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
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 Lacerte*,
ProSeries*, Drake*, UltraTax*, CCH Pro fx*, TaxWorks*, and other selected tax
programs (email us for your program if not listed). 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.