Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers
8.00 Credits
Member Price $279
Non-Member Price $299
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.
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
Leader(s):
Leader Bios
David Peters, CPA Crossings, LLC Two Commerce Square
David R. Peters, CPA, CFP, CPCU, MST, MBA Peters Tax Preparation & Consulting, Richmond, VA & Rock Hill, SC David Peters is an independent tax preparer for Peters Tax Preparation & Consulting, and a financial advisor and outside representative for Carroll Financial Associates. He has over fourteen years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer of Compare.com, an insurance price comparison company - a position he held for over three years. He was also instrumental in the early success of Elephant Auto Insurance, a six state auto insurance carrier, located in Glen Allen, VA. He holds four masters degrees, and is currently pursuing his PhD in Financial Planning. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics in Virginia, North Carolina, and South Carolina. He is an Adjunct Professor in Finance and Accounting at Winthrop University in Rock Hill, SC, and teaches regularly for Kaplan Test Preparation. He contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.
Non-Member Price $299
Member Price $279