Financial Analysts are professionals responsible for the analysis of financial information related to various types of delinquent tax cases, such as high value (tax debt of $250,000 and over), bankruptcy, offers-in-compromise, and criminal restitution cases. They evaluate all aspects of the taxpayer's financial situation, including an analysis of financial issues in the taxpayer's occupation or industry, make recommendations to the collections staff on the taxpayer's payment capacity, and suggest collection strategies and repayment structures.
Financial Analysts are classified only in the Compliance Special Collections Section of the Department of Taxation and Finance.
FINANCIAL ANALYST 1: full performance level; analyzes all aspects of a taxpayer's financial and industry situation to ascertain ability to pay past due taxes; recommends collection strategy and repayment plan.
FINANCIAL ANALYST 2: one-position class; working supervisor; analyzes the largest and most politically sensitive tax collection cases; serves as consultant to other Department programs on issues of payment analysis and structure.
Tax Compliance Agents analyze taxpayer records and make field visits to delinquent taxpayers to enforce compliance with provisions of the Tax Law.
Tax Policy Analysts utilize various forecasting tools and conduct studies of the State's tax structure to evaluate the impact of tax policies on taxpayers and the State's economy and for use by the Governor and Legislature in formulating tax policy.
Accountants develop, examine, review, and supervise the preparation and maintenance of financial accounting records, reports, and supporting documentation and develop and implement accounting systems and procedures.
Conducts financial analysis of taxpayer records to ascertain ability to meet tax debt obligation.
Conducts comparative financial analyses.
Consults with the Office of Tax Policy Analysis regarding the appropriate application and adaptation of financial and econometric models for use in analyzing Special Collections cases.
Works with the Office of Counsel to resolve legal issues associated with proposed collection activities or bankruptcy filings.
Performs other related duties as required.
In addition to the above tasks, the Financial Analyst 2:
Supervises and trains subordinate Financial Analyst 1 team members and support staff.
Establishes procedures and techniques for the conduct of the financial analyses.
Serves as a consultant to the Audit Division, the Tax Enforcement Division, and the Revenue Crimes Bureau in matters concerning payment analysis and structure.
As needed, trains Special Collections and other Tax Compliance staff in basic financial analysis techniques for use in their review of delinquent taxpayer records.
Financial Analysts apply knowledge of accounting concepts and practices, credit analysis, financial analysis, and the policies, procedures, and laws governing tax assessments to the most difficult to collect delinquent tax cases. Many of the resources that are used in the financial analysis activities are routine, (e.g., credit reports, tax records, and business statements). Independent judgment is, however, used in selecting methodology, analyzing and evaluating information, and developing recommendations.
Financial Analysts 1 function at the full performance level and are expected to independently perform the full range of duties described herein. They receive their assignments from the Financial Analyst 2 who provides direction, advice, training, and technical assistance. The work of the Financial Analyst 1 is subject to the review of the Financial Analyst 2.
As the head of the Financial Analysis Unit, the Financial Analyst 2 works under the general supervision of the Special Collections Section manager. As the Department's expert in this specialized field, the Financial Analyst 2 serves as a consultant to other divisions with regard to payment structure and collection strategies and develops and trains Tax Compliance staff in basic methods of analyzing taxpayer accounts to determine ability to pay.
The cases that the Financial Analysts are asked to analyze are the most complex of the delinquent collections caseload. This is due to the fact that they contain a wide variety of financial documents such as multi-faceted corporate, partnership, and individual financial statements, tiered ownership arrangements, extensive real estate holdings, and various tax returns. In performing their case reviews they are also required to analyze industry financial trends, evaluate risk, and determine the appropriate course of action with respect to tax collection decision-making. The reliability of the recommendations made by the Financial Analysts has a direct impact on the level of revenue generated by the Department of Taxation and Finance.
The Financial Analysts 1 are non-supervisory positions.
The Financial Analyst 2 is a working supervisor. The Financial Analyst 2 provides technical assistance and training to the subordinate Financial Analysts 1 and supervises all section workload and activities.
FINANCIAL ANALYST 1
Open Competitive: a Bachelor's Degree in economics, finance, accounting, or business administration and two years of experience as a Financial Analyst with an accredited financial institution; this experience must have included the gathering of financial information and related business/industry trend data, assessment of the primary risk and proposed mitigants, pro-forma modeling to assess future performance, and utilization of financial application software to prepare spreadsheets and presentations.
FINANCIAL ANALYST 2
Open Competitive: a Bachelor's Degree in economics, finance, accounting, or business administration and three years of experience as a Financial Analyst with an accredited financial institution; this experience must have included the gathering of financial information and related business/industry trend data, assessment of the primary risk and proposed mitigants, pro-forma modeling to assess future performance, and utilization of financial application software to prepare spreadsheets and presentations. One year of the above required experience must have been in a supervisory capacity.