IRS proposes resolution to wine tax dispute
IRS proposes resolution to wine tax dispute
Apr 19, 2010 6
NORTH COAST — The IRS has proposed a resolution to a yearlong debate with accountants for more than two dozen North Coast wine companies caught in an audit sweep over common industry inventory valuation methods.
Some of the options could call for the larger vintners to pay hundreds of thousands of dollars each in adjustments for the tax years in question, according to CPAs representing the wineries. It comes at a time when a number of North Coast vintners have been rapidly trimming their budgets to match a dramatic shift in consumer spending on higher-end wines.
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