Self-Study

Form 1040 Return Review Boot Camp for New and Experienced Reviewers

  • Wednesday, May 1, 2024 – Wednesday, April 30, 2025

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  • 8.00
    CREDITS
    Taxes

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.

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

Additional Information

Designed For

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

Vendor

Surgent

Advanced Preparation

None

Credits

8.00 Taxes

Prerequisite

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

Course Number

2432728

Level of Knowledge

Intermediate

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