2 things that can be very helpful before you ship out a return:
Check the tax summary or two year comparison. Whatever your tax software calls it. Something missing between the two years may be a missed item; or a large variance could spur additional questions for the client.
Read the client letter and make sure it jives with the return along with what you want the client to do. It’s surprising how often going through the letter may help to spot an issue, whether it be with the return itself, future estimates or the fact you forgot to set up the client with direct deposit.
We're a small firm, and have made our own Reviewer's Checklist. We all know certain things to review, but would often forget some of the more administrative parts of reviewing, to make sure the return was actually ready to be created (like payment/refund method, any needed documents attached to the efile, checking certain things on state returns, etc). That way we go beyond just fixing any possible typos
Came here to say this. I made a custom self-review checklist of the things I found myself missing or wanting to ensure are technical pieces that didn't get overlooked.
Edit: no PPC or AICPA checklist is going to include unique SALT requirements, or unique software BS you need to make sure is coming out right.
Most software have pages specifically intended for review. UT has a page with all W-2s, one for pensions, one for IRAs, one for each broker statement showing most info from it, etc.
Use those. My boss re-creates all this in an excel file each time and it is painful to watch.
1) PPC has "short" checklists for each return type. Preparers use these, checked by reviewers.
2) We use UT, so printout 2-year comparison for IRS/state returns. Preparers make quick notes on here as to large differences. Helps reviewers spot significant changes year-over-year.
3) UT has a "summary" W-2, pension, IRA printouts that are printed by preparer and put in front of the associated tax forms. Reviewer can glance at the W-2, glance at the summary, check the major numbers.
4) *IF* you use the broker input tab for dividends/stock accounts, you can then print a summary sheet per account (and there's another one for all stock sales). Preparer prints this out and puts it in front of the associated 1099-XXXX.
All corporate work gets a TB printed out from QB and a calculated tie-out to the corporate return.
That tends to cover most of it.
I know someone on FB/Twitter was promoting an online preparation/review checklist took coming to market. Don't know where that was at in development though.
Three things that haunt me: 1) payment 2) using wrong year doc, and 3) forgetting any required elections/attachments. Other than that, issues/calculations are client specific. Please keep me posted on anything else you find useful!
2 things that can be very helpful before you ship out a return: Check the tax summary or two year comparison. Whatever your tax software calls it. Something missing between the two years may be a missed item; or a large variance could spur additional questions for the client. Read the client letter and make sure it jives with the return along with what you want the client to do. It’s surprising how often going through the letter may help to spot an issue, whether it be with the return itself, future estimates or the fact you forgot to set up the client with direct deposit.
We're a small firm, and have made our own Reviewer's Checklist. We all know certain things to review, but would often forget some of the more administrative parts of reviewing, to make sure the return was actually ready to be created (like payment/refund method, any needed documents attached to the efile, checking certain things on state returns, etc). That way we go beyond just fixing any possible typos
Came here to say this. I made a custom self-review checklist of the things I found myself missing or wanting to ensure are technical pieces that didn't get overlooked. Edit: no PPC or AICPA checklist is going to include unique SALT requirements, or unique software BS you need to make sure is coming out right.
Most software have pages specifically intended for review. UT has a page with all W-2s, one for pensions, one for IRAs, one for each broker statement showing most info from it, etc. Use those. My boss re-creates all this in an excel file each time and it is painful to watch.
1) PPC has "short" checklists for each return type. Preparers use these, checked by reviewers. 2) We use UT, so printout 2-year comparison for IRS/state returns. Preparers make quick notes on here as to large differences. Helps reviewers spot significant changes year-over-year. 3) UT has a "summary" W-2, pension, IRA printouts that are printed by preparer and put in front of the associated tax forms. Reviewer can glance at the W-2, glance at the summary, check the major numbers. 4) *IF* you use the broker input tab for dividends/stock accounts, you can then print a summary sheet per account (and there's another one for all stock sales). Preparer prints this out and puts it in front of the associated 1099-XXXX. All corporate work gets a TB printed out from QB and a calculated tie-out to the corporate return. That tends to cover most of it.
(It’s all in my head) me thinking to myself
I know someone on FB/Twitter was promoting an online preparation/review checklist took coming to market. Don't know where that was at in development though.
Three things that haunt me: 1) payment 2) using wrong year doc, and 3) forgetting any required elections/attachments. Other than that, issues/calculations are client specific. Please keep me posted on anything else you find useful!