» A GUIDE TO SAFETY IN THE METAL FABRICATION INDUSTRY
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The information presented in A Guide To
Safety in the Metal Fabrication Industry
is intended for general use only. It
should not be viewed as a definitive ...
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Scrap Metal Industry
Source: www.irs.gov
Topic: Metal Industry
Sort Desciption: used in the examinations of returns of the scrap metal industry. These examinations include. returns for both purchasers and sellers of scrap metal. ...
Content Inside: Market Segment Specialization Program The taxpayer names and addresses shown in this publication are hypothetical. They were chosen at random from a list of names of American colleges and universities as shown in Webster’s Dictionary or from a list of names of counties in the United States as listed in the United States Government Printing Office Style Manual. This material was designed specifically for training purposes only. Under no circumstances should the contents be used or cited as authority for setting or sustaining a technical position. Department of the Treasury Internal Revenue Service Training 3123-001 (2-99) TPDS No. 84683P MSSP Scrap Metal Industry This page intentionally left blank. iii Table of Contents Introduction General Background Information 1-1 Types of Scrap Metal 1-4 Compliance Issues 1-5 Examination Techniques Purchasers of Scrap Metal 2-1 Operations of Purchaser 2-1 Major Issues 2-3 Pre-Audit Steps 2-6 Information Document Request 2-7 Interview Questions 2-8 Development Process 2-12 Sellers of Scrap Metal 2-16 Types of Cases 2-16 Major Issues 2-17 Pre-Audit Steps 2-19 Information Document Request 2-21 Interview Questions 2-22 Development Process 2-26 Common Industry Issues (Purchasers & Sellers) Accumulated Earnings 3-1 Built-In Gains--S Corporations 3-1 Double Deduction of Expenses 3-2 Earned Income Tax Credit 3-2 Employment Tax 3-2 Excise Tax 3-3 Inventory/IRC Section 263A 3-4 Loans to Shareholders 3-4 Special Rules for Long-Term Contracts 3-5 Traffic Tickets and Fines 3-5 Unreasonable Compensation 3-5 iv Penalties Penalties 4-1 Civil Penalties 4-1 Criminal Referrals 4-2 Failure to File Form 8300 4-3 Compliance Strategies Coordination with Other Functions 5-1 Coordination with Industry Groups 5-3 Compliance Letter 5-3 Appendix A-1 Bibliography A-17 Glossary G-1 v Preface This audit technique guide was written and compiled, by and for Internal Revenue agents, to be used in the examinations of returns of the scrap metal in ...
metal finishing scrap, scrap metal industry background
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