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 | Tax Audit - Grain Farmers Industry Edition Ebook | |
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 | |  | | E-book Category: Business, Law
E-book Title: Tax Audit - Grain Farmers Industry Edition
Book Description: Overview of the industry. Provides terminology. Topics discussed include underreporting of income, employment taxes, accounting methods, government farm programs, etc.
TABLE OF CONTENTS
Chapter 1 INTRODUCTION
Purpose of Guide 1-1
Compliance Potential 1-1
Nature of Farming 1-2
Risk 1-2
Capital 1-3
Chapter 2 PRODUCTION CYCLES
Introduction 2-1
Wheat 2-1
Winter Wheat 2-2
Soil Preparation and Planting 2-2
Fertilization 2-2
Harvesting and Storage 2-2
Marketing 2-3
Corn 2-3
Soil Preparation 2-4
Planting 2-4
Irrigation 2-4
Harvesting 2-5
Silage 2-5
Marketing 2-5
Soybeans 2-6
Double Cropping 2-6
Harvesting and Uses 2-6
Sorghum (Milo) . 2-7
Planting 2-7
Harvesting 2-7
Alfalfa 2-8
Soil Preparation and Planting 2-8
Grazing 2-8
Harvesting and Storage 2-8
Marketing 2-9
Chapter 3 EXAMINATION TECHNIQUES
Document Request 3-1
Farm records 3-1
Books and Records Needed 3-2
Interview 3-2
Initial Interview 3-2
Visual Inspection 3-3
Chapter 4 EMPLOYMENT TAXES IRM 4034
Required Filing Checks -
Employment Taxes 4-1
Form 943, Employers Annual Tax Return
for Agricultural Employees 4-1
Law Changes and Potential Examination Issues 4-2
Treatment of Non-Cash Wages 4-3
Examples of Noncash Wage Agreements 4-5
Self-Employment Tax Attributable to
Compensation in Commodities 4-5
Filing Return and Depositing Tax 4-6
Form 940, Employers Annual Federal
Unemployment Tax Return 4-7
Form 1099, Information Returns 4-8
Chapter 5 ACCOUNTING
Accounting Periods 5-1
Partnerships and Subchapter S-Corporations 5-1
Accounting Methods 5-2
Cash Receipts and Disbursements Method
(Cash Method) 5-2
Accrual Method 5-3
Income 5-3
Special Methods of Accounting for
Certain Items 5-4
Combination (Hybrid) Methods 5-4
Change in Accounting Method 5-4
Inventory Valuation Methods 5-6
Farm-Price Method 5-6
Unit-Livestock-Price Method 5-7
Uniform Capitalization Rules 5-7
Resources 5-8
Chapter 6 INCOME
Introduction 6-1
Sale of Crops and Produced Items 6-2
Grain Crops 6-3
Hay Crops 6-4
Constructive Receipt of Income versus
Installment Sale Reporting of Income 6-5
Installment Sales 6-5
Constructive Receipt 6-6
Examination Techniques 6-7
Resources 6-7
Crop Shares 6-8
Material Participation 6-8
Examination Techniques 6-9
Various Contracts 6-9
Deferred Product Sales 6-9
Price Later Contracts (PLC) 6-10
Distributions from Cooperatives 6-11
Patronage Dividends 6-11
Other Receipts 6-12
Examination Techniques 6-12
Easements and Rights-of-Way 6-13
Other Farm Income 6-13
Machine Work 6-13
Chapter 7 GOVERNMENT FARM PROGRAMS
Agricultural Program Payments 7-1
Limitation on Total Payments 7-3
Cash Payment Programs 7-3
The Deficiency Program 7-3
The Diversion and Set-Aside Program 7-4
The Farm and Warehouse Storage Program 7-5
Conservation 7-5
Cost Sharing Exclusion 7-5
Income Realized 7-6
Effects of the Exclusion 7-7
Conservation Reserve Program (CRP) 7-8
Resources 7-9
Commodity Credit Corporation Loans 7-9
Commodity Credit Loans 7-10
Loan Method 7-11
Income Method 7-13
Market Gain 7-15
Examination Techniques 7-16
General Rules for Reporting Loan Data 7-18
Reporting Program Payments 7-19
Commodity Credit Certificates (PIK) 7-21
Crop Insurance and Disaster Payments 7-22
