• Either the preparer or the quality reviewer must review the return with the taxpayer to the extent needed or requested to ensure taxpayer understanding.
    • Part of the review is to point out to the taxpayer that the accuracy and completeness of the return is the taxpayer’s responsibility, as stated on the Forms 8879 (federal and state), and on the Tax Record Envelope.
  • This review can be done either from the computer screen OR by using a printed return.
    • Decide which works best for you and the taxpayer
    • For more complex returns, such as those with many documents, it may be easier to work from a printed copy – see “Printing Returns”, immediately below.
  • If the prior year’s return is available, it can be very helpful to review the differences with the taxpayer.
    • TaxSlayer has a “Prior Year Comparison” feature, which compares the current tax year return to any prior year tax return which has been done at the same site. This is a very limited comparison, of ten lines on the tax return, not a complete line-by-line match. It’s available from the Calculation Summary page (click Summary/Print on the left navigation bar), and in the “Helpful Tools” section of the pulldown menu under the taxpayer’s name (upper right of the screen).
  • If the taxpayer had a significant change in the amount owed or amount refunded between the prior and current tax years, the three most likely sources of that change are:
    • The taxpayer’s status or income or expenses changed significantly. 
  • If taxable income increased significantly, then the taxpayer may have now be in the 22% marginal federal tax rate. [For 2024, for single and MFS filers, that rate starts at $47,150; for HoH returns it starts at $63,100; for MFJ/QSS returns it starts at $94,300.] 
    • Withholding differences: The taxpayer may have submitted a W-4 to change federal withholding, or instructed a pension trustee to change withholding, or taken an IRA distribution in a different amount than the prior year, and/or with a different tax withholding percentage.
  • While it is difficult to predict exactly when a taxpayer will receive a refund, IRS guidance in previous years has been that most filers should receive their refund within 21 days of e-filing, and sooner than that if the refund is being sent electronically to a bank account (direct deposit).

Created with the Personal Edition of HelpNDoc: Revolutionize Your Documentation Review with HelpNDoc's Project Analyzer