JSOM Internship Experience

This past year I interned at PRO Unlimited onsite Goldman Sachs as a tax intern in the Alternate Investments (private equity, hedge funds, etc) department. I helped with several different tasks; preparing returns, reviewing returns, reviewing K-1s, researching and responding to state tax notices, and mailing returns out. My experience at this internship heavily pertained to my education in school and allowed me to better understand and apply the material learned in class to my real world experience at Goldman.

I learned two vital skills from my tax internship, the first being soft skills. Goldman was my first real job and it taught me a lot about how to interact in a professional environment: both online and in real life. Before Goldman, I did not know there was specific etiquette in the workplace. Working here taught me how to conduct myself professionally. What not to say, how to act, etc. This valuable skill is one I know will help me long term.

The other most valuable skill, of course, was the tax experience itself. I learned how to file a K-1, 1065 (partnership returns), 1120 (corporations), and several state returns as well. I learned how to read the returns from top to bottom, and although I did not fully understand the many components of the returns, I gained a strong basis. I worked very thoroughly with pass through entities and withholding credits (K-1’s). In addition to being able to fill one out, I am able to read one and interpret it, along with workpapers and financial statements. Lastly, my biggest task at Goldman: researching and resolving tax notices from states was the most rewarding. Upon receiving each notice, I was tasked with researching the notice: why we got it, was the money due, did we pay it, proof of payment, and any other detail needed before coming to a conclusion. Upon researching the notice thoroughly (looking through returns, workpapers, previous year information, etc) I would then come to a conclusion (prove the state wrong or pay) and mail a letter to the state. The first few steps strengthened my analytical skills. I had to research and analyze the notices before coming to an informed solution, providing much evidence to support my conclusion. The last steps involved much administrative and communication skills, where I had to draft a professionally worded letter to send to the state.

Overall, this experience was very rewarding to me. Not only did I learn about tax returns and the basic components of tax, but I got to network and build relationships, as well as hone my excel skills, which I know will come in handy as an Accounting student.