ERTW
EFFECTIVE AND EFFICIENT SENIOR-LEVEL REVIEW OF INDIVIDUAL TAX RETURNS

Most review techniques developed by professionals are self-taught. 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 review a return effectively and thoroughly.

Major Topics:

• Review a staff-prepared Form 1040 from client-provided information
• 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

Learning Objectices:

• 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

Designed For: Senior staff new to the review process or experienced partners/managers looking to update and/or expand their review procedures
Level of Knowledge: Intermediate
Prerequisite: Experience in preparing Forms 1040, reviewing diagnostics, and preparing workpapers
Advanced Preparation: None
CFP: No
Yellow Book: No
New: No
Credits: 8
Field of Study: Taxes