Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers

Overview

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.

Highlights

• Review an error-prone "staff-prepared" Form 1040 from client-provided information. Where do you start? Get to know your client and ask the questions
• 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 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

Prerequisites

Experience in preparing Form 1040, reviewing diagnostics, and preparing workpapers

Designed For

Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures

Objectives

Preparation

None