Senior Tax en GK Management Co., Inc.

GK is recognized by the Los Angeles Business Journal as one of the

Most Influential Family-Owned Businesses in Los Angeles

Goldrich Kest (GK) is a diversified real estate development and management group of companies and partnerships. Its focus is to expand its portfolio of proven and well-located properties including multi-family, industrial, retail, commercial and congregate care through acquisition and development while providing stable cash flow to its partners and outside investors. 

Job Summary

As a member of the Tax Department this position is responsible for various tax functions throughout the year including, but not limited to, preparing partnership tax returns and tax projections for a privately held $4 billion real estate company.  Technical skills and specialized knowledge pertaining to a variety of partnership matters and real estate tax areas are required and will be conducted under limited supervision.

This job description should not be interpreted as all inclusive. It is intended to identify the essential functions and requirements of this position.  The incumbent may be requested to perform job-related responsibilities and tasks other than those stated in this job description.

Essential Functions

• Responsible for the preparation of 200+ annual partnership tax returns, tax work papers, and tax projections for the company’s partnerships and corporations for review by the Tax Manager and/or external CPA firm.
• Research tax issues, develop potential tax positions, and prepare technical memorandums and calculations related to transactions and positions taken by the company.
• Inspect and resolve any variances between the end of year trial balance and tax closing packages finalized by the CPA firm.
• Provide guidance and assistance to the Accounting Department regarding Tax Adjustments.
• Perform calculations for debt financed distributions, Section 754 adjustments, and Section 743 adjustments.
• Review accountant analysis for project expenses to determine if Tangible Property Regulations apply.
• Assists manager with property tax appeals.
• Reports to the Tax Manager or Director.

Tax Compliance & Return Preparation

• Prepare real estate partnership tax returns along with foreign partner requirements for K-2/K-3.
• Allocate income, and expenses using special allocation methods.
• Apply and track IRC §743(b) step-up adjustments, along with Section 754 elections and basis step-up calculations.
• Elect for special section 168(k) bonus depreciation and real estate cost recovery.
• Prepare Section 1031 exchanges and related gain deferral rules for sale and acquisition of real estate.
• Calculate and allocate debt-financed interest in compliance with partnership rules.
• Prepare and review multi-state partnership tax returns and manage estimated tax payments.
• Utilize CaseWare and CCH Axcess tax preparation software for workpapers and filings.

Accounting & Financial Reporting

• Understand Tax/GAAP accounting timing differences to prepare tax financials supporting returns.
• Perform cash-to-accrual conversions for accurate reporting.
• Prepare reclass entries and eliminating entries for consolidated accounts.
• Support accounting and tax treatment for Tenant-in-Common (TIC) transactions and related journal entries.
• Assist with accounting implications of ownership transfers, buy-outs, restructures, and 1031 exchanges.

Investor Relations & Planning

• Manage distribution of K-1s to investors and respond to investor inquiries.
• Assist with ownership transfers, restructures, and buy-out transactions.
• Provide tax planning and modeling for liquidation scenarios, gain recognition, and exit strategies.
• Coordinate with investors to resolve complex allocation or compliance questions.

Regulatory & State Agency Interaction

• Communicate with multi-state Departments of Revenue and the Franchise Tax Board (FTB) to resolve notices and compliance issues.
• Ensure timely filing and compliance across various jurisdictions.

Knowledge, Skills and Abilities

• Ability to develop cross-departmental relationships.
• Possesses technical tax knowledge, particularly those that affect real estate partnerships.
• Adept at meeting deadlines and maintaining communication throughout.
• Demonstrates willingness to teach tax related concepts to assist in maintaining tax-basis books.
• Proficient in computers, software applications, and ERP systems such as CCH Axcess Tax (ProSystem fx) and RealPage.

Minimum Qualifications Required

• Bachelor’s degree in accounting, business, or graduate degree in taxation (MBT or MST).
• CPA certification a plus, but not required.
• A minimum of 3-5 years experience in public accounting and/or industry, preferably real estate firm(s).
• Partnership tax understanding required with experience in the preparation of partnership tax returns of varying difficulty including LLC’s, Limited partnerships, and Tenant In Common ownership structures.
• Advanced understanding of CCH Axcess Tax (ProSystems fx) preferred.
• Technical understanding in real estate tax issues preferred. This includes being well versed in issues related to real estate transactions – IRC Sections 1031, 704, 743, and 754.
• Experience with applying Tangible Property Regulations.
• Ability to work in team environment on important matters with short lead times.
• Strong sense of accountability with a willingness to commit to and complete what is required.
• Intermediate level of Outlook, MS Word and Excel skills required.

Physical Requirements

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.  While performing the duties of this job, the employee is regularly required to talk or hear.  The employee frequently is required to stand, walk, use hands to finger, handle or feel, and reach with hands and arms.

Working Conditions

This position operates in an office setting and in a professional office environment. This is a full-time position and requires minimal travel, if any.