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.

Course Instructor: Nicole DeRosa, MAcc, CPA

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

Prerequisites

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

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

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by Surgent. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.