Auto Dealerships - Audit Technique Guide - Uncle Fed's Tax*Board
Auto Dealerships - Audit Technique Guide - Uncle Fed's Tax*Board Auto Dealerships - Audit Technique Guide - Uncle Fed's Tax*Board
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Table of Contents Preface .................................................................. iii Audit Technique Guide Organization ......................................... iv Table of Contents ..........................................................v Part I General Focus and Procedure Chapter 1 Financial Status ............................................ 1 - 1 Introduction......................................................... 1 - 1 Financial Status Analysis ............................................... 1 - 1 Type A Analysis...................................................... 1 - 2 Type B Analysis...................................................... 1 - 5 Type C Analysis....................................................... 1 - 6 Conclusion.......................................................... 1 - 11 Chapter 2 Getting Started............................................. 2 - 1 Chapter 3 Standard Audit Index Numbers – SAIN ......................... 3 - 1 Chapter 4 Books and Records.......................................... 4 - 1 Characteristics ....................................................... 4 - 1 Journal Voucher Entries................................................ 4 - 3 Sub-Journals ........................................................ 4 - 3 Books and Records General Ledger Audit Example ........................... 4 - 4 Conclusion.......................................................... 4 - 7 Chapter 5 Balance Sheet .............................................. 5 - 1 Part II Inventory Chapter 6 General – Non LIFO ........................................ 6 - 1 Type A – Schedule C Used Cars ......................................... 6 - 1 IRC section 263A – Uniform Capitalization Rules ............................ 6 - 2 Type B – Smaller New Vehicle Dealerships: Schedule C, Form 1120-S or Form 1065 . . 6 - 3 Type C – Large Multi-Entity Dealerships: Form 1120, Form 1120-S or Form 1065 ............................................................... 6 - 4 v
- Page 1 and 2: Internal Revenue Service Market Seg
- Page 3: Preface One of the goals envisioned
- Page 7 and 8: The Reinsurance Transaction .......
- Page 9 and 10: Part 1 General Focus and Procedure
- Page 11 and 12: 1. Type A Return Information Schedu
- Page 13 and 14: Percentage has gone down. The incre
- Page 15 and 16: the principal shareholders to finan
- Page 17 and 18: Rents $ 500,000 Interest $ 50,000 C
- Page 19 and 20: Conclusion "Financial status" is on
- Page 21 and 22: Chapter 2 Getting Started The key t
- Page 23 and 24: entities and their purpose and rela
- Page 25 and 26: It is recommended that officer comp
- Page 27 and 28: Chapter 3 Standard Audit Index Numb
- Page 29 and 30: Chapter 4 Books and Records Charact
- Page 31 and 32: c. Reconcile (2): Beginning Trial B
- Page 33 and 34: 3 Repair Order Sales 4 Parts Sales
- Page 35 and 36: Conclusion Although intimidating at
- Page 37 and 38: Chapter 5 Balance Sheet Why do we c
- Page 39 and 40: When an adjustment to a balance she
- Page 41 and 42: Part 2 Inventory Chapter 6 General
- Page 43 and 44: . Purchasing c. Handling, processin
- Page 45 and 46: dealerships use specific identifica
- Page 47 and 48: Chapter 7 LIFO Background Overview
- Page 49 and 50: A Short History of LIFO Application
- Page 51 and 52: improper inflation through unwarran
- Page 53 and 54: Introduction Chapter 8 Computing LI
Table of Contents<br />
Preface .................................................................. iii<br />
<strong>Audit</strong> <strong>Technique</strong> <strong>Guide</strong> Organization .........................................<br />
iv<br />
Table of Contents ..........................................................v<br />
Part I General Focus and Procedure<br />
Chapter 1 Financial Status ............................................ 1 - 1<br />
Introduction......................................................... 1 - 1<br />
Financial Status Analysis ............................................... 1 - 1<br />
Type A Analysis...................................................... 1 - 2<br />
Type B Analysis...................................................... 1 - 5<br />
Type C Analysis....................................................... 1 - 6<br />
Conclusion.......................................................... 1 - 11<br />
Chapter 2 Getting Started............................................. 2 - 1<br />
Chapter 3 Standard <strong>Audit</strong> Index Numbers – SAIN ......................... 3 - 1<br />
Chapter 4 Books and Records.......................................... 4 - 1<br />
Characteristics ....................................................... 4 - 1<br />
Journal Voucher Entries................................................ 4 - 3<br />
Sub-Journals ........................................................ 4 - 3<br />
Books and Records General Ledger <strong>Audit</strong> Example ........................... 4 - 4<br />
Conclusion.......................................................... 4 - 7<br />
Chapter 5 Balance Sheet .............................................. 5 - 1<br />
Part II<br />
Inventory<br />
Chapter 6 General – Non LIFO ........................................ 6 - 1<br />
Type A – Schedule C Used Cars ......................................... 6 - 1<br />
IRC section 263A – Uniform Capitalization Rules ............................ 6 - 2<br />
Type B – Smaller New Vehicle <strong>Dealerships</strong>: Schedule C, Form 1120-S or Form 1065 . . 6 - 3<br />
Type C – Large Multi-Entity <strong>Dealerships</strong>: Form 1120, Form 1120-S or Form 1065<br />
............................................................... 6 - 4<br />
v
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