Surgent's Form 1040 Return Review Boot Camp for New and Experienced Reviewers
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.
Highlights
- Key provisions of the recent HR 1, One Big Beautiful Bill Act, have been incorpoated throughout the course
- 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
Prerequisites
Experience in preparing Form 1040, reviewing diagnostics, and preparing workpapers
Designed For
Senior-level staff new to the review process or experienced staff members looking to update and/or expand their review procedures
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
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Surgent Professional Education.
Leader(s):
Leader Bios
David Peters, Founder & Owner, Peters Professional Education LLC
David R. Peters, CPA, CFP, CLU, CPCU, MST, MBA
David Peters is the Founder and Owner of Peters Professional Education. He is registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He brings over 20 years of experience in financial services, including three years in the hedge fund industry and six years in insurance.
David was the first-ever Chief Financial Officer at Compare.com - a position he held for more than three years. David holds four master's degrees. contributes frequently to professional publications and is a nationally recognized CPE instructor and discussion leader for Surgent seminars and a former instructor for Don Farmer.
David received the AICPA Outstanding Facilitator Award in 2021, 2023, and 2024 as well as Surgent's Outstanding Discussion Leader awards in 2019 and 2022. He also co-authored the Virginia CPA Ethics course in 2018, 2019, and 2020, which is a requirement for all CPAs licensed in Virginia. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States.
Non-Member Price $329.00
Member Price $279.00