Examination Techniques 7-24
Chapter 8 HEDGING FARM COMMODITIES
Definition of a Hedging Transaction 8-1
The Futures Market 8-2
The Options Market 8-3
Hedging Cattle 8-3
Hedging Grain Crops 8-4
Transaction Analysis 8-4
Identification Rules 8-5
Timing Rules 8-8
Examination Techniques 8-8
Chapter 9 CANCELLATION OF INDEBTEDNESS
General Rule 9-1
Discharge of Deductible Debt 9-1
Reduction of Purchase Money Debt 9-1
Cancellation by Gift 9-2
Exclusions from Income 9-2
Title 11 Case 9-3
Insolvency 9-3
Qualified Farm Indebtedness 9-5
Qualified Real Property Business
Indebtedness 9-6
Priority of Exclusions 9-7
Reduction of Tax Attributes 9-7
Order of Reduction 9-7
Amount and Manner of Reduction 9-8
Election to Reduce Basis of
Depreciable Property 9-9
Partnerships and S-Corporations 9-11
Shareholder-Corporation Transactions 9-11
Forgiveness of Shareholder Debt 9-12
Acquisition of Debt by Related Party 9-12
Examination Techniques 9-12
Chapter 10 FORECLOSURES, REPOSSESSIONS, AND ABANDONMENTS
Debt Discharged by Transfer of Property 10-1
Transfer Treated as a Sale or Exchange 10-1
Discharge of Recourse Debt 10-1
Discharge of Nonrecourse Debt 10-2
Discharge of Debt Secored by Property 10-2
Character of Gain or Loss 10-2
Abandonment of Property 10-3
Information Reporting 10-3
Examination Techniques 10-4
Chapter 11 FARM BUSINESS EXPENSES
Introduction 11-1
Methods of Accounting 11-1
Deposit or Payment 11-1
Prepaid Expenses 11-2
General Farm Expenses 11-3
Feed 11-3
Seed 11-3
Fertilizer 11-4
Chemicals 11-4
Fuel 11-4
Insurance 11-4
Taxes 11-5
Interest 11-5
Rent 11-6
Storage and Warehousing 11-6
Labor Hired 11-7
Examination Techniques 11-7
Repairs and Maintenance 11-7
Meals and Lodging 11-8
Personal Living Expenses 11-8
Examination Techniques 11-9
Soil and Water Conservation Expenses 11-9
Chapter 12 BASIS AND SALES OF THE FARM AND FARM ASSETS
Background 12-1
Basis of Farm Assets 12-1
Property Acquired in Trade 12-2
Property Received as a Gift 12-4
Inherited Property 12-5
Selling the Farm 12-6
Selling the Farm Residence 12-6
Standing Crops Sold With a Farm 12-7
Installment Sales 12-8
Chapter 13 DEPRECIATION, COST RECOVERY AND IRC 179
Introduction 13-1
Depreciation and Cost Recovery 13-1
Alternative Minimum tax (ATM) Adjustment 13-2
IRC section 179
Deduction 13-4
Listed Property 13-6
IRC section 179 Recapture 13-7
Chapter 14 DEPLETION
Introduction 14-1
Water Depletion 14-1
Percentage Depletion 14-3
Examination Techniques 14-3
Chapter 15 SALES OF LIVESTOCK
Introduction 15-1
Examination Techniques 15-1
Sale of Items Bought for Resale 15-2
Examination Techniques 15-2
Sale of Livestock Held for Draft, Breeding or
Dairy Purposes 15-3
Drought Sales of Livestock 15-3
Livestock Held for Draft, Breeding, or Dairy
Purposes (Tax Treatment #1) 15-4
Deferring Income to Subsequent Year (Tax treatment #2) 15-5
Examination Techniques 15-7
Chapter 16 CREDITS
Introduction 16-1 General Business Credit 16-1
Regular Investment Tax Credit 16-1
Forestation and Reforestation 16-1
Rehabilitation Credit 16-2
Business Energy Investment Credit 16-2
Basis Adjustment 16-2
Carrybacks and Carryovers 16-3
Recapture of Investment Credit 16-4
Fuel Tax Credits 16-4
Federal Gas Tax Rates 16-5
Excise Tax Credit 16-5
Diesel Fuel 16-6
New Tax Law on Dyed Diesel 16-7
Gasoline 16-8
Claiming the Credit 16-8
IRC section 6675 Penalty 16-10
GLOSSARY G-
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