Efficient and Effective Form 1040 Review: The Next Step for Valuable Staff Webinar

• 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

• Review an error-prone "staff-prepared" Form 1040 from client-provided information
• 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