BONUSES: A 10-question test (and answer key), plus 18 other issues you might want to test.
By Ed Mendlowitz
How to Review Tax Returns: The Field-Tested Update
Firms have to decide who will do the tax return review, and how qualifed they are for this. Ideally, trained tax department personnel are the primary reviewers. However, the bunching and compression of work often shifts some of the review to higher level, non-tax personnel such as audit managers and partners who might not have the comprehensive training, background, knowledge and experience to handle everything that comes up during the tax preparation process.
MORE: ‘Quick and Dirty’ Tax Review | When Returns Should Be Submitted for Review | Tax Follow-Up Worksheets Can Mean More Revenue | Stop Tax Return Review Shortcuts | Routine Is Key to Reviewing Tax Returns | Seven Types of Tax Return Reviews
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Additionally, in many firms, almost everyone on the staff will prepare some returns to ease the almost insurmountable burden on the tax department. That lack of trained preparers, though, places an added burden on the reviewers, making it important for them to be more aware and alert when they perform the review.
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Guess who suffers?
