Implementing effective tax return review procedures is critical to meeting IRS due diligence requirements and reducing preparer penalty exposure. This session examines a tax return review framework and will provide best practices through the lens of IRS compliance, including identifying common preparer errors, assessing areas of heightened audit risk, and documenting review procedures to support reasonable cause and substantiation requirements. Participants will leave with tools to aid in the review process and best practices for office setup.
Objectives
Upon completion of this session, you will be able to:
Explain the tax return review process as it relates to preparer due diligence and compliance requirements
Identify required documentation that supports IRS substantiation standards and audit defense
Recognize common preparer errors and areas of high-risk that may trigger IRS scrutiny or lead to preparer penalties
