Search Results: 'IRS Regulations'

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15 results for "IRS Regulations"
IRS Enrolled Agent Review By Edward Mulwa. MST., EA
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This IRS Enrolled Agent Exam review book is catered for individuals preparing to sit for Part 3: (Representation, Practice and Procedures) of the IRS Special Enrollment Exam (SEE) for enrolled... More > agents. The book contains detailed and comprehensive study notes arranged by units and may also be used as a reference source for tax professionals and taxation students. All practice test questions have been derived from previous IRS Special Enrollment Exams Test-Banks and the answers have been sourced from the original SEE Answer-Keys. All the contents have been derived and compiled from primary sources i.e., Internal Revenue Code sections, regulation sections, revenue rulings and procedures, IRM, IRS publications, etc. This New Edition is based on the new IRS Special Enrollment Exam (SEE) format and is designed to help candidates pass The IRS Enrolled Agent (EA) Exam on their first try.< Less
Fishing: IRS Audit Techniques Guide By Internal Revenue Service
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A fishing business is defined as the conduct of commercial fishing via definitions detailed in the Magnuson-Stevens Fishery Conservation and Management Reauthorization Act of 2006, 16 U.S.C.... More > §§ 1801-1884 (2011) ("Sustainable Fisheries Act"). Commercial fishing is fishing in which the fish harvested is entered into commerce through sale, barter or trade. Fishing income is defined as income from catching, taking or harvesting of fish (this includes all forms of aquatic life). The National Oceanic and Atmospheric Administration’s National Marine Fisheries Service (NMFS), a division of the Department of Commerce, is the federal agency responsible for the management, conservation and protection of living marine resources within the U. S. Exclusive Economic Zone (water three to 200 miles offshore). Its six Regional Offices and eight Regional Fishery Management Councils have oversight of fishing activities and compliance with fisheries regulations.< Less
Passive Activity Loss: IRS Audit Technique Guide By Internal Revenue Service
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The Audit Technique Guide (ATG) on Passive Activity Losses (PAL) has been significantly revised to reflect an issue-based format. Additionally, it has been updated to encompass current emerging... More > issues, changes to Form 8582, Passive Activity Loss Limitation, and recent case law. The guide was developed to provide Revenue Agents and Tax Compliance Officers with technical information and tools to examine issues relating to both income and losses from passive activities. This text provides specific guidance on potential audit issues along with summaries of the applicable Internal Revenue Code (IRC) and Federal Tax Regulations (Regulations) and highlights of common errors. We have attempted to write this ATG in plain layman’s language, addressing issues which may be encountered on an audit. The text is not all encompassing and does not cover every exception. The IRC § 469, the related Regulations, and case law may have to be researched.< Less
Furniture Manufacturing: IRS Audit Techniques Guide By Internal Revenue Service
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In the past, various guides have assumed that an examiner possessed a certain skill level regarding corporate audits. Balance sheet techniques may have been mentioned but not spelled out in detail.... More > In this regard, this guide has taken a slightly different approach. Basic audit techniques are still used during this study, but for purposes of this guide, they are outlined in a step-by-step fashion and explained in detail. Basic audit steps such as reconciliations, comparatives, balance sheet analysis, and even the initial interview have been integrated in this guide so that hopefully, an examiner can read a training manual or the Internal Revenue Manual (IRM) and see how audit steps are implemented in the course of a furniture audit. Every attempt was made to include citations from the Internal Revenue Code, Treasury Regulations, Revenue Rulings and Procedures, and the IRM so the examiner could be assured of locating the basis of any conclusions drawn.< Less
Music Industry: IRS Audit Techniques Guide By Internal Revenue Service
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This music industry handbook will give the user an overview of the music industry. It generally will show: 1. How the industry is structured. 2. What is involved in making and marketing a record,... More > tape, or compact disk. 3. How income is generated by artists and their operations. 4. Books and records that should be available in each industry segment. 5. Common industry terminology. 6. Accounting practices used in the industry versus proper tax treatment of various issues. 7. Suggested audit techniques regarding specific issues or accounts. This handbook is a general overview of the industry; it is not all-inclusive. Examiners should exercise their own initiative, consistent with applicable statutes, regulations, administrative pronouncements, and case law. No interpretation of the law discussed in this handbook is to be cited as authority to taxpayers or used in the disposition of any case. Interpretation of the law should be made by the individual examiner working the case.< Less
