Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers

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Overview

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 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.

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

Highlights

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

Designed For

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

Prerequisites

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

Preparation

None

Notice

To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange “Launch Event” button.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Nicole DeRosa, Surgent McCoy CPE, LLC

Leader Bios

Nicole DeRosa, Surgent McCoy CPE, LLC

Nicole M. DeRosa is a Senior Tax Manager with Wiss & Company, LLP and has more than 13 years of public accounting experience, specializing in taxation for closely held businesses and individuals. In addition to working with clients in an array of industries, she was also an adjunct professor at Raritan Valley Community College where she taught Tax Accounting for Individuals for four years. Ms. DeRosa is a member of the New Jersey Society of Certified Public Accountants and is active on the Content Advisory Board, Federal Taxation Interest Group, and Emerging Leaders Interest Group; she is the current Chairperson of the Emerging Leaders Council. In 2015, she was awarded “30 Under 30” by the NJCPA, which recognizes young professionals who are making a name for themselves in the New Jersey accounting landscape. In 2019 she was awarded the “Women to Watch” Ovation Award which applauds the growth and success of female members for their leadership, potential, contributions and commitment to fostering the success of their colleagues. Most recently Ms. DeRosa was named to the 2021 and 2020 editions of the NJ BIZ Power 50 List which accounts for the most influential men and women in the accounting profession that helps to keep the states’ business on track. In Nicole’s spare time, she teaches Zumba Fitness and is active in various charitable organizations, such as St. Jude’s and the American Heart Association. Ms. DeRosa is a graduate of Fairleigh Dickinson University, with degrees in Accountancy and Master of Science in Accountancy.

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