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1040 Review works along side your tax preparation software to enable you as a tax practitioner to work more efficiently and add value to your services. This tax review software provides a tax planning and strategy analysis of the return, looking for compliance issues and tax-saving ideas, and produces various value-added reports. You can view Compare Typical Graphs which compare the client’s data to averages for their income range and SIC code. Automatically produce a customizable due diligence checklist that can be used on-screen or opened in MS Word. In a climate where the public increasingly views tax preparation as a commodity, these tools give you a way to add tremendous value to your service.
Automated Review Checklist Function
Does your firm currently use a due diligence checklist? 1040 Review streamlines your checklist procedure to make you and your staff more efficient. The automated checklist can be used on-screen with productivity enhancing features such as filters to view only items left unresolved, tool-tip pop up to indicate reviewer’s initials on each checkbox, and the ability to open into MS Word with a single click. It is fully customizable with the ability to add your own custom questions for all clients or on a per-client basis which will carry from year to year. Data import is not required to use this feature and many firms report significant efficiency gains.
IRS Compliance Analysis
Clients frequently ask preparers to look for the red flags in their returns. 1040 Review will analyze the return from the IRS’ perspective, point out areas where it may be incorrect, or indicate where the client might need additional support. This feature is very comprehensive. For example, the business code entered on Schedule C determines which data the program will use for the analysis.
The IRS compliance analysis function draws from databases of information including industry standards, IRS data, ISP and MSSP publications and the experience of numerous practicing IRS audit professionals. Our team of professionals who have supplied much of the material includes practicing tax attorneys, CPAs and Enrolled Agents with considerable experience in compliance and tax planning professions.
Tax Planning, Tax Strategies
Another area that develops client loyalty and helps generate additional engagements is strategic tax analysis. While not meant to replace tax planning software, 1040 Review provides a number of immediate and long term tax saving tips. Clients often appreciate receiving a copy of the report that includes the amount of tax savings for many of the entries. You can open this directly into MS Word for editing and printing on your letterhead.
The program has been designed to run side by side with any tax preparation software. Data can be imported from tax returns prepared with other tax prep software such as: Lacerte, ProSeries, Drake, UltraTax, CCH Pro fx, TaxWorks, etc. The Review Checklist can be used without importing data. Most practitioners select a client, data is automatically imported and analyzed, then they view or print the reports.