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Grain Farmers Industry Edition

Overview of the industry. Provides terminology. Topics discussed include underreporting of income, employment taxes, accounting methods, government farm programs, etc.

TABLE OF CONTENTS

  • Chapter 1 INTRODUCTION
    • Purpose of Guide 1-1
    • Compliance Potential 1-1
    • Nature of Farming 1-2
    • Risk 1-2
    • Capital 1-3
  • Chapter 2 PRODUCTION CYCLES
    • Introduction 2-1
    • Wheat 2-1
    • Winter Wheat 2-2
    • Soil Preparation and Planting 2-2
    • Fertilization 2-2
    • Harvesting and Storage 2-2
    • Marketing 2-3
    • Corn 2-3
    • Soil Preparation 2-4
    • Planting 2-4
    • Irrigation 2-4
    • Harvesting 2-5
    • Silage 2-5
    • Marketing 2-5
    • Soybeans 2-6
    • Double Cropping 2-6
    • Harvesting and Uses 2-6
    • Sorghum (Milo) . 2-7
    • Planting 2-7
    • Harvesting 2-7
    • Alfalfa 2-8
    • Soil Preparation and Planting 2-8
    • Grazing 2-8
    • Harvesting and Storage 2-8
    • Marketing 2-9
  • Chapter 3 EXAMINATION TECHNIQUES
    • Document Request 3-1
    • Farm records 3-1
    • Books and Records Needed 3-2
    • Interview 3-2
    • Initial Interview 3-2
    • Visual Inspection 3-3
  • Chapter 4 EMPLOYMENT TAXES IRM 4034
    • Required Filing Checks -
    • Employment Taxes 4-1
    • Form 943, Employers Annual Tax Return
    • for Agricultural Employees 4-1
    • Law Changes and Potential Examination Issues 4-2
    • Treatment of Non-Cash Wages 4-3
    • Examples of Noncash Wage Agreements 4-5
    • Self-Employment Tax Attributable to
    • Compensation in Commodities 4-5
    • Filing Return and Depositing Tax 4-6
    • Form 940, Employers Annual Federal
    • Unemployment Tax Return 4-7
    • Form 1099, Information Returns 4-8
  • Chapter 5 ACCOUNTING
    • Accounting Periods 5-1
    • Partnerships and Subchapter S-Corporations 5-1
    • Accounting Methods 5-2
    • Cash Receipts and Disbursements Method
    • (Cash Method) 5-2
    • Accrual Method 5-3
    • Income 5-3
    • Special Methods of Accounting for
    • Certain Items 5-4
    • Combination (Hybrid) Methods 5-4
    • Change in Accounting Method 5-4
    • Inventory Valuation Methods 5-6
    • Farm-Price Method 5-6
    • Unit-Livestock-Price Method 5-7
    • Uniform Capitalization Rules 5-7
    • Resources 5-8
  • Chapter 6 INCOME
    • Introduction 6-1
    • Sale of Crops and Produced Items 6-2
    • Grain Crops 6-3
    • Hay Crops 6-4
    • Constructive Receipt of Income versus
    • Installment Sale Reporting of Income 6-5
    • Installment Sales 6-5
    • Constructive Receipt 6-6
    • Examination Techniques 6-7
    • Resources 6-7
    • Crop Shares 6-8
    • Material Participation 6-8
    • Examination Techniques 6-9
    • Various Contracts 6-9
    • Deferred Product Sales 6-9
    • Price Later Contracts (PLC) 6-10
    • Distributions from Cooperatives 6-11
    • Patronage Dividends 6-11
    • Other Receipts 6-12
    • Examination Techniques 6-12
    • Easements and Rights-of-Way 6-13
    • Other Farm Income 6-13
    • Machine Work 6-13
  • Chapter 7 GOVERNMENT FARM PROGRAMS
    • Agricultural Program Payments 7-1
    • Limitation on Total Payments 7-3
    • Cash Payment Programs 7-3
    • The Deficiency Program 7-3
    • The Diversion and Set-Aside Program 7-4
    • The Farm and Warehouse Storage Program 7-5
    • Conservation 7-5
    • Cost Sharing Exclusion 7-5
    • Income Realized 7-6
    • Effects of the Exclusion 7-7
    • Conservation Reserve Program (CRP) 7-8
    • Resources 7-9
    • Commodity Credit Corporation Loans 7-9
    • Commodity Credit Loans 7-10
    • Loan Method 7-11
    • Income Method 7-13
    • Market Gain 7-15
    • Examination Techniques 7-16
    • General Rules for Reporting Loan Data 7-18
    • Reporting Program Payments 7-19
    • Commodity Credit Certificates (PIK) 7-21
    • Crop Insurance and Disaster Payments 7-22
    • Examination Techniques 7-24
  • Chapter 8 HEDGING FARM COMMODITIES
