what would you say?
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i know you have a lot of advice on how to review tax returns. what’s your single best tip?
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response: i had never thought about this until this question was asked.
after some initial thought, i think that using the excel worksheets is my single best tip for reviewing returns.
excel worksheets are a great tool to control quality, have preparers self-check their work, train staff, ease the work for the reviewer and partner who signs the return and gives it a final look – and reduces their time, provides user-friendly summaries of a client’s return, facilitates tax and financial planning for a client, and identifies cross-selling opportunities.
the excel worksheet is a simple comparison of the client’s current and previous years’ tax returns, with some variations that make it easier to follow. please note that the worksheets are not a calculation method but a means of presentation and an effective tool.
2 responses to “the top tip for reviewing tax returns”
lawrence bitter
we also use ut 2y comparison. it is the mandatory control document for review. that plus using the return diagnostics is, in practically all cases, sufficient.
frank stitely
we use the year-to-year comparison in ultratax. i tell preparers i can spot 90% of problems without ever looking at the documents.