NEVER AGAIN FEAR AN IRS TAX AUDIT! Uncle Sam's Tax Audit Assistant for Commercial Banking was developed from information available in the financial group of the Internal Revenue Service, from the Banking Industry Specialists and from Internal Revenue Agents from around the country. Even though commercial banking is specifically addressed in this manual, many of the issues and techniques are appropriate for use during the audit of savings and loans, mortgage companies, and finance companies.
SIGNIFICANT ISSUES
Significant issues involve areas with considerable examination potential. They are issues encountered in the field, but are not yet coordinated. The banking ISP has identified eight significant issues to be considered during all examinations.
DOWNLOAD YOUR COPY OF UNCLE SAM'S TAX AUDIT ASSISTANT FOR THE COMMERCIAL BANKING INDUSTRY TODAY to find these eight items explained in detail.
- What level of substantiation must the taxpayer provide in order to be allowed a foreign tax credit?
- What is the proper method for allocating expenses from the parent company to the branch operation?
- What is the proper method for allocating expensed from the parent company to the branch operation?
- Is the taxpayer using SFAS 91 - The current inclusion into income of all fees, and the capitalization of all direct expenses related to the origination of the loan?
- Is the Brazilian Foreign Tax Credit a creditable foreign tax for U.S. tax purposes and if the tax is creditable, is the Brazilian Central Bank exempt from tax?
- Can a taxpayer use "borrower" letters as proof of payment?
- Are taxpayers properly identifying hedging transactions or should IRC Section 1256 apply?
If you don't understand how the answers to these questions can affect your tax liability, you could find yourself in trouble during a tax audit. Can You Afford NOT TO KNOW What Else The IRS Tells Its Auditors? GUARANTEED to be chock-full of ALL of the information you need to survive an audit from the IRS in an easy to understand format!
