Payroll Tax & Compliance Accountant

Description

The Payroll Tax & Compliance Accountant will manage and oversee the accounting for payroll distributions and allocations for four (4) payroll entities within the real estate industry. The ideal candidate will have a strong understanding of Texas payroll tax laws, withholdings, and other deductions such as medical, taxes, FSA, garnishments, and pre-tax deductions. This role ensures that all payroll processes are compliant, timely, and accurate, supporting our organization’s operations in accordance with both state and federal regulations.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

• Payroll Accounting:
  • Process bi-monthly payroll journal entries on a timely basis
  • Calculate and record the monthly bonus related journal entries including recording adjustments to the general ledger when necessary.
  • Compile payroll related expenses annually to properly fringe applicable employees.
  • Monitor payment of and properly account for various executive compensation plans.
  • Reconcile all balance sheet related payroll accounts.
  • Assist with the annual audit regarding all payroll related items
• Payroll Budgets:
  • Coordinate the payroll budgeting process with each budget cycle working closely with department heads and other payroll managers.
  • Ensure all budget worksheets are accurately updated and uploaded into the MRI Budgeting and Forecasting system.
  • Assist in quarterly payroll budget variance explanations and reporting.
• Tax Compliance and Reporting:
  • Ensure payroll tax compliance with all applicable Texas and federal regulations, including Social Security, Medicare, and other federal taxes.
  • Manage Texas unemployment insurance (SUTA), federal unemployment (FUTA), and any other tax-specific requirements unique to the state.
  • Maintain accurate records for filing of payroll tax returns, including Form 941, Form 940, and quarterly state and federal reports.
  • Prepare and submit W-2s and other year-end tax reporting forms.
• Payroll Processing (backup):
  • Act as a backup in the processing of bi-weekly/monthly payroll for all employees in compliance with Texas labor laws, including calculating wages, overtime, bonuses, and commissions.
  • Review and ensure the correct deduction of federal, state, and local taxes, including Texas state tax withholdings (no state income tax in Texas, but ensuring correct reporting and other related deductions).
  • Administer payroll for salaried and hourly employees, ensuring correct classification of employees for overtime purposes in line with Texas labor law.
• Recordkeeping and Documentation:
  • Maintain detailed and accurate records of payroll transactions, tax filings, deductions, and other related documents.
  • Ensure timely and accurate filing of all payroll records in compliance with state and federal regulations.
  • Assist with audits and reconciliations of payroll, taxes, and benefits.
• Other Accounting Duties Assigned:
  • Assist in other accounting tasks as needed, including accounts payable, financial reporting and account reconciliations.

Requirements

EDUCATION AND REQUIRED EXPERIENCE:

• Education:
  • Bachelor’s degree in  Accounting, Finance, or related field preferred.
• Experience:
  • Minimum 3-5 years of experience in payroll processing, accounting, or a related field.
  • Prior experience with payroll processing in Texas and knowledge of Texas state and federal tax regulations required.

SKILLS, QUALIFICATIONS, AND OTHER REQUIREMENTS: 

• Strong knowledge of Texas payroll tax laws and other relevant regulations.
• High attention to detail and accuracy in payroll processing.
• Excellent organizational and time management skills.
• Ability to handle sensitive and confidential information with discretion.
• Strong problem-solving skills and ability to analyze payroll discrepancies.
• Proficient in Microsoft Excel and other Microsoft Office applications.

PHYSICAL DEMANDS: 

Requires sufficient personal mobility and physical reflexes, to permit the employee to function in a general office environment and accomplish tasks and duties outlined above.

WORK ENVIRONMENT: 

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodation may be made to enable individuals with disabilities to perform the