Texas Contractor Sales Tax Flow Chart
If you are a contractor in Texas and you are wondering whether or not you owe sales…
What Happens In A Medicare Audit
A Medicare audit is a review process conducted to ensure that healthcare providers comply with Medicare’s rules and regulations, including billing practices, patient care, and documentation standards. Below is a detailed breakdown of what typically happens during a Medicare audit. Notification The provider receives a notice from Medicare or a Medicare contractor, such as: This […]
Healthcare Practice Tax Audit
When auditing a healthcare practice, the IRS typically looks for several key elements to ensure compliance with tax laws and regulations. Below are the primary areas of focus, structured for clarity and comprehension. 1. Income Reporting Accuracy of Revenue Reporting Unreported Income 2. Expense Deductions Legitimacy of Deductions Documentation 3. Payroll Taxes Employee vs. Independent […]
Defending A Pharmacy Benefit Manager (PBM) Audit
Defending a Pharmacy Benefit Manager (PBM) audit involves several key steps to ensure compliance, accuracy, and proper documentation. Below is a structured guide to help you effectively defend a PBM audit. 1. Preparation and Organization Document Management Audit Guidelines Training 2. Understand the Scope Audit Notification Clarify Doubts 3. Internal Review Pre-Audit Self-Check Check Compliance […]
General Contractors, Subcontractors, And Sales Tax
Who Pays the Sales Tax in a Construction Setting? Normally, the sales tax is paid on the materials when it is purchased. If not, you need to make sure it is correctly listed on the invoice as a separate line item. Subcontractors are not off the hook. They need to show that they have also […]
Mark-Ups And Spoilage In A Sales Tax Audit
Documenting Spoilage in a Sales Tax Audit If you purchased items that cannot be sold due to spoilage or damage, you need to document it properly. Otherwise, you might be liable for the sales tax. Important:Always maintain clear records of spoilage to protect yourself during a sales tax audit. Transcript Markups, Spoilage, and Sales Tax […]
Sampling In A Sales Tax Audit
Sales tax audits are not always a precise science of calculating the true number that a business might owe. A lot of times it’s almost guessing at the most reasonable number. Transcript What’s the Big Deal About Sampling and Error Rates in a Sales Tax Audit? I’m Mansoor Ansari with Nexus Tax Defense. At the […]
Sales Tax Voluntary Disclosure
You might want to file for a voluntary sales tax disclosure if you want to avoid penalties. However, you have to meet the test. Transcript Why Would You Want to File a Voluntary Disclosure for Unpaid Sales Tax? The answer is quite simple: penalties. You want to be able to pay back the sales tax […]
Is Labor Taxable In Georgia?
Depending on the type of labor that you are providing, you might need to tax the transaction, or maybe a part of it. Make sure to break down the invoice and describe the labor. Transcript Is there sales tax on labor in Georgia? The basis for a taxable sales price for an item sold in […]
Sales Tax On Auto Repair
Is your automotive repair shop undergoing a sales tax audit? Make sure to pay special attention to the differences between consumables, repairs, and fabrication. Warranties also require different taxation rules. Understanding Sales Tax Rules for Auto Repairs Is your automobile repair business under a sales tax audit? I’m Mansoor Ansari with Nexus Tax Defense. Let’s […]