Katherine Montecinos Lemus

Internship at LBS Dallas, LLC – Fall 2024

My internship at LBS Dallas, LLC, was a great experience that helped me develop essential skills and learn more about tax accounting. During my time there, I prepared business and personal tax returns using Drake Software, reconciled accounts in QuickBooks Desktop, and worked on creating financial reports. These tasks gave me valuable hands-on experience. During the internship, I had the opportunity to shadow my mentor during his meetings. I observed him during client meetings focused on tax planning, financial statement reviews, and interviews aimed at solving client needs. I also directly assisted in preparing sales and payroll taxes, registering businesses, and recommending the best entity structures, such as LLCs or corporations, for different types of clients. One of the most rewarding aspects of the internship was working with clients. I encountered challenging situations, particularly with clients who had misconceptions about tax returns. Some believed they understood how the process worked, but their understanding often needed to be corrected. Through clear and thorough explanations, I helped them understand the intricacies of tax laws and how their returns were calculated. These moments were challenging but rewarding, as clients often left with a better understanding and appreciation of the process. I also tackled specific challenges, such as resolving CP notices from the IRS. One significant project involved responding to IRS requests for proof of approximately 300-400 W-9s that we had on file for 1099s issued. This required meticulous attention to detail and problem-solving as we worked to verify and provide the requested information. Collaborating with the IRS to resolve these issues was an invaluable learning experience that enhanced my technical and analytical skills. Throughout the internship, I developed strong problem-solving and communication skills. My mentor provided initial training on software tools but encouraged independent thinking by assigning me tasks that required creative solutions. This approach allowed me to grow professionally and personally as I gained confidence in handling complex situations and finding resolutions. A key takeaway from this experience was realizing my passion for tax accounting. Sharing knowledge with clients, whether explaining tax return processes or the importance of financial statements for small business growth, was incredibly fulfilling. I saw firsthand how providing clarity and actionable insights could positively impact businesses and individuals. This experience has solidified my interest in pursuing a STEM-certified master’s program to become a CPA and continue growing in tax accounting. #accounting