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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

Don’t forget – The IRS Tax Audit Manual for the Wine Industry is tax deductible as a business expense!