During the course of my internship at BDO, I will be working as a tax intern in the firm’s core tax services practice. While BDO prepares returns for a wide variety of clients in numerous industries, the Rosemont office, where I am interning, has a vast restaurant practice and an abundance of individual clients. This is due to the merging of several small local firms who were eventually acquired by BDO. While the Chicago office prepares many of the larger returns, Rosemont’s numerous industry specializations, namely restaurants and rental properties, makes for a unique internship opportunity.
Thus far, the majority of my work involves preparing partnership returns for rental and lodging partnerships. Therefore, I have learned my way
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To find this information, it is often necessary to access the partnerships general ledger and evaluate the contributions that were made during the year. The general ledger is also helpful in discerning the nature of certain vague account titles such as “building improvements.” When determining how these assets should be depreciated for tax purposes, the general ledger provides adequate detail to determine the appropriate MACRS recovery period.
After the client provided trial balance has been reformatted and its accounts have been made more specific, I often have to perform an accrual to cash conversion. This is because the clients books are kept on an accrual basis but their returns are prepared under the cash basis method of accounting. Therefore, because the cash method only reflects transactions for which cash was paid or received in the current period, accounts such as accrued expenses, accounts payable, and prepaid rent cannot be included on the return. Therefore is necessary to make adjustments to the trial balance before it is imported into the tax software. For example, to remove accounts receivable from the trial balance before I import it, I would credit accounts receivable and debit revenue. Once all accrual accounts have been reversed out, I use the newly created tax trial balance to complete the actual return.
Once the return is completed and deemed correct, I then update the basis schedules for each member of the partnership to account for their outside
From the website, access file 3b, which has the unadjusted trial balance with the accounts in proper order. This file also contains an accounting “system” comprised of a series of linked spreadsheets. The linkages enable the effects of all accounting entries (journal, adjusting, and closing) to flow through to spreadsheets for the income statement, balance sheet, and statement of cash flows. You notice that for the fiscal year ended December 31, 2012, someone has made all the journal entries but none of the adjusting or closing entries.
My junior year of high school, I was introduced to an accounting club called VITA. Through this club high school students have the opportunity to prepare families’ taxes for free. It was very nerve racking at first, because people’s finances were somehow in my hands. Plus, I wasn’t dealing with children as I was accustomed to rather, they were all older than me. Working with every individual required me to use my critical thinking skills quickly, because each situation was different and people came by appointments. Having diverse situations allowed me to work with a
Whether certain allocations of partnership income, gain, loss, deductions, and credits have substantial economic effect and whether that has any impact on the partners’ distributive shares.
Part 1: Partnership formation. In January of 2010, Jason and Jesse contribute the following assets to
As of April 8, 2017, I have decided to volunteer for the Volunteer Income Tax Assistance program (VITA) to prepare tax returns for low income families. I came to this decision as a result of my interview with Marcella Holmes, CPA; the interview rekindled my interest in tax preparation. Because I enjoy tax accounting and I’m looking for a volunteer opportunity, this appears to fulfill two desires at once. Since no money is invested, this decision carries a zero financial risk factor. If the opportunity does not work out, the only investment I would lose is the time I would have devoted to the training.
Jay Borsky PA is a small accounting firm located in central Miami Beach, Florida with the purpose of attracting high net worth individuals and businesses. The firm has been active for the past seven years and grow tremendously since inception. Jay Borsky started its practice as a sole practitioner and specialize in providing accounting and tax services. Presently, the firm is comprised by the owner, a tax Preparer, and two bookkeepers with no administrative support at the premises. Staff is using old and outdated information system technologies. However, as business grows, the firm finds itself with available resources for transformation to new and improved technologies that will support various functions.
I did internship with Novogradac & Company LLP is a national certified public accounting and consulting firm with a major emphasis in the real estate sector. During my internship, I mainly audited property management company regrading cash account, accounts receivable, accounts payable, fixed assets, long term debts, revenue and expense account. Because Financial Report & Analysis I and II courses covered the accounting terms and journal entries in the last summer, I could complete assignments related to audits and journal entries. In addition, I prepared for balance sheets, income statements, statement of partners’ equity for partnership, direct and indirect cash flow statements for each rental property. I delivered required financial statements
During Summer 2015, I participated in an unpaid internship program with Evan Guthrie Law Firm. While the employer is located in Charleston, South Carolina, my job as the intern is to be trained to become the editor and contributor in Hawaii for a new legal website, managed by the firm and dedicated for college students. This internship covered the Hawaii portion of the website.
Partner contributions and connections to community members and organizations will be evaluated in quarterly meetings
Ellentuck, A. B. (2009). USING A LIMITED LIABILITY PARTNERSHIP AS THE ENTITY OF CHOICE. Tax Adviser, 40(2), 124-125.
The Callaway Real Estate Limited Partnership was formed on January 1, 2015. Their business consists of purchasing, constructing, and managing residential real estate. Currently, Callaway is under the accrual method of accounting and has a calendar year end. Under the partnership agreement, Callaway has one general partner, Tambour Properties Inc., who provides all staff and services. In return, Tambour receives an annual management fee of 5% of gross rental income earned by the partnership. The other 95% of partnership taxable income is allocated to the limited partners based on their percentages specified in the partnership agreement. The partnership agreement also specifies that partners' capital accounts are determined and maintained by Section 704(b) regulations, and that as general partner Tambour must restore any deficit balance in their capital account upon liquidation
BACKGROUND: Sue Growne, client G14159, is looking to purchase a tavern, which would include both realty and personality. So ReaLand CPA’s could better serve this client, I, Bobbi Paternico was tasked with researching the legal and tax options available to the client, based upon the entity utilized for the purchase and the method of purchase.
Furthermore, filling in these schedules with the appropriate values is a collaborative effort. At times, throughout an estate administration, there are legal matters that the attorney must handle. If these matters produce income or expenses for the estate, the attorney should enter those values on the appropriate schedule. So, if the account doesn’t balance in the initial attempts, the attorney will most likely step in to help find any discrepancies if needed.
Conclusion: Based on review and conversations with the business partner Audit concludes that there are appropriate procedures in place
Over the past 10 weeks, I have worked at Deloitte & Touche, LLP as an Audit Intern. Overall the internship was an important learning experience and invaluable in my professional development. I was able to gain real work experience in audit and network with many people at different stages in their careers. There were many Deloitte-sponsored intern events in addition to the regular daily work I performed on my three engagements.