Overview of the industry. Emphasis on change of accounting method, IRC section 263A, and inventory.
TABLE OF CONTENTS
Chapter 1
- Principal Industry Work (PIA), Principal Business Work (PBA), and Standard Industrial Classification Codes 1-3
- Manufacturing 1-2
- Introduction Intention 1-1
- Industry Specialization Program (ISP) 1-4
- How This Manual Is Bestowed 1-1
- Audit Technique Guides (ATG) 1-4
Chapter 2
- Understanding the Creation Process Introduction 2-1
- Types of Manufacturers 2-1
- Touring the Facilities 2-11
- Specific Observations 2-13
- Specialty Referrals 2-7
- Ratio Analysis 2-9
- Planning the Audit 2-2
- Initial Interview 2-10
- Identification of Potential Issues/Tax Return Analysis 2-2
- Flowcharting the Creation Process and Related Source Document Flow 2-15
- Costing Methods for Manufacturing 2-2
- Comparative Years Analysis 2-8
Chapter 3
- Required Filing Checks Introduction 3-1
- Related Returns 3-12
- Other Related Return Issues 3-17
- Other Employment Tax Issues -- In General 3-4
- Interest Free Adjustments 3-6
- Information Returns Statute of Limitations 3-10
- Information Returns 3-6
- Identifying Related Returns 3-13
- Form 1099 3-7
- Foreign Entities 3-20
- Examination Techniques 3-7
- Employment Tax Reconciliation 3-1
- Employee Versus Independent Contractor 3-2
- Corporate Payer -- Stockholder Issues 3-13
- Backup Withholding 3-10
- Assertion Procedures 3-11
- Abatement Procedure 3-12
Chapter 4
- Schedule M-1 and Schedule M-2 4-26
- Retained Earnings 4-25
- Reconcile the Book Accounts to the Return 4-4
- Preliminary Audit Steps 4-4
- Loans to/from Shareholders 4-14
- Inventory 4-14
- Interrelationship Between Balance Sheet and Financial gain Statement 4-2
- Effect of Balance Sheet Adjustments on Assessable Financial gain 4-3
- Comparative Analysis 4-5
- Cash 4-6
- Capital Stock/Capital Account 4-24
- Building and Instrumentality 4-18
- Balance Sheet Introduction 4-1
- Auditing a Balance Sheet Account and Schedules M-1 and M-2 4-5
- Accounts Due 4-10
- Accounts Payable, Another Current Liabilities and Another Liabilities 4-21
