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E-book Title: Tax Audit - Retail Liquor Industry Edition
Book Description: You can have the information you need to save yourself from an embarrassing IRS Audit!
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the actual Instructions developed by the IRS to train its auditors in the Retail Liquor Industry
Jurisdiction Of The Retail Liquor Industry
P rohibition was repealed with the adoption of the Twenty-first Amendment in 1933. The Amendment besides gave each state the right to restrict the importation of alcoholic beverages. Since then, each state has developed their own statutory framework for regulation the sale and consumption of alcoholic beverages inside
their jurisdiction.
Responsibility for licensing the sale and distribution of alcoholic beverages is shared jointly, though not equally, between municipal, state, and federal authorities. Administration of the Federal Alcohol Act is unconditional
in the Treasury Department in the Division of the Federal Alcohol Administration. In several rare instances, a license is required from only one of these authorities. In most cases there are dual license requirements.
The IRS Trains Its Auditors
From Chapter One...
T he industry has a three-tiered system for the distribution of alcoholic products. The 1st tier is the manufacturer, the second tier is the distributor or wholesaler, and the third tier is the retailer. The manufacturer may or may not be placed in the state. Each state controls what products may be brought into its borders. The distributor or jobber sells and distributes the products to the retailers.
The basic merchandise carried by the stores are wine, liquor and beer. The stores normally carry some, if not all of the following: cigarettes, soda pop, chips, drink mixes, cheeses, and spring water. Galore upmarket
stores have extensive wine departments with a wine expert on hand. Several small liquor stores are much of a grocery store than a traditional package store. The stores chosen for the most recent audits had liquor sales of at least 85% of their gross receipts.
In recent years, total liquor consumption has been steady
declining due to changes in societal attitude toward alcohol consumption as well as tougher governmental regulation and enforcement. Because of recent civil wrong cases the usual liquor store wish have few assets. The assets wish normally consist of instrumentality needful to operate the business and inventory. Real property is normally control be the stockholder directly or indirectly to protect the assets in a lawsuit. Galore stores may not have liability insurance because the premiums are so high.
The Top 12 Issues The Internal Revenue Service Auditor Wish Be Looking For In The Retail Liquor Industry -
- Bottle Redemption Financial gain
- Amortization Of Liquor Licenses
- S-Corporation Payments Of Health Insurance
- Management Fees To Corporate Officers Are Wages
- Net Operational Loss Deduction
How Wish Your Cognition of These Issues Affect Your Tax Liability?
What just about the answers to these 7 specific questions?
of inventory valuations adjust to a prescribed method?
- How makes your inventory balances compare with prior and consequent year returns?
- Do you have unauthorized changes from cost to cost or market?
- Do you have any gross profit percentage variations?
- Are there notes to fiscal statements of independent auditors?
- Are your year-end purchases enclosed
in ending inventory?
- Have there been any inventory write-downs to below cost?
AND THERE'S MUCH, More MORE...
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The Private secret IRS Instructions written specifically for Internal Revenue Service Audit Agents to use for conducting audits of Retail Liquor Industry.
75 PAGES Chock-full of ALL of the information you need to survive an audit from the IRS in an easy to understand format!
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