Description
IRS Tax Audit Manual for the Scrap Metal Industry
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IRS Tax Audit Manual for the Scrap Metal Industry provides overview of industry, glossary and examination techniques for both purchasers and sellers of scrap metal.
TABLE OF CONTENTS
- Introduction
- General Background Information 1-1
- Types of Scrap Metal 1-4
- Compliance Issues 1-5
- Examination Techniques
- Purchasers of Scrap Metal 2-1
- Operations of Purchaser 2-1
- Major Issues 2-3
- Pre-Audit Steps 2-6
- Information Document Request 2-7
- Interview Questions 2-8
- Development Process 2-12
- Sellers of Scrap Metal 2-16
- Types of Cases 2-16
- Major Issues 2-17
- Pre-Audit Steps 2-19
- Information Document Request 2-21
- Interview Questions 2-22
- Development Process 2-26
- Common Industry Issues (Purchasers & Sellers)
- Accumulated Earnings 3-1
- Built-In Gains–S Corporations 3-1
- Double Deduction of Expenses 3-2
- Earned Income Tax Credit 3-2
- Employment Tax 3-2
- Excise Tax 3-3
- Inventory/IRC Section 263A 3-4
- Loans to Shareholders 3-4
- Special Rules for Long-Term Contracts 3-5
- Traffic Tickets and Fines 3-5
- Unreasonable Compensation 3-5
- Penalties
- Penalties 4-1
- Civil Penalties 4-1
- Criminal Referrals 4-2
- Failure to File Form 8300 4-3
- Compliance Strategies
- Coordination with Other Functions 5-1
- Coordination with Industry Groups 5-3
- Compliance Letter 5-3
- Appendix A-1
- Bibliography A-17
- Glossary G-1
Don’t forget – The IRS Tax Audit Manual for the Scrap Metal Industry is tax deductible as a business expense!
