US Tax Professional- FICA tax credit & 1040- X/ 1120- X filings

Job Description:

FICA Tip Credit & Amended Returns Specialist (Restaurant Industry)

Position Overview:

We are seeking an experienced FICA Tip Credit & Amended Returns Specialist with hands-on expertise in calculating and claiming the Employer FICA Tip Credit for restaurant clients. The ideal candidate must have strong experience in payroll tax reconciliation, preparation of Form 8846, Form 3800, and handling amended federal returns for individuals, corporations, and partnerships.

This role requires deep knowledge of IRS regulations related to employer Social Security tax credits on employee-reported tips and prior experience in amending federal tax filings.

Key Responsibilities:

1. FICA Tip Credit Computation

• Analyze payroll reports and tip data for restaurant clients.
• Calculate eligible FICA Tip Credit under IRC Section 45L/45 (as applicable).
• Reconcile employee-reported tips with payroll tax filings.
• Identify excess employer Social Security taxes paid on tip income.
• Ensure compliance with IRS thresholds (minimum wage adjustments and allocation rules).

2. Tax Form Preparation & Filing

• Prepare and review:
• Form 8846 (Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips)
• Form 3800 (General Business Credit)
• Ensure proper credit flow-through to individual, corporate, or partnership returns.
• Coordinate with payroll providers when necessary for data validation.

3. Amended Return Preparation

Prepare and file amended federal returns including:

• Form 1040-X (Amended U.S. Individual Income Tax Return)
• Form 1120-X (Amended U.S. Corporation Income Tax Return)
• Form 1065 Amended Partnership Return

Responsibilities include:

• Recomputing tax liabilities after applying FICA Tip Credit
• Preparing supporting schedules and documentation
• Ensuring proper carryforward or carryback treatment of credits
• Drafting client-ready explanations of changes

4. Compliance & Documentation

• Maintain detailed audit-ready documentation.
• Interpret IRS guidance related to tip allocation, minimum wage thresholds, and credit limitations.
• Review prior-year returns to identify missed credit opportunities.
• Coordinate with CPAs and tax advisors where applicable.

Required Qualifications:

• CPA, EA, or equivalent U.S. Tax credential preferred
• 37+ years of U.S. federal tax experience
• Demonstrated experience handling FICA Tip Credit calculations
• Strong experience preparing and amending Forms 1040, 1120, and 1065
• Deep understanding of payroll tax reporting and restaurant industry compliance
• Experience with tax software (UltraTax, ProSeries, Lacerte, Drake, CCH, etc.)
• Strong Excel skills for payroll data analysis

Preferred Experience

• Prior work with restaurant groups or hospitality chains
• Experience handling multi-entity structures
• Knowledge of General Business Credit carryforward rules
• Experience with IRS notices related to payroll credits

Key Competencies

• Strong analytical and reconciliation skills
• Attention to detail and accuracy
• Ability to interpret complex IRS guidance
• Clear written communication for client explanations
• Ability to manage multiple amended filings simultaneously

Engagement Type

• Project-based / Contract / Consulting (flexible)
• Remote opportunity
• Immediate start preferred

Deliverables

Accurate FICA Tip Credit computation

Properly prepared and filed Forms 8846 & 3800

Complete amended federal returns (1040-X / 1120-X / 1065 Amended)

Supporting documentation package

Summary memo explaining credit computation and tax impact

Interested candidates kindly share your resume on vishal.khandhar@vglobalfirst.com or WhatsApp on 9099936788