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 | Tax Audit - Garment Manufacturers Industry Edition Ebook | |
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 | |  | | E-book Category: Business, Law
E-book Title: Tax Audit - Garment Manufacturers Industry Edition
Book Description: Overview of industry. Entities that design the garment, procure fabric and materials, coordinate all aspects of the construction of the garment and sell finished product to retailers.
TABLE OF CONTENTS
Chapter 1
Introduction
Nature of the Information in this Guide 1-1
Results of the Examinations Conducted 1-2
Spin-Off Returns 1-3
Officers and Shareholders 1-3
Related Entities 1-4
Contractors 1-4
Employees and Agents 1-4
Employment Tax Case 1-4
Information Return Penalties 1-5
Chapter 2
Nature of the Business
Overview 2-1
Design 2-1
Sales 2-2
Production 2-2
Accounting and Administration 2-3
Seasons 2-3
Factoring Accounts 2-3
Chapter 3
Factory Visit and Interview
Factory Visit 3-1
Initial Interview 3-2
Chapter 4
Documents Available
Introduction 4-1
Cost Sheets 4-1
Purchase Orders 4-1
Piece Goods and Trim Invoices 4-2
Delivery Documents 4-2
Credit Memos and Debit Memos 4-2
Cutting Tickets 4-3
Contractor Invoices 4-3
Sales Invoices 4-3
Factor Statements 4-4
Inventory Records 4-4
Chapter 5
Balance Sheet Accounts
Introduction 5-1
Chapter 6
Sales, Returns and Allowances
Sales 6-1
Sales Returns and Allowances 6-2
Returns 6-3
Warehouse Allowance 6-3
Markdown Allowance 6-3
Year-end Allowance 6-3
Volume Allowance 6-3
Advertising Allowance 6-4
Trade Discounts 6-4
Cash Discounts 6-4
Accounting for Returns,
Allowances, and Discounts 6-4
Accruing Returns, Allowances, and
Discounts at Year-end 6-5
Disputed Charge backs 6-7
Chapter 7
Cost of Goods Sold
Introduction 7-1
Period Costs 7-2
Purchases 7-2
Labor 7-4
Other Costs 7-6
IRC section 263A 7-6
Ending Inventory 7-7
Why Audit Inventory When
All Adjustments Are "Rollovers?" 7-7
Description of Inventory Records 7-11
Some Suggested Audit Inquiries 7-13
Uniform Capitalization Requirements of
IRC section 263A, as Applicable to
Garment Manufacturers 7-20
Changing an Accounting Method Relative to an
Inventory Adjustment 7-22
Chapter 8
Expense Accounts
Travel 8-1
Accounting for Travel 8-1
Auto Expenses 8-2
Accounting for Auto Expenses 8-3
Expense Reimbursements
Versus Auto Allowances 8-4
Leased Autos 8-4
Entertainment 8-5
Salary Deductions and Accruals 8-5
IRC sections 267 and 404(a)(5) 8-6
Other Expenses 8-6
Gifts 8-6
Sample Expenses 8-7
Factoring Expenses 8-7
Chapter 9
Information returns and Back-up Withholding
General Background 9-1
Audit Techniques 9-1
Sewing and Cutting Contractors 9-1
Commissions for Sales Personnel and
Other Independents 9-4
Other Issues 9-4
Information Returns Penalties 9-4
Information Returns Penalties:
IRC sections 6652, 6676, 6678 and
6721-6724 9-4
Information Returns Statute of Limitations 9-6
Back-Up Withholding 9-6
Back-Up Withholding --
Abatement Considerations 9-8
Trust Fund Recovery Penalty
(100 Percent Penalty) Statute 9-9
Glossary G-1
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