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. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.