Objective
- 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
Highlights
- Review an error-prone "staff-prepared" Form 1040 from client-provided information
- Several new reporting issues for the reviewer to consider, such as the CARES Act rules for retirement plan distributions, rollovers, self-employment tax deferrals, and the Recovery Rebate Credit
- 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”
- 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
- Professionals acting professionally
Designed For
Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review proceduresPrerequisite
Experience in preparing Form 1040, reviewing diagnostics, and preparing workpapersAdvanced Preparation
None