CPE Course Form 1040 Return Review Boot Camp for New and Experienced Reviewers

December 8, 2021

9:00am — 4:45pm

Location

Member Price $259.00Register after November 17 and pay $279.00
Non-member Price $359.00Register after November 17 and pay $379.00

Curriculum Taxation

Field of Interest Taxation (General)

Level Intermediate

Designed For

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

Objective

  • 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

Highlights

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 more 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.

  • Review an error-prone "staff-prepared" Form 1040 from client-provided information
  • Several new reporting issues for the reviewer to consider, such as the CARES Act rules for retirement plan distributions, rollovers, self-employment tax deferrals, and the Recovery Rebate Credit
  • 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”
  • 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
  • Professionals acting professionally

 

Instructors

Dennis Riley

Dennis Riley has more than 35 years of experience in accounting, consulting, tax preparation, and government representation. He specializes in the tax and business needs of individuals, families, and entrepreneurial small businesses. He is a frequent lecturer on topics related to taxation and closely held businesses. He has received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Riley's experience includes a range of services including negotiations with federal and state government tax authorities, offers in compromise, closing agreements, strategic business plans, litigation support, record reconstruction, business formation and dissolution, problem solving, and tax preparation. He has resolved multiple-year filing issues, organization issues, and business transition problems.close

Prerequisites

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

Developer

Surgent McCoy CPE, LLC

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