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Nebraska Society of CPAs
635 South 14th Street
Suite 330
Lincoln, Nebraska 68508
Phone: (402) 476-8482 (800) 642-6178
Fax: (402) 476-8731
Email: society@nescpa.org
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Effectively & Efficiently Reviewing Tax Returns in Busy Season - NEW
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| Date |
September 30, 2010
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| Location | Quality Inn, Grand Island, NE |
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| Course Time |
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8:30 a.m. to 4:30 p.m. |
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The purpose of this course is to teach professional tax staff how to properly review various tax returns for accuracy and appropriateness of tax positions taken on a return.
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| Course Highlights & Objectives |
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Reviewing a Form 1040: Engagement letters, source documents and questionnaires; Checklists of issues that must be examined on each of the major schedules of a 1040 return; First-time client issues and extra scrutiny; Reviewing input of source documents through the return; Schedules you want your staff to prepare to make your review easier; Software diagnostics review.Reviewing Form 1065: Same issues as 1120S but with the following differences: Allocation of debt, profits and losses, capital interests, special allocations; K-1 issues; Reviewing the partnership or LLC agreement; Special tax workpaper issues: 704(c) issues, 754 step-up, special allocations. Reviewing Form 1120S: AAA issues, basis, distributions and K-1 issues; Accrued salary to over 50% shareholders and economic performance issues; Disability and health insurance issues; Reconcile book to tax income differences independently for Schedule M-1 and review trial balance; Important issues to watch out for when using trial balance software; Reviewing all carry-forwarded information; Reviewing last year’s form for recurring items, such as bad debt reserves and depreciation differences; Reviewing schedules, such as depreciation, etc.
Document a review including tax positions taken and applicable disclosure. Identify the most common areas that result in errors. Understand the process involved in reviewing applicable tax returns. |
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| Who Should Attend |
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| Experienced tax professionals who are charged by their firms with reviewing returns. |
| Course Level | Intermediate |
| Prerequisites | Extensive experience in preparing forms 1040, 1120S and 1065. |
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| Discussion Leader | John Sherrick, Surgent McCoy, CPE LLC |
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| Additional Information: |
Parking is available on site and lunch is provided. |
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| Fee |
$230 - Society Member
$260 - Society Nonmember |
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