Form 1040 Return Review Boot Camp for New and Experienced Reviewers
December 1st, 2023 - December 1st, 2023 @ 9:00am-4:30pm
| Member Price | $280 |
| Non-Member Price | $380 |
| If you are a member, please login to activate member pricing. | |
Credits
8Description
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 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.Objectives
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
Major Subjects
Timely coverage of breaking tax legislation
Review an error-prone "staff-prepared" Form 1040 from client-provided information. Were do you start? Get to know your client and ask the questions
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”
Efficient review of certain advanced issues for income, adjustments, deductions, and credits Effective procedures for delinquent clients, filing past-due tax returns
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