Robert Verona

Experience

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  Verizon

  Jan 1988 - Mar 1996

  Recruited into subsidiary to strengthen the Tax Dept. in our largest entity. Responsible for all aspects of tax compliance as it relates to the Federal Income Tax return and supporting schedules for a regulated entity with taxable income in excess of $1.3 billion. Responsibilities included tax reporting to SEC, FCC and NYS PSC, footnotes in our annual report, responding to audit questions raised by the IRS and Coopers & Lybrand, researching various tax issues for proposed transactions to effectively manage our tax exposure. Show less

  • Associate Director - Federal Taxes (NY Telephone)

    Aug 1992 - Mar 1996

  • Tax Manager - Federal, State/Local (NYNEX Credit Co.)

    Mar 1990 - Aug 1992

  • Staff Director - Accounting Principles (Corporate)

    Jan 1988 - Feb 1990
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  Sumitomo Corp. of America

  Apr 1996 - Jun 2005

  Director - Federal & International Taxes

  Responsible for managing the preparation of the consolidated Federal Income Tax return with over 35 subsidiaries, tax accounting and reporting, coordinating all aspects of the IRS audit, responding to external auditors, development of our Transfer Pricing Study, earnings stripping calculation and various international tax compliance matters. Provided research and planning for proposed transactions and interacted with upper management in the execution of such transactions. • Successfully turned around the performance of an employee who was on the verge of termination• Took over responsibility of entire IRS Audit from the Vice President & had minimal audit adjustments• Reduced cash taxes paid by $2.4m on the acceleration of worthless security deductions• Reduced cash taxes paid by ~$1m by accelerating tax depreciation on $8m of capital improvements• Successfully defended annual tax provisions from various external audit challenges• Only auditor that identified material weaknesses during the audit of our leasing subsidiary• Only US employee selected to participate in the Japanese cross cultural training program in Tokyo Show less

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  GE Capital

  Jun 2005 - Jun 2013

  Recruited into department due to expertise in GE tax accounting/reporting. Responsible for all federal and local Canadian tax accounting and reporting issues for the Treasury Tax business including the global tax provision, tax compliance, ASC 740, tax account reconciliations, audit support, Sarbanes Oxley, Fin 48, special projects and restructurings as needed. • Assisted in the historical true-up of Canadian tax provisions (1998-2010) including US Shareholder amounts• Mechanized Effective Tax Rate analysis for the most complicated business in the Treasury group• Successfully defended two Corporate Audit Staff (CAS) reviews of tax account reconciliation process• Improved the efficiency of our balance sheet roll-forward analysis and accuracy of FAS 133 accruals Show less Responsible for the global tax accounting and reporting for the Aviation Services business (largest airplane leasing company in the US) including US tax compliance, ASC 740, tax account reconciliations, Sarbanes Oxley, Fin 48 reserves, tax planning & forecasting. Extensive interaction with tax attorneys regarding our joint venture investments book-tax basis calculations. Liaised with tax team attorney's to enhance operational excellence, drive compliance and controllership. • Developed the first ever GE mechanized ASC 740/FAS 109 true-up process (received GE Award)• Prevented the write off of a $12m deferred tax asset by substantiating its deductibility (GE Award)• Successfully defended our tax account reconciliation process from CAS audit challenges (GE Award)• Settled a $7m IRS assessment favorably and saved over $500k in interest & penalties• Created model to track our book/tax basis amounts for our various joint venture investments• Liaised with tax planners to enhance operational reporting by driving standardization and efficiency Show less

  • Treasury Tax Dept. - Sr. Tax Controller

    Feb 2012 - Jun 2013

  • Commercial Aviation Services - Tax Controller

    Jun 2007 - Feb 2012

  • Corporate Headquarters - Manager - Tax Accounting

    Jun 2005 - May 2007
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  Volvo Cars of North America

  Jan 2014 - now

  Tax Director

  Responsible for executing all functions of the Volvo Cars of North America Tax Department including identifying and implementing tax minimization strategies as well as completing (and/or coordinating with external tax providers) all required tax filings in the U.S. Responsibilities include:• Tax Legislation/Planning - Met in Washington, DC with Trump Administration officials to discuss the corporate tax reform proposals, the Border Adjustment Tax (BAT) and their impact on Volvo Car USA. Met with Mr. Mick Mulvaney (Director of OMB), Senator Tim Scott (R-SC) and various other officials and White House Staff members to demonstrate the negative impact to Volvo USA and offered alternative tax reform recommendations.• Businss Development - Part of a select group of team members to develop a business case to determine if we should build an office building in Charleston, SC. Responsible for both tax and accounting projections. Worked with the SC Dept. of Economic Development to negotiate additional tax incentives to construct the facility.• Completion and monitoring of all tax filing requirements, including federal, state/local income tax, sales and use taxes, property taxes, miscellaneous taxes and other filing requirements (e.g., annual reports, business licenses, fuel and environmental taxes, etc.)• Conduct transactional consulting and interface with business unit personnel for the purpose of providing tax efficient advice for ongoing activities• Identify, develop and implement tax planning initiatives• Participate in and/or lead projects or initiatives involving tax issues• Completion of quarterly tax provision and related financial statement reporting to the Volvo Car Group• Maintain finanical controls of the tax function consistent with Sarbanes Oxley requirements• Support the annual transfer pricing analysis and advise on matters impacting our profit split and permanent establishment exposure Show less

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  Volvo Group

  Jan 2015 - now

  Tax Director