The most exciting part of my internship came after Oct 2011. I was assigned more than 10 tax researches projects, some of which were related to timing issues and deductibility of clients’ proceeds, such as timing of reimbursement submission of the insurance premium paid by employees. Since my tax research capability in both Checkpoint and BNA system had been greatly enhanced through our MBT course, which helped me for sure to resolve those complicated tax projects. Other tax research projects were related to business re-organization, which I cooperated with a partner and accounting manager to make the tax plans together. My major job was to provide tax researches on the whole tax planning. For example, when there will be a section 351 transaction, I need to figure out whether the C Corp will suffer from section 382 or Section 269 limitation (It is obvious a C Corp tax and consolidated tax issue)? Or if a C Corp wanted to write off its NOLs, it will be better that this C Corp contributes inventory to a partnership and changes to be a partner of the partnership to get the pass-through income against its NOLs. The ability to work on projects firsthand gave me the opportunity to apply my knowledge gained in our MBT Program to tax-related environment. I really enjoyed coming to work each day knowing that the projects I’d work on that day are accepted by both partners and clients.
I am very appreciated to the help I obtained from the firm. All of my progress in the internship would not have been possible without the kindness and guidance from my mentor and fellow co-workers. Through our close coordination when doing the tax planning, I was not only equipped with stronger analytical skills, but also more solid teamwork spirit, which is a must for my future career. I will go on working hard in Lurie Besikof Lapidus & Company, LLP and make my contributions, and try my best to be a qualified business tax planner in the future.