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Bars and Restaurants Edition

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Description

IRS Tax Audit Manual for Bars and Restaurants 

Overview of the industry includes record-keeping, inventory, points of sale, profit and loss statements, expenses, balance sheets, and employment tax issues…

TABLE OF CONTENTS

  • CHAPTER 1: BACKGROUND/GENERAL INFORMATION
    • Overview of the Industry 1-1
    • Financial Aspects 1-1
    • Operating Ratios 1-2
    • Books and Records 1-2
  • CHAPTER 2: THE AUDIT
    • Examination 2-1
    • Pre-Audit Planning 2-1
    • Initial Interview 2-2
    • Initial Information Document Requests
    • (IDR’s) 2-2
  • CHAPTER 3 : BALANCE SHEET
    • Examination 3-1
    • Audit Technique 3-2
    • Cash 3-2
    • Unreported Income 3-2
    • Audit Techniques 3-3
    • Stale Checks 3-3
    • Inventory 3-4
    • IRM 4231 for Inventories 3-4
    • Loans to Shareholders 3-6
    • Audit Techniques 3-6
    • Fixed Assets 3-7
  • CHAPTER 4: PROFIT AND LOSS STATEMENT
    • Examination 4-1
    • Audit Technique 4-1
    • Sales 4-1
    • Income From the Sale of Food 4-2
    • Income From the Bar 4-4
    • Other Income 4-8
    • Income from Coin-Operated Activities 4-8
    • Other Activities 4-8
    • Costs of Goods Sold 4-8
  • CHAPTER 5: REQUIRED FILING CHECKS
    • Examination 5-1
    • IRM 4034 5-1
    • Employment Taxes 5-2
    • Tip Income 5-3
    • Allocation of Tips – IRC Section 6053(b) 5-4
    • Tip Rate Determination/Education Program 5-6
    • Overview of Program 5-6
    • Examination Techniques Used to
    • Determine Tip Income 5-7
    • Discussion of McQuatters Formula 5-7
    • Summary 5-8
  • GLOSSARY
    • General Terms G-1
    • Tip Income Related Terms G-2
    • Computation of Key Percentages G-3
Don’t forget – The IRS Tax Audit Manual for Bars and Restaurants is tax deductible as a business expense!

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