Particular person tax return preparation can be revved up going into the final month of tax season. Among the many endemic issues are errors by preparers. I’ve written articles and books and introduced many speeches and webinars on bettering the standard of preparers and can provide many strategies and options proper now, however I doubt many readers would do something right now to implement any recommendations. They need to, however they received’t. However right here is one process that may be carried out instantly with out a lot effort: Have the preparer take a look at the ultimate end result and perceive whether or not it is smart.
The ultimate result’s both a refund or steadiness due. If the overpayment is utilized to subsequent yr, then take a look at the quantity being utilized. They need to ask the next query about it: Is the quantity cheap for that shopper?
If the quantity doesn’t seem cheap or represents a shock end result, then the preparer would want to find out the rationale for the distinction after which make the reviewer conscious of this (so the reviewer wouldn’t must redo what the preparer discovered). If an error or shock result’s found, then it could take a couple of minute, however it could be a mechanism for the preparer to study one thing in regards to the shopper’s scenario or discover their very own errors and proper them.
There are at all times exceptions, however this “take a look at” ought to work for a lot of the returns which are ready. That is very low effort and may be completed in a single minute. Attempt it! What do you must lose in comparison with what you possibly can achieve?
Get pleasure from the remainder of tax season, and hopefully it is going to be extra profitable than final yr.
Don’t hesitate to contact me at emendlowitz@withum.com together with your apply administration questions or about engagements you won’t be capable to carry out.