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Effective and Efficient Senior-Level Review of Individual Tax Returns (ERTW)

  • Format Live Seminar
  • Credits 8
  • Level Intermediate
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this manual is to give new reviewers an understanding of the procedures utilized to review a tax return. Reviewers with experience also may find that the multitude of checklists allows a more thorough review or supplement to their review technique. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly.

Major Topics

  • Review and deliberate an error-prone 'staff-prepared' Form 1040 from client-provided information
  • What are common errors preparers make and what are the areas generating concern
  • 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

Learning Objectives

  • Develop a strategy for reviewing tax returns
  • 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

Who should take this course:


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

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

None

Yes

No

No

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