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IRS Tax Audit Manual for the Wine Industry
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TABLE OF CONTENTS
- INTRODUCTION . . .v
- CHAPTER 1 OVERVIEW OF WINERY/VINEYARD OPERATIONS Farming . . . 1-1
- Manufacturing . . .1-2
- Marketing/Sales . . .1-4
- CHAPTER 2 SELECTION AND CLASSIFICATION OF RETURNS
- Selection of Returns . . .2-1
- Classification of Returns . . .2-2
- CHAPTER 3 AUDIT COMMENTS
- Scope . . .3-1
- Initial Document Request . . .3-2
- Initial Interview and Walk Through . . .3-3
- Balance Sheet Accounts . . .3-6
- Inventories . . .3-6
- Other Assets . . .3-6
- Buildings and Other Depreciable Assets (Fixed Assets) . . .3-6
- Land . . .3-7
- Interest Bearing Debt in General . . .3-7
- Other Liabilities . . .3-7
- Income and Expense Accounts . . .3-7
- Other Income . . .3-7
- Compensation of Officers . . .3-7
- Salaries and Wages . . .3-8
- Repairs . . .3-8
- Rent . . .3-8
- Taxes . . .3-8
- Interest Expense . . .3-8
- Depreciation . . .3-9
- Advertising . . .3-9
- Pension/Profit Sharing Plan and Employee Benefits . . .3-9
- Other Deductions . . .3-9
- CHAPTER 4 WINE INDUSTRY ISSUES
- Inventory Costing Issues . . .4-1
- General Discussion . . .4-1
- Lower of Cost or Market . . .4-6
- Vineyard Issues . . .4-7
- Cash Basis Vineyard . . .4-7
- Capitalized Costs . . .4-12
- Depreciation/Amortization . . .4-14
- Miscellaneous Issues . . .4-17
- GLOSSARY . . .G-1
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