Tax Manager

2 months ago

Houston, United States Main Street Capital Corporation Full time
Job DescriptionJob Description

Main Street Capital Corporation (NYSE:MAIN)

Main Street (www.mainstcapital.com) is a publicly traded investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market portfolio. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million.

Main Street- Background of Tax Function

Main Street is a very tax driven organization due to its unique investment strategy. The majority of Main Street’s lower middle market equity investments are structured as LLC partnerships. This creates a level of complexity when compared to a traditional C-corp tax structure as there will typically be multiple owners in the LLC structure and there is considerable tax due diligence required when making a new equity investment. In addition, it is critical that the partner’s capital account is set up properly and monitored post investment to ensure in compliance with LLC agreements. While Main Street Capital Corporation is a regulated investment company (RIC) for tax purposes, the majority of its lower middle market equity investments cannot be held at the RIC level due to their partnership structure. Therefore, Main Street has separate taxable subsidiaries that house the LLC equity investments. The taxable subsidiaries are not consolidated with the parent RIC taxable entity for tax purposes, but are consolidated for book and GAAP reporting.

The Tax Manager at Main Street will need to have experience with partnerships and mergers and acquisitions related activities. While the majority of the RIC related tax work and compliance will be outsourced to an accounting firm that has an existing relationship with Main Street, this person will be responsible for managing the outsourced function and be able to manage the various tax issues relating to a RIC structure.


Tax Manager Responsibilities:

  • Investment Process (i.e., due diligence, monitoring, reporting):
    Performs tax due diligence, including federal and state income tax, franchise/gross receipts tax, sales & use tax, payroll tax, and property tax, on potential equity investments
  • Provide structural advice on investment transactions with emphasis on equity investments structured as partnerships (LLCs) and C corporations
  • Analyze proposed acquisitions by portfolio companies to assess the tax impacts of transactions, including working with legal on purchase documentation language including review of the partnership agreements and allocations
  • Collaborate with deal teams, providing ad hoc advice in a timely manner on all tax matters arising from investment opportunities, including providing taxable income projections, structuring tax-efficient acquisitions and dispositions, corporate reorganizations, restructuring, debt workouts, etc.
  • Coordinate with portfolio companies’ accounting firms to ensure timeliness and accuracy, including confirming the partnership income allocations properly reflect the economics of the investment. Properly maintain GAAP, Sec. 704(b), and Tax Capital Accounts for flow-through equity investments.
  • Coordinate with portfolio companies’ accounting firms to complete SALT nexus studies / analysis
  • Review incoming portfolio company’s tax returns and K-1s for accuracy
  • Manage Big 4 accounting firm performing the following outsourced functions:

    • Maintain tax status under IRC Subchapter M of the regulated investment company, including distribution requirements and Form 1099 reporting to shareholders
    • Filing of all U.S. and state tax returns
    • Compliance with rules and regulations
    • Oversee any tax related audits

General/Corporate:

  • Prepare position memos for internal purposes and potential audit defense
  • Research complex tax issues and summarize results in a concise manner to communicate to management and investment team members
  • Manage outside tax consultants and auditors on recurring work and coordinate with outside tax, financial and legal service providers on specific projects, as needed
  • Responsible for correspondence with tax authorities regarding federal and state notices, etc.
  • Monitor legislative changes in U.S. tax laws that may impact the company’s tax positions, including tax accounting implications

Requirements for Role:

  • Minimum 7+ years of broad tax experience including partnership and corporate taxes, U.S. federal, and state
  • Bachelor’s degree in Accounting; CPA, Masters in tax or J.D. desired
  • Experience in subchapter K taxation (partnerships)
  • Experience in ASC 740 income tax accounting and Subchapter C
  • Experience in subchapter M (regulated investment companies) not required, but considered a significant plus
  • Experience in tax structuring related to mergers and acquisitions activity is considered a plus
  • Assertive personality with the ability to work with varying personalities and backgrounds, including employees at portfolio companies
  • Excellent attention to detail (willing to get into the details)
  • Ability to effectively explain and communicate tax issues to non-tax professionals in a way that is comprehensible
  • Demonstrated ability to meet stringent deadlines

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