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Scrap Metal Industry Edition

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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!