    • Definition of a Hedging Transaction 8-1
    • The Futures Market 8-2
    • The Options Market 8-3
    • Hedging Cattle 8-3
    • Hedging Grain Crops 8-4
    • Transaction Analysis 8-4
    • Identification Rules 8-5
    • Timing Rules 8-8
    • Examination Techniques 8-8
  • Chapter 9 CANCELLATION OF INDEBTEDNESS
    • General Rule 9-1
    • Discharge of Deductible Debt 9-1
    • Reduction of Purchase Money Debt 9-1
    • Cancellation by Gift 9-2
    • Exclusions from Income 9-2
    • Title 11 Case 9-3
    • Insolvency 9-3
    • Qualified Farm Indebtedness 9-5
    • Qualified Real Property Business
    • Indebtedness 9-6
    • Priority of Exclusions 9-7
    • Reduction of Tax Attributes 9-7
    • Order of Reduction 9-7
    • Amount and Manner of Reduction 9-8
    • Election to Reduce Basis of
    • Depreciable Property 9-9
    • Partnerships and S-Corporations 9-11
    • Shareholder-Corporation Transactions 9-11
    • Forgiveness of Shareholder Debt 9-12
    • Acquisition of Debt by Related Party 9-12
    • Examination Techniques 9-12
  • Chapter 10 FORECLOSURES, REPOSSESSIONS, AND ABANDONMENTS
    • Debt Discharged by Transfer of Property 10-1
    • Transfer Treated as a Sale or Exchange 10-1
    • Discharge of Recourse Debt 10-1
    • Discharge of Nonrecourse Debt 10-2
    • Discharge of Debt Secored by Property 10-2
    • Character of Gain or Loss 10-2
    • Abandonment of Property 10-3
    • Information Reporting 10-3
    • Examination Techniques 10-4
  • Chapter 11 FARM BUSINESS EXPENSES
    • Introduction 11-1
    • Methods of Accounting 11-1
    • Deposit or Payment 11-1
    • Prepaid Expenses 11-2
    • General Farm Expenses 11-3
    • Feed 11-3
    • Seed 11-3
    • Fertilizer 11-4
    • Chemicals 11-4
    • Fuel 11-4
    • Insurance 11-4
    • Taxes 11-5
    • Interest 11-5
    • Rent 11-6
    • Storage and Warehousing 11-6
    • Labor Hired 11-7
    • Examination Techniques 11-7
    • Repairs and Maintenance 11-7
    • Meals and Lodging 11-8
    • Personal Living Expenses 11-8
    • Examination Techniques 11-9
    • Soil and Water Conservation Expenses 11-9
  • Chapter 12 BASIS AND SALES OF THE FARM AND FARM ASSETS
    • Background 12-1
    • Basis of Farm Assets 12-1
    • Property Acquired in Trade 12-2
    • Property Received as a Gift 12-4
    • Inherited Property 12-5
    • Selling the Farm 12-6
    • Selling the Farm Residence 12-6
    • Standing Crops Sold With a Farm 12-7
    • Installment Sales 12-8
  • Chapter 13 DEPRECIATION, COST RECOVERY AND IRC 179
    • Introduction 13-1
    • Depreciation and Cost Recovery 13-1
    • Alternative Minimum tax (ATM) Adjustment 13-2
    • IRC section 179
    • Deduction 13-4
    • Listed Property 13-6
    • IRC section 179 Recapture 13-7
  • Chapter 14 DEPLETION
    • Introduction 14-1
    • Water Depletion 14-1
    • Percentage Depletion 14-3
    • Examination Techniques 14-3
  • Chapter 15 SALES OF LIVESTOCK
    • Introduction 15-1
    • Examination Techniques 15-1
    • Sale of Items Bought for Resale 15-2
    • Examination Techniques 15-2
    • Sale of Livestock Held for Draft, Breeding or
    • Dairy Purposes 15-3
    • Drought Sales of Livestock 15-3
    • Livestock Held for Draft, Breeding, or Dairy
    • Purposes (Tax Treatment #1) 15-4
    • Deferring Income to Subsequent Year (Tax treatment #2) 15-5
    • Examination Techniques 15-7
  • Chapter 16 CREDITS
    • Introduction 16-1 General Business Credit 16-1
    • Regular Investment Tax Credit 16-1
    • Forestation and Reforestation 16-1
    • Rehabilitation Credit 16-2
    • Business Energy Investment Credit 16-2
    • Basis Adjustment 16-2
    • Carrybacks and Carryovers 16-3
    • Recapture of Investment Credit 16-4
    • Fuel Tax Credits 16-4
    • Federal Gas Tax Rates 16-5
    • Excise Tax Credit 16-5
    • Diesel Fuel 16-6
    • New Tax Law on Dyed Diesel 16-7
    • Gasoline 16-8
    • Claiming the Credit 16-8
    • IRC section 6675 Penalty 16-10
  • GLOSSARY G-

Item #4149122E


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