Business Consultants: IRS Audit Techniques Guide By Internal Revenue Service
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What is "consulting"? The dictionary defines consulting as being employed in giving professional advice, either to the public or to those practicing a profession. Treasury Regulation... More > section 1.448-1T(e)(4)(IV) defines the field of consulting as "the provision of advice and counsel," but exclude sales and brokerage services, "or economically similar services." The distinction between the two is based on the facts and circumstances, but a significant factor is whether the taxpayer's compensation is contingent on the outcome of a particular transaction. Thus an economic analyst, data processing consultant, management consultant, or financial planner is performing "consulting" activities; while a securities broker, computer sales agent, recruiter, advertising agent, or insurance broker is not, although these activities may include some element of "advice and counsel.” Consulting in the practical sense can be anything.< Less
Manufacturing Industry: IRS Audit Techniques Guide By Internal Revenue Service
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The purpose of the guide is to provide the examiner with techniques to audit manufacturing businesses in an efficient, effective, and intelligent manner. These audit techniques are outlined in a... More > step-by-step fashion and explained in detail. Basic audit steps such as reconciliations, balance sheet analysis, and the initial interview have been integrated into this guide so that an examiner can read a training manual or the Internal Revenue Manual (IRM) and see how audit steps are implemented in the course of an audit. Every attempt was made to include citations from the Internal Revenue Code, Treasury Regulations, Revenue Rulings and Procedures, and the IRM so the examiner could be assured of locating the basis of any conclusion drawn. Much of the information will be a basic review for many experienced examiners. However, this guide has some specialty items that will help them.< Less
Conservation Easement: IRS Audit Techniques Guide By Internal Revenue Service
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To be deductible, donated conservation easements must be legally binding, permanent restrictions on the use, modification and development of property such as parks, wetlands, farmland, forest land,... More > scenic areas, historic land or historic structures. Current and future owners of the easement and the underlying property are bound by the terms of the conservation easement. Internal Revenue Code (IRC) § 170(h) states that a qualified conservation contribution is a contribution of a qualified real property interest (i.e., a restriction granted in perpetuity on the use which may be made of the real property) to a qualified organization exclusively for conservation purposes. The IRC and accompanying Treasury regulations outline the requirements to be met before a contribution is deductible. Qualified organizations that accept conservation easements must have a commitment to protect the conservation purposes of the donation and must have sufficient resources to enforce compliance with...< Less
Auto Body and Repair Industry: IRS Audit Techniques Guide By Internal Revenue Service
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This guide was developed by members of the Market Segment Speciality Program in Los Angeles to familiarize agents with some of the practices prevalent within the auto body and repair industry and... More > share information on issues encountered during the study of this business segment. All of the examinations included in this study were conducted in the Los Angeles basin and commentary reflects this location. State laws and local ordinances in other areas will differ, particularly in the areas of emissions and certification controls, sales tax applicability, and state tax reporting. Bird dog fees, towing, and dealer incentive payments may also be regulated. It is, therefore, important for the examiner to become familiar with local restrictions and compare them to those in the Los Angeles area when evaluating the material presented.< Less
Farm Hobby Losses with Cattle Operations and Horse Activities (IRC Section 183): IRS Audit Techniques Guide By Internal Revenue Service
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The Market Segment Specialization Program (MSSP) Audit Techniques Guide (ATG) on IRC section 183 Farm Hobby Losses has been developed to provide guidance to Revenue Agents and Tax Auditors in... More > pursuing the application of IRC section 183 with respect to horse activities and cattle operations. Historically, IRC section 183 has been a difficult issue to pursue. The development of the issue is a fact-gathering initiative. The application of IRC section 183 is based upon the examiner's understanding of the taxpayer's industry as well as the taxpayer's mode of operation within that industry. IRC section 183 and the accompanying Treasury Regulations do not provide absolute definition, but serve to provide guidance in formulating the facts into a conclusion. Hazards of litigation have also been a deterrent toward the pursuit of IRC section 183. As a result, examiners have been reluctant to allocate exam time.< Less