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. Updated for impacts of newly enacted legislation.
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
- What are common errors preparers make and what are the areas generating malpractice claims?
- Initial administrative groundwork
- Identifying organizing issues in the tax return to be reviewed
- Avoiding "willful blindness”
- 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
- Problem clients: unsubstantiated deductions?
- Multiple checklists of efficient procedures to identify potential issues on a 1040 return
- The importance of engagement letters, questionnaires, and §7216 permission statements
- Listing of schedules for staff to prepare to make a review easier, including basis issues for 1040 clients
Experience in preparing Forms 1040, reviewing diagnostics, and preparing work papers.
- This seminar qualifies for IRS credit.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.