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Tax Return prep and review and how to collaborate with review notes and back and forth

So a tax return comes to my plate to review. 

I make my notes in the comments section of the Review stage (maybe it should be in the Prep stage?) and I at mention the preparer.

If there is notes that need to be cleared.

 

Should I be changing the status back to the preparer?

Having some logistics issues for this and making sure the notes are cleared, meaning when the notes are cleared does the preparer just at mention me that it's done?

Or do you use an entirely different process?


I would guess that what I am missing is that you have a first review stage, than a clear notes stage, and then final review stage.

Which would solve the issue

 

Is this how your would do it? 

For example:

 

  1. PREP
  2. Manager Review
  3. Clear Review notes
  4. Final Review

Anyone have a solid template for 1065s?

3 replies

SamG
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Userlevel 7
Badge +15

Hi @Moshe Mindick,

We use the Work Status to determine who it’s with 🙂

For annual compliance/tax returns:

First two substatuses here, it’s with Preparer

Third and Fifth, it’s with Reviewer

Fourth and sixth, it’s with Preparer

Can oscillate between fifth and sixth (but ideally doesn’t!!)

We put review points in the workpapers (rather than Karbon), preparer notes that they’ve actioned them in there as well

Does that help? 🙂

 

M
Rank
Userlevel 1

This was helpful and interesting - keep it simple is the key here I see where you are just mostly tracking job status

 

but all the details of what the issues are might be in the workpapers

 

Now you got me curious how you do your workpapers

We recently started using Caseware Working papers

 

 

SamG
Rank
Userlevel 7
Badge +15

We use Xero Workpapers when preparing financials and tax return and compile a PDF of workpapers when only preparing tax return 🙂 

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