Summary
Overview
Work History
Education
Skills
Timeline
Generic

Pheng Lee

Warwick,RI

Summary

Experienced Tax and Accounting professional specialized in the taxation of investment entities and mutual fund accounting. Skilled in leveraging technology to enhance financial reporting and audit processes. Proven ability to lead teams and improve operational efficiency, with a strong focus on quality and timely deliverables.

Overview

28
28
years of professional experience

Work History

RIC Tax Manager, AIS Senior Associate

KPMG LLP
Boston, MA
12.2020 - 02.2024
  • Assisted managers in providing tax compliance and advisory services to partnerships and pass-through entities for various hedge fund and private equity clients.
  • Led a multi-disciplinary team to provide partnership tax allocations, M-1 adjustments, and schedule of supporting tax workpapers.
  • Ensured prompt delivery of high-quality tax workpapers by efficiently managing schedules and strengthening client relationships.
  • Reviewed and analyzed portfolio holdings for PFICs, REITs, partnerships, trusts, complex and derivative securities such as futures/options, spot/forward contracts, CPDI, swaps (TRS, CDS, IRS), and collateralized debt obligations (CDOs) for tax treatment and to maintain a schedule of identified securities that have special tax considerations.
  • Evaluated book/tax differences to assess their impact on distributions for excise and fiscal years from tax adjustments such as wash sales, POL, OID, market discount, RIK, CLCFs, PFICs, REITs, ROC, straddles and hedges, options/futures, forwards, §988 & §1256 adjustments, deferred compensation, partnership, and other security and fund level adjustments.
  • Conducted the 2nd review of fiscal year-end income tax provisions, including federal tax returns 1120 RIC and 8613, as well as applicable state returns for Regulated Investment Companies.
  • Onboarded multiple clients from State Street to KPMG’s system by converting legacy templates and Excel Macro for various M-1 adjustments to KPMG’s Asset Management Platform (AMP).
  • Utilized AMP to calculate and finalize tax provisions for tax returns 1120-RIC and 8613, along with the applicable supporting Forms.
  • Led the filing process for all applicable tax return forms, securing authorization from firm partners and directors, and ensuring timely completion of all e-filings and paper filings in accordance with IRS deadlines and guidelines.
  • Provided training and assistance to both onshore and offshore team members on various tax adjustments.
  • Participated in and contributed to internal standards of operation to improve the efficiency and effectiveness of various tax templates.

Tax Officer - Alternative Investment Solutions (AIS)

State Street Corporation
Boston, MA
02.2018 - 12.2020
  • Managed a portfolio of clients of various sizes and scopes and acted as the point of contact for internal and external clients.
  • Assisted manager in building and managing client relationships, advising clients, and responsible for delivering high-quality tax services and advice.
  • Assisted in the oversight of the financial reporting process of partnership tax allocation calculations for multiple hedge fund clients.
  • Prepared and reviewed foreign source income calculations, PFIC and CFC analyses, and M-1 tax adjustments (Futures and Options, Swaps, REIT/RIC, TIPs, and Short Sales).
  • Enhanced the accuracy and processing time of tax M-1 adjustments by developing and implementing new templates.
  • Promptly responded to audit comments with detailed support to external auditors and clients.
  • Trained and supported offshore team members on partnership taxes and reporting.

Tax Officer, Senior Associate, Associate - Regulated Investment Companies (RIC)

State Street Corporation
Boston, MA
01.2007 - 02.2018
  • Assisted managers in providing high-quality tax services and advice to multiple clients with over 200 mutual and exchange-traded funds.
  • Developed and implemented standard M-1 adjustment procedures, templates, and Tax Returns Guide for team members.
  • Assisted in overseeing the Fiscal, Excise, Tax Return, and Yearend Shareholder reporting cycles and processes.
  • Provided training and assistance to team members on various tax adjustments to promote their development and growth within the department.
  • Prepared and reviewed tax provisions with detailed support of tax schedules and audit trails.
  • Prepared and reviewed Tax Return forms 1120-RIC, 8613, and yearend 1099 shareholder reporting.
  • Prepared and reviewed quarterly and annual IRS tax compliance tests.
  • Assisted the department with continuous development and training programs.

