Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review various tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of practice tips for new reviewers and is updated for impacts of newly enacted legislation.
This course features a live instructor and has been specifically designed for the NJCPA.
Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures
- Expand the process involved in reviewing applicable tax returns
- Identify the most common areas that result in errors
- Document a review, including consideration of risk management
- Reviewing a staff-prepared Form 1040 from client-provided information
- Several new reporting issues for the reviewer to consider, including the main credit provisions as enacted under the American Rescue Plan
- What are common errors preparers make and what are the areas generating malpractice claims?
- The importance of engagement letters, questionnaires, and §7216 permission statement
Initial administrative groundwork
- Identifying organizing issues in the tax return to be reviewed
- Avoiding "willful blindness”. Handling ethical and moral dilemmas
- Efficient review of certain advanced issues for income, adjustments, deductions and credits
- Effective procedures for filing past-due tax returns for delinquent clients
- First-time client issues requiring extra scrutiny
- Multiple checklists of efficient procedures to identify potential issues on a 1040 return
- Listing of schedules for staff to prepare to make a review easier, including basis issues for 1040 clients
- Reconciling time pressure with thoroughness and quality control
- Professionals acting professionally
Experience in preparing Forms 1040, reviewing diagnostics, and preparing work papers.