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About this product
Product Identifiers
PublisherLulu Press, Inc.
ISBN-10130413556X
ISBN-139781304135568
eBay Product ID (ePID)15050090415
Product Key Features
Book TitleBars and Restaurants : Irs Audit Techniques Guide
Number of Pages113 Pages
LanguageEnglish
TopicGeneral
Publication Year2013
GenreBusiness & Economics
AuthorInternal Revenue Service
FormatTrade Paperback
Dimensions
Item Height0.2 in
Item Weight12.4 Oz
Item Length11 in
Item Width8.5 in
Additional Product Features
Intended AudienceTrade
SynopsisBars and restaurants generally maintain inventories of perishable goods and, therefore, have been required the use of the accrual method of accounting. For taxable years ending after December 17, 2000, Revenue Procedure 2000-22, 2000-1 CB. 1008, provides that a qualifying small business with average sales of $1 million or less for 3 years may use the cash method of accounting. The Revenue Procedure provides that if a taxpayer does not want to account for inventories, it must treat inventoriable items like non-incidental materials and supplies under Treas. Reg. section 1.162-3. For purposes of the revenue procedure, inventoriable items that are treated as non-incidental materials and supplies are considered consumed and used in the year in which the taxpayers sells the items, or, if later, when the taxpayer pays for the items. An accrual basis taxpayer can elect the cash method after 1999. Form 3115, "Change of Accounting Method" is required to be filed with the return.
