Description

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.

Instructor: Dave Peters, CPA, CFP, CLU, CPCU, MST, MBA

Target Audience

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

Course 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

Subjects

Key provisions of the One Big Beautiful Bill Act

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