Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers
Wednesday, January 15, 2025
Webcast or Webinar, Online
10:00AM - 6:00 PM (opens at 9:30 AM) EST
8Credits
Technical Business
Registration is Open
Members
$279.00 Regular Price
Non-Members
$399.00 Regular Price
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Course Type: Webcast
Course Code: 24/SUERTW82
Level: Intermediate
Vendor: Surgent
Field of Study: Taxes
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.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 Topics:
- 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
Major Topics:
- 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