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Tax Audit - Auto Body & Repair Industry Edition Ebook

Auto Body & Repair Industry

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E-book Category: Business, Law
E-book Title: Tax Audit - Auto Body & Repair Industry Edition
Book Description: Overview of the industry... Discusses some issues that may be encountered - including other sources of income; cost of sales; employment taxes; etc

TABLE OF CONTENTS

CHAPTER 1: THE NATURE OF AUTO/BODY REPAIR INDUSTRY
Overview 1-1
Description of Auto Body Repair Process 1-2
Repair/Replacement 1-2
Paint Process 1-2
Other Processes 1-3
Estimation Process 1-3
Differences Between Body and Repair Shops 1-4

CHAPTER 2: DOCUMENTS AVAILABLE
Introduction 2-1
General Books and Records 2-1
Specific Documents 2-2
The Mitchell Guide 2-5
Organization of Records 2-5

CHAPTER 3: INITIAL INTERVIEW/TOUR OF BUSES
Initial Interview 3-1
Tour of Business 3-4

CHAPTER 4: BALANCE SHEET ACCOUNTS AND M-1 ANALYSIS
Introduction 4-1
Comparative Review 4-1
Cash Account 4-2
Inventories 4-3
Buildings and Other Depreciable Assets 4-3
Other Receivables 4-4
Liabilities and Shareholder's Equity 4-4
Treasury Stock 4-4
Schedule M-1
Review 4-5

CHAPTER 5: SALES
Introduction 5-1
Categories of Charges 5-4
Labor 5-4
Sublet 5-4
Towing 5-4
Storage 5-5
Estimate Fees 5-5
Vehicle Sales 5-5
Sales Tax 5-5
Other Income Sources 5-6
Rebates and Refunds of Expense 5-6
Sublease of Premises and Equipment 5-6
Advertising Space 5-6
Old Checks 5-6
Other Sources 5-7
Accounting for Sales Taxes 5-7
Sales Tax Audits 5-8
Indications of Underreporting 5-9
Estimating Sales 5-9
Bank Deposits 5-10
Repair Orders 5-12
Breakdowns of Sales and Costs 5-13
Checks to Check Cashers 5-13
Cash Transactions Records 5-13
Other Income Issues 5-14
Held Checks 5-14
Waived Deductibles 5-14
Cash Payments 5-15
Cashed Checks 5-15
Journal Entries 5-17

CHAPTER 6: COST OF SALES
Introduction 6-1
Purchases 6-1
Records to Request/Examine 6-2
Labor 6-4
Metal Labor 6-4
Frame Labor 6-4
Paint Labor 6-4
Minor Mechanical Repairs 6-5
Labor: Records to Request/Examine 6-5
Audit Procedures 6-5
Sublet Expenses 6-7
Inventory 6-7
Inventory Requirements 6-8
Records to Examine/Request 6-9
Audit Procedures 6-9
Inventory Listed on Return 6-13
Paint and Supplies Inventory 6-13
Change in Accounting Method 6-14

CHAPTER 7: EXPENSES
Introduction 7-1
Automobile Expense 7-1
Vehicle Owned by Corporation 7-2
Vehicle Owned by Shareholder 7-2
Leased Vehicles 7-3
Entertainment and Promotion 7-3
Inadequate Verification 7-3
Personal Expenses 7-4
Misclassified Business Meals 7-4
Gifts 7-4
Expense Allowances 7-4
Rent Expense 7-4
Real Property 7-5
Personal Property 7-6
Insurance 7-6
Prepaid and Accruals 7-6
Dividends, Refunds and Claims 7-7
Medical Insurance 7-7
Life Insurance 7-8
Auto Insurance 7-8
Officer Compensation 7-9
Reasonable Compensation 7-9
Bonuses 7-10
Journal Entries 7-10
Accruals 7-11
Loan Accounts and Related Interest Expense 7-11
Imputed Interest 7-12
Employee Related Expenses 7-14
Uniforms 7-14
Employee Advances 7-14
Group Plans 7-15
Bonuses and Gifts 7-15
Expenses Reimbursements 7-15
Unethical Practices 7-15
Automobile Rental Kickbacks 7-15
Finders or Referral Fees 7-16
Political Contributions and Lobbying Costs 7-16
Lien Sale Filings 7-16
Towing Service Payments 7-17
Insurance Fraud 7-18
Smog Certificate Sales 7-18

CHAPTER 8 : CHANGE IN ACCOUNTING METHOD
Introduction 8-1
Why Make an IRC Section 481 Adjustment? 8-1
Inventory Adjustment 8-1
Computation of Accrued Sales and Purchases 8-3
Computation of IRC Section 481
Adjustment for Accrued Receivables 8-3
Determination of Accrued Purchases 8-8
IRC Section 481(b)(1) & (2) Limitations 8-8
Revenue Procedure 92-20 8-11

CHAPTER 9: EMPLOYMENT TAXES
Introduction 9-1
Recharacterization of Payments as Wages 9-4
Consistent Treatment as Non-Employees 9-5
Occasional Treatment as Non-Employees 9-6
Bonuses 9-7
Officer Salaries 9-8
Other Situations 9-8
Examining Returns, Books and Records 9-9
The Tax Return 9-9
Transcripts 9-9
Reconciliation and Form W-2 and
1099 Inspection 9-10
Disbursements 9-11
Related Returns 9-11
Penalties 9-12
Backup Withholding 9-12
Statutes and Closing Procedures 9-12

CHAPTER 10: INFORMATION RETURNS/PENALTIES FORM 1099
Information Returns 10-1
Audit Techniques 10-2
Other Issues 10-4
Form 8300 Information Returns 10-4
Package Audit Requirements/Audit Techniques 10-5
Penalties 10-7
Failure to File Correct Information Returns --
IRC section 6721 10-7
Failure to Furnish Correct Payee Statements --
IRC section 6722 10-8
Backup Withholding 10-9
Abatement Procedure for Backup
Withholding 10-11

Glossary G-1

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