Effectively and Efficiently Reviewing Tax Returns in Busy Season (ERTW)
Fargo Holiday Inn 1/14/2010
8 CPE Hours
$250 Member ($300 Nonmember)
Add $25 after 12/31/2010
Instructor: Susan Smith
The purpose of this course is to teach professional tax staff how to properly review various tax returns for accuracy and appropriateness of tax positions taken on a return.
Objectives:
Understand the process involved in reviewing applicable tax returns Identify the most common areas that result in errors
Document a review including tax positions taken and applicable disclosure
Major Topics:
Reviewing a Form 1040:
Engagement letters, source documents, and questionnaires
First time client issues and extra scrutiny
Software diagnostics review
Reviewing input of source documents through the return
Checklists of issues that must be examined on each of the major schedules of a 1040 return
Schedules you want your staff to prepare to make your review easier.
Reviewing Form 1120S:
Reviewing last years form for recurring items, such as bad debt reserves and depreciation differences
Accrued salary to over 50% shareholders and economic performance issues
Reconcile book to tax income differences independently for Schedule M-1 and review trial balance
Important issues to watch out for when using trial balance software
Reviewing schedules, such as depreciation, etc.
Reviewing all carry-forwarded information
AAA issues, basis, distributions, and K-1 issues
Disability and health insurance issues.
Reviewing Form 1065: same issues as 1120S but with the following differences:
Reviewing the partnership or LLC agreement
Allocation of debt, profits and losses, capital interests, special allocations
Special tax workpaper issues: 704(c) issues, 754 step-up, special allocations
K-1 issues
Designed For: Experienced tax professionals who are charged by their firms with reviewing returns Level: Intermediate Developer: Surgent McCoy CPE, LLC Prerequisite: Extensive experience in preparing forms 1040, 1120S and 1065
