Manufacturers' Investment Credit Verification
Schedule
Instructions
Template Purpose:
We developed this as a guide/tool for MIC audits. This is an optional tool
to help you organize your work.
You are not required to use this schedule
as part of your audit. The column headings represent the data
most frequently
requested during a MIC audit. You can personalize your template based on the specific
needs
of your audit.
Template Contents:
Instructions
MIC Verification Schedule
Additional Headings
Additional
Information As Reported
Instructions:
1.
Select the columns most appropriate for your audit from the MIC Verification Schedule
Tab.
2. Add or replace headings as needed from the "Additional Headings"
Tab. Heading widths
and formatting are adjustable.
3. If you move columns,
you should confirm your headings are formatted correctly.
4. You should confirm
your schedule prints correctly.
Sample Comments
for Column #11 of the MIC Verification Schedule:
* Nonqualified property
because…
* Nonqualified activity because…
* Nonqualified cost
because…
* Further analysis is necessary for…
* No California
sales/use tax paid on the invoice for the asset.
* No California sales/use
tax paid on the freight for the asset.
* Invoices substantiate part of the
claimed costs.
* No supporting documentation was provided.
* Paid or incurred
prior to 1994.
TAXPAYER: |
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TAX
YEAR: |
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AUDITOR: |
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UNIT
#: |
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DATE: |
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MIC
Verification Schedule | |||||||||||
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
Asset
Number |
Asset Name / Descrip- tion |
Date
Placed In Service |
Leased
Equip- ment (Y/N) |
Costs
Claimed |
Invoice Num- ber |
CA
Sales Use Tax Paid (Y/N) |
Freight
Paid (Y/N) |
Quali- fied Costs per In voice(s) |
Quali- fied Costs per Audit |
Com- ments |
Cross- Ref |
MIC Verification Schedule Additional Headings |
||||||
1. Asset Information |
||||||
Asset Location (more than one in CA) |
Department |
Category |
Capital Costs per CA Depr |
|||
2. Invoice Information |
||||||
Invoice Date |
Date Invoice Paid |
Description Per Invoice |
Vendor |
Vendor Location |
||
3. California Sales/Use Tax Information |
||||||
Date CA SUT Paid |
Use Tax - TP |
Use Tax - BOE |
Sales Tax - Invoice |
|||
4. Capitalized Labor Information |
||||||
Capitalized Amount |
Capitalized Labor |
Outside Labor |
In-house Labor |
|||
5. Cost Information |
||||||
Cost of Asset |
Cost of Materials |
Total Costs |
Other Misc. Costs |
|||
6. Leased Equipment Information |
||||||
Operating or Finance Lease (O/F) |
Rental Equipment (Y/N) |
|||||
7. Audit Findings |
||||||
Qualified MIC per Audit |
Qualified Costs per Audit |
As Reported Costs |
Potential Adjustment |
AUTHORITY: Code or Reg. |
Agreed |
Footnote |
MIC Verification Schedule
Additional Information As Reported |
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a |
b |
c |
d |
e |
f |
g |
h |
i |
j |
Property Description |
Use Code |
SIC Code - Primary Use |
Leased Property (Y/N) |
Date Placed in Service (mo/yr) |
CA Sales Use Tax Paid |
Cost of Property (No SUT) |
Direct Labor Costs Allocated to Property |
Total Costs |
Proposed Adjustment |
Column (b) Use Codes
A - Manufacturing
B - Research & Development
C - Pollution Control
D - Maintenance, repair, measurement, or testing of qualified property
E
- Recycling
F - Fabricating
G - Refining
H - Processing
I - Develop
or manufacture prepackaged software or custom software
J - Special manufacturing/research