Introducing Uncle Sam's Tax Audit Assistant! "Discover How To Survive An IRS Tax Audit In 7 Minutes"

Tax Audit Assistant Catalog

Tax Audit Assistant
IRS Target List
Tax Audit Assistant Catalog
Recommend This Site
Privacy Statement
About Us
Contact Us

Retail Gift Shop Industry Edition
You Can Escape The Pain and Embarrassment of Not Being Prepared For An IRS Audit.

Uncle Sam's Tax Audit Assistant has been designed to assist the Internal Revenue Service Audit Agent to identify and develop issues specific to the retail gift shop market segment and conduct an examination consistent with other market segment examinations throughout the Service.

The IRS Has Defined YOU As -

The retail gift shop industry includes numerous entities of various sizes that are engaged in the business of selling gifts, cutlery, cookware, novelties, watches, wearable art, decorative accessories as well as seasonal: Christmas, Halloween, etc., commemorative, specialty and collectible items.

The gift-giving industry generally benefits from a healthy economy in which consumers have disposable income available to spend on non-essential consumer goods. As a result, there have been new entrants into the industry including:

  • Individuals who have worked exclusively as employees in the retail gift shop industry who begin their own business
  • Hobbies that evolve into businesses
  • Retirees who begin their own business

A leading research company estimated that U.S. retail sales of giftware have risen to $10.9 billion last year, and will continue to increase annually. However, geographic location seems to have substantial impact on profitability (high tourist areas seem to be the most profitable).

Take a FREE sneak into just a few more aspects that the IRS knows about the Retail Gift Shop Industry - you may be surprised -

  • A gift shop taxpayer will be required to use the accrual basis of accounting for income and expenses with regard to industry
  • The most valuable asset of a retail gift shop is inventory
  • Generally, smaller retail gift shops use either the cost method or the lower of cost or market to determine the value of inventory. Larger shops use the retail method.
  • The area of gift certificates and credit vouchers (issued in place of a cash refund) is one where an examiner may find the retail gift shop deferring income beyond the point where it should be reported.
  • Accounts of retail gift shops should be analyzed to determine whether the retail gift shop under examination has service departments and, if so, how income and expense is booked.
  • Both income and expenses should be treated as past of the cost of sales calculation
  • Consignments of merchandise to others to sell are not sales since the title of merchandise remains with the consignor

Reserve your copy now and qualify for FREE bonuses!

The IRS MANUAL written specifically for Internal Revenue Service Audit Agents to use while conducting audits of the Retail Gift Shop Industry.

Item #4123016E

Price: $61.91  Sale price $37.77

Support Our Troops

 Support Our Troops

Great American Tax Accountant's is proud to announce that a portion of your investment in our products will be sent directly to the Morale Welfare and Recreation Department of our Armed Forces.
Sacrifice is not limited to our men and women in uniform.  Children, spouses and families of military personnel are deprived of special times while their loved ones are deployed far from home.  Even when hostilities subside, they often remain separated – sometimes for years!
With all of the conflicts taking place around the world, the children, especially, are often focused on a theatre of battle where their mother or father is serving.  No one can take the place of the children’s parents, but everyone can make a difference in their lives.  The children and family members left behind need our support now more than ever.
The Morale Welfare Recreation (MWR) Department organizes a variety of activities and programs to address the needs of these individuals – providing quality support, recreation, and educational services to contribute to the retention, readiness, and mental, physical, and emotional well-being and enjoyment of the military community.

Print this page

Copyright 1999-2006  *  Great American Tax Accountants. All Rights Reserved. 
No part of this web site may be reproduced or copied without express written permission from its publisher.


Tax Audit Assistant | IRS Target ListTax Audit Assistant Catalog | Testimonials | Recommend This Site | Privacy Statement |  Terms of Service | About Us | Contact Us |