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

Overview

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.

Prerequisites

Experience in preparing Form 1040, reviewing diagnostics, and preparing workpapers

Objectives

Highlights

• 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