ability to explain tax matters and provide tax guidance to non-tax professional business partners. The candidate will be based in Philadelphia, PA or Darien, CT.
This role will be an integral part of the Tax and Finance function at the firm and will report to the Managing Director, Head of Tax. The Director will have direct consultation relationships with internal clients, including fund CFOs, fund Controllers, deal teams, internal attorneys and management company executives. Much of the tax compliance is co-sourced / outsourced. The Tax team, working with external tax advisors, serves to maximize opportunities within the tax law and related published guidance and minimize tax risk for the firm’s sponsored funds, the funds’ investors, the firm (the management company) and the firm’s partners consistent with business objectives of the funds and the firm. The Tax team provides these services to internal FS Investments clients through efficient use of internal and external resources.
The successful candidate is expected to:
- Work with portfolio managers and internal attorneys to identify tax opportunities and manage risks on transactions.
- Provide tax advice on fund formation (e.g., LP-styled funds, UBTI, ECI, non-U.S. investors, blockers) and transaction structuring (e.g., debt instruments, fund of fund investments, co-invest structures).
- Work with accounting, finance and legal teams to learn LP-style fund profit and loss allocations and carry calculations.
- Provide advice on the tax aspects of new investments, amendments to debt instruments and restructures of debt or equity investments.
- Learn the firm’s fund structures.
- Use knowledge of funds to manage external tax providers, review tax workpapers and work product for funds with difficult structures and test review other funds.
- Oversee and coordinate the tax compliance program for LP-style funds and ensure all relevant deadlines are met. This includes, but is not limited to, the preparation of the annual federal and state tax returns, investor schedules K-1, Forms 1099 and relevant withholding on foreign partners.
- Oversee and coordinate the tax compliance program for regulated investment companies and ensure all relevant jurisdictional deadlines are met.
- Obtain internal information and data to work with external accounting firms to identify and calculate book-tax differences at the relevant funds.
- Review general partner (carry) entity calculations and returns prepared by an external accounting firm.
- Review and prepare income estimates for executives who hold carried interests.
- Provide tax advice related to firm and fund strategic matters.
- Coordinate ensure FATCA and CRS compliance.
- Understand and oversee non-U.S. operations and tax aspects of tax compliance. (currently includes Switzerland, UK, Hong Kong and Singapore).
- Answer fund and management company investor tax questions.
- Ensure the issuance of Forms 1099 to vendors.
Qualifications:
- Minimum 10-15 years of progressive work experience in the tax fields noted above.
- Public accounting and in-house experience mix is preferred, but solely public accounting experience will be evaluated.
- Strong understanding of partnership and regulated investment company (“RIC”) tax law.
- Experience with real estate investment trust (“REIT”) taxation is a plus.
- ASC 740 (Accounting for Income Taxes) experience is a plus.
- Financial services experience required; credit fund, private equity fund, co-invest and fund of funds experience preferred.
- Possess a B.S. (or equivalent) in Accounting or Finance (or a related field); advanced degree such as a Masters in Tax or LLM is a plus.
- Strong Microsoft Office skills.
- Capable of managing own workload and working independently while being part of a team.
- Ability to travel between Darien, CT and Philadelphia, PA offices.
- Attention to complex facts and details regarding investments, fund structure, fund waterfalls and reporting requirements is a must.
- Critical thinking skills are a must.
- Must be able to manage competing priorities and demonstrate the ability to meet critical deadlines while progressing strategic matters.
- In-office 4 days per week.
FS Investments: 30 years of leadership in private markets
FS Investments is an alternative asset manager dedicated to delivering attractive returns across private equity, private credit and real estate. Following its 2023 acquisition of Portfolio Advisors, FS Investments now manages over $75 billion for both institutional and wealth management clients around the world, drawing on 30 years of experience and more than 500 employees operating across nine global offices.
The firm’s investment professionals manage a wide range of differentiated strategies across private markets and collectively manage relationships with 300+ sponsors. FS Investments’ active partnership model creates a virtuous cycle of superior market insights and deal flow, which inform the underwriting process and help to generate strong returns.
FS is an Equal Opportunity Employer.
