November 14, 2024

Live Webcast

NYSED 8

Form 1040 Return Review Boot Camp for New and Experienced Reviewers Webcast

November 14, 2024
Live Webcast
NYSED 8

  • Instructor

    Wayne
    Wells

  • 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

Learning 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

Major Topics

  • 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

CPE Credits Available

NYSED 8
8
Taxation (NYSED) - NYSED

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Taxation (NYSED)

Prerequisites

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

Advanced Preparation

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

Intended Audience

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

Provider

Surgent McCoy CPE LLC

This event has ended.