DaShaun Merritt- Richey May- Presentation

Summary

In this reflective internship report, the intern details their experience at Rich M, a Colorado-based financial firm specializing in alternative investments and tax services. The internship provided hands-on exposure to tax preparation for hedge funds, private equity, and real estate, alongside training on tax software and K-1 forms. The intern highlights the steep learning curve, team collaboration, and the importance of client trust and ethical conduct. Key takeaways include improved project management, time management skills, and the desire to pursue a career in tax accounting with aspirations to eventually open their own CPA firm.

Takeaways

• 😀 The internship at Richard M, a top accounting firm in Colorado, involved hands-on tax work, focusing on alternative investments such as hedge funds, private equity, and fund of funds.
• 😀 Desan and other interns worked alongside associates and senior staff, gaining experience in preparing Federal and State tax returns, reviewing K1 forms, and learning complex tax regulations.
• 😀 The internship emphasized teamwork and communication, encouraging interns to ask questions and interact with senior staff through an open-door policy, which was different from the typical solo work culture in accounting firms.
• 😀 Desan learned to use software tools like Engagement, Go Systems Tax, and XM for tax preparation, time tracking, and project management.
• 😀 The importance of **accuracy** in tax preparation was underscored, with the knowledge that errors could lead to legal consequences or fraud charges if not corrected.
• 😀 Desan noted the significance of **client trust** in tax work, emphasizing the need to provide accurate advice and safeguard sensitive financial information.
• 😀 The internship provided an in-depth understanding of tax returns and K1 forms, as well as how state-specific regulations impact tax filings, with some states being more complex than others.
• 😀 Key skills developed included **project management**, **multitasking**, and managing deadlines while balancing multiple assignments effectively.
• 😀 Desan identified room for improvement in their **technical skills**, particularly in software proficiency and speed, as full-time associates could handle more projects in less time.
• 😀 The open-door policy and supportive culture at Richard M promoted learning and development, contributing to a more positive and collaborative work environment.
• 😀 Desan's long-term career goal is to open a **CPA firm** and continue specializing in tax accounting, particularly for alternative investments, and refining skills in **advanced accounting**, **ethics**, and **business technology**.

Q & A

What were the main challenges you faced during your internship at Richie May?

The main challenge was the steep learning curve when it came to tax accounting. The training felt overwhelming, like drinking straight from a fire hose. Despite the extensive workshops, I still felt lost in the first week, particularly with understanding the intricacies of tax filings and the complex regulations across different states.

Can you explain what alternative investments are and how they relate to your internship?

Alternative investments refer to any investment strategy that does not involve traditional stocks or bonds. During my internship, we primarily focused on hedge funds, private equity, and cryptocurrency, which are different from conventional investment vehicles in terms of tax treatment and filing requirements.

What role did you play in the preparation of tax returns during your internship?

As an intern, my role involved preparing federal and state tax returns, reviewing K-1 forms, and ensuring that all necessary information was correctly included. While we did not directly review returns, we were responsible for ensuring that the foundational work, such as data entry and calculations, was accurate before it reached the senior associates for review.

What software did you use during your internship, and how did it support your tasks?

I used GoSystems to file tax returns and XM to track time entries and manage project progress. GoSystems was essential for preparing and filing tax returns efficiently, while XM helped in managing time effectively, tracking tasks, and ensuring that deadlines were met.

How did the company culture at Richie May differ from your expectations?

I was expecting a more rigid and individualistic atmosphere typical of large accounting firms. However, Richie May fostered a collaborative culture with an open-door policy. Senior managers and partners kept their doors open, encouraging questions and providing support, which made it easier for interns to learn and develop their skills.

What are some of the key skills you developed during your internship?

I developed several key skills, including project management, time management, and proficiency in Excel and tax software. I also gained technical expertise in preparing tax returns and handling K-1 forms, along with a deeper understanding of alternative investments and their tax implications.

Can you describe the importance of K-1 forms in tax accounting?

K-1 forms are essential for partnerships as they allocate income, deductions, and credits to the partners. These forms help determine what is taxable and what can be deducted on individual tax returns. During my internship, reviewing K-1 forms was a key responsibility, as they guided the preparation of tax returns and ensured that all relevant information was properly reported.

What ethical considerations did you encounter during your internship, and how were they addressed?

During my internship, the firm maintained high ethical standards, particularly regarding confidentiality and accuracy. One ethical issue I did notice was the potential misuse of resources, such as overusing the office's coffee machine or taking advantage of free office perks. Richie May addressed this by fostering an open-door policy and encouraging employees to be mindful of resources.

How did your academic background help you in this internship?

My academic background in financial management and accounting provided a solid foundation for understanding the basics of financial statements, which was crucial for preparing tax returns. The business curriculum also taught me essential concepts that helped me adapt quickly to the technical aspects of tax accounting during the internship.

What future career goals do you have after completing this internship?

This internship confirmed my interest in pursuing a career in tax accounting, and I am now focused on the goal of opening my own CPA firm in the future. I aim to specialize in alternative investments and provide clients with expert advice on making sound financial decisions. I also plan to continue refining my skills and knowledge in tax accounting to build my expertise.