Courses
Effectively and Efficiently Reviewing Tax Returns in Busy Season
Register
-
Member Price:
$300.00
Non-Member Price: $450.00
- Date/Time:
- Jan 24, 2011, 8:30am–4:30pm
- Venue:
- Capitol Plaza Hotel & Conference Center, Montpelier
- Developer:
- Surgent McCoy CPE
- CPE Credits:
- 8 Hours
- Field of Study:
- Taxes
- Level:
- Intermediate
- Instructor:
- Susan Smith, CPA
The purpose of this course is to teach professional tax staff how to properly review various tax returns for accuracy and appropriateness of tax positions taken on a return.
Major Topics:
· Reviewing a Form 1040
oEngagement letters , source documents, and questionnaires
oFirst time client issues and extra scrutiny
oSoftware diagnostics review
oReviewing input of source documents through the return
oChecklists of issues that must be examined on each of the major schedules of a 1040 return
oSchedules you want your staff to prepare to make your review easier
· Reviewing Form 1120S
oReviewing last year’s form for recurring items, such as bad debt reserves and depreciation differences
oAccrued salary to over 50% shareholders and economic performance issues
oReconcile book to tax income differences independently for Schedule M-1 and review trial balance
oImportant issues to watch out for when using trial balance software
oReviewing schedules, such as depreciation, etc.
oReviewing all carry-forwarded information
oAAA issues, basis, distributions, and K-1 issues
oDisability and health insurance issues
· Reviewing Form 1065: same issues as 1120S but with the following differences:
oReviewing the partnership or LLC agreement
oAllocation of debt, profits and losses, capital interests, special allocations
oSpecial tax workpaper issues: 704(c) issues, 754 step-up, special allocations
oK-1 issues
Learning Objectives:
· Understand the process involved in reviewing applicable tax returns
· Identify the most common areas that result in errors
· Document a review including tax positions taken and applicable disclosure
Who Should Attend? Experienced tax professionals who are charged by their firms with reviewing returns
Prerequisites: Extensive experience in preparing forms 1040, 1120S and 1065
Also qualifies for CFM and CMA credit
