Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers (ERTW)
Monday, October 19, 2020
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. The course includes dozens of "practice tips for new reviewers" and is updated for impacts of newly enacted legislation.
- 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
- Review an error-prone “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 delinquent clients, filing past-due tax returns
- 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