BTR Review Process Guide

Overview
Objective
Platforms Involved
Scope
Related Resources
Use Case
Workflow
Exhibits / Appendices / Supporting Documents
Change Control Log

Overview

This guide walks you through the step-by-step process of reviewing a Business Tax Return (BTR) using GoSystems Tax and Collective Hub V2. It is designed to ensure accuracy and completeness in the review process.

Objective

The primary goal of this guide is to facilitate a thorough and accurate review of BTRs, ensuring that all necessary documents and information are verified and correctly processed.

Platforms Involved

GoSystems Tax
Collective Hub V2

Scope

This guide applies to the review process of Business Tax Returns within the specified platforms, focusing on ensuring all data is correctly verified and documented.

GoSystems Tax User Manual
Collective Hub V2 Documentation

Use Case

This guide is intended for tax professionals involved in the review of Business Tax Returns. It ensures a consistent and thorough review process that maintains compliance and accuracy.

Workflow

Step 1: Opening the Required Platforms and Documents

First, open GoSystems Tax and locate the member's file you will be working on. Use Collective Hub V2 to identify which returns are ready for review.

Step 2: Starting the Review Process

Begin the review task by selecting "Start Task" in the hub. This will open up additional options for when you complete the review.

Step 3: Reviewing the Financial Documents

Open and review all necessary financial documents, including the 2553 form, balance sheet, profit and loss statement, tax organizer, and W-2 forms. Organize these documents in the order they will be reviewed.

Step 4: Working Through the Checklist

Systematically check each item on the checklist provided in the hub, making sure to verify and complete each section with notes and confirmations where necessary.

Review S-Corp Information: Ensure all S-corp details, including election dates and established dates, match the 2553 form in both the return and the Hub. If Hub details are incorrect, hop to the same member in the Member Hub and you can correct these details. For any you cannot correct, please open a Sev ticket to correct.
Verify Addresses: Confirm business and shareholder addresses match across all documents. Update as necessary.
Check Preparer Information: Ensure that the preparer's information, including signatures, is correctly listed.
Confirm S Election: Verify that a copy of the 2553 and S Corp acceptance letter are available in the hub. If the S Corp acceptance letter is not in Documents but we faxed the 2553, contact the MRM to follow up with the member and collect a copy.

Step 5: Finalizing the Review

Preview the Return: Perform a print preview to ensure no extraneous forms are included in the IRS filing.
Check Diagnostics: Verify that there are no issues in the diagnostics that need addressing.
Prepare for E-Filing: Ensure the return is ready for e-filing by creating the e-file for each jurisdiction and checking for any validation errors.

Exhibits / Appendices / Supporting Documents

Screenshots and images provided throughout the guide serve as visual references for each step.

Change Control Log

Document any changes or revisions made to this guide for future reference. Update the log before submitting for publication.