Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers

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  • Location
    • Your Space
      Your Space
      Self Study - Surgent, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Experience in preparing Form 1040, reviewing diagnostics, and preparing workpapers

  • Vendor
    • Surgent
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • When & Where You Want

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.

Type = On-Demand Webcast

  • Qualifies for IRS CE Credit
  • Designed For

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

    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

    Highlights

    • Review an error-prone "staff-prepared" Form 1040 from client-provided information. Were do you start? Get to know your client and ask the questions
    • Several new reporting issues for the reviewer to consider, including new and enhanced clean energy credits under the Inflation Reduction Act (IRA)
    • 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

    Advanced Prep

    None

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