Audit Manager, Account Manager, Senior Accountant, Account Controller – Fund Accounting Operation

State Street Corporation
Boston, MA
07.1997 - 01.2007
  • Managed and supported the monthly production of mutual funds' audit packages and financial reporting to clients and audit firms with a high degree of accuracy and detail.
  • Acted as a liaison with fund units to provide precise and detailed product and service information.
  • Managed and led an accounting team of 2 Seniors and 8 Fund Accountants in a mutual fund group responsible for the daily accounting and custody of 55 mutual funds with over $30 billion of AUM.
  • Prepared and reviewed monthly financial statements for accuracy and completeness for delivery to clients and audit firms.
  • Compiled and analyzed financial data to ensure proper internal control for Compliance with the Sarbanes-Oxley Act and internal SOP –Standard Operating Procedures.
  • Directed and managed the daily accounting and custody operation for calculating daily net asset value (NAV) and money market yield and the reporting process to clients, transfer agents, and NASDAQ.
  • Monitored and verified all general ledger activities, such as shareholder capital stocks, incomes and expenses, equity and bond trading, and margin variation of futures contracts and options.
  • Prepared, reconciled, and audited all supporting documentation for proofs of account balances, audit paperwork, and financial statements for internal and external auditors, and clients.
  • Facilitated the daily, weekly, and monthly financial information dissemination to internal and external clients.
  • Analyzed funds’ daily performance to ensure accuracy and agreement with daily stock market performance.
  • Developed and implemented training sessions on controls and procedures of mutual fund accounting and custody.
  • Provide information technology support to the group, such as creating Excel macros, customizing automated client reports, and general PC support.
  • Successfully streamlined a financial reporting system that helped improve the accuracy and timeliness of the monthly financial reporting.
  • Effectively established a proactive and results-focused accounting team, leading to the surpassing of the divisional goal of 99.80% for NAV/Yield and achieving outstanding NASDAQ accuracy and timeliness.
  • Boosted processing speed and accuracy by leading training sessions and introducing automated workbooks.

Senior Operation Associate, Operation Administrative

Putnam Investments, Inc.
Franklin, MA
04.1996 - 07.1997
  • Recruited to provide various financial functions to the daily operation of the Transfer Agent unit of Putnam Fiduciary Trust Company and was promoted to a Senior Associate within six months.
  • Provided technical assistance and problem resolution to the processing and quality control team to ensure quality, accuracy, and timeliness of capital stock adjustments.
  • Reconstructed shareholder’s account history and earnings; reconciled and prepared supporting documentation of shareholder earnings.
  • Demonstrated respect, friendliness and willingness to help wherever needed.
  • Paid attention to detail while completing assignments.

Education

Professional Development Certificate Program Financial Services Studies -

New England College of Finance
Boston, MA
05-2007

H&R Block Income Tax Certificate -

H&R Block
Providence, RI
12-2002

Bachelor of Science - Accounting & Computer Information System

Rhode Island College
Providence, RI
05-1996

Skills

  • Tax Planning Strategies
  • Data Analysis
  • Risk Management
  • Tax Compliance
  • Financial Reporting
  • Audit Support
  • Personnel Supervision
  • Compliance Assessment

Timeline

RIC Tax Manager, AIS Senior Associate

KPMG LLP
12.2020 - 02.2024

Tax Officer - Alternative Investment Solutions (AIS)

State Street Corporation
02.2018 - 12.2020

Tax Officer, Senior Associate, Associate - Regulated Investment Companies (RIC)

State Street Corporation
01.2007 - 02.2018

Audit Manager, Account Manager, Senior Accountant, Account Controller – Fund Accounting Operation

State Street Corporation
07.1997 - 01.2007

Senior Operation Associate, Operation Administrative

Putnam Investments, Inc.
04.1996 - 07.1997

Professional Development Certificate Program Financial Services Studies -

New England College of Finance

H&R Block Income Tax Certificate -

H&R Block

Bachelor of Science - Accounting & Computer Information System

Rhode Island College

Similar Profiles

CREATE PROFILE
Pheng Lee