What happens in a medicare audit
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. Here’s what typically happens during a Medicare audit: Notification: The provider receives a notice from Medicare or a Medicare contractor (such as […]
Healthcare practice tax audit
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. Here are the primary areas of focus: 1. Income Reporting:Accuracy of Revenue Reporting: Ensuring that all income, including patient fees, insurance payments, and other sources, is accurately reported.Unreported Income: Identifying […]
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. Here are the steps to effectively defend a PBM audit: 1. Preparation and OrganizationDocument Management: Ensure all pharmacy records, including prescriptions, invoices, and patient information, are well-organized and easily accessible.Audit Guidelines: Familiarize yourself with the audit guidelines […]
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 simply not off the hook. They need to show that they have […]
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 as such. Otherwise, you might be liable for the sales tax. Transcript Markups, spoilage and sales tax audits. I’m Mansoor Ansari with Nexus Tax Defense. The reason why we’re […]
Sampling In A Sales Tax Audit
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 the sales tax audit? […]
Sales Tax Voluntary Disclosure
What is a sale tax 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 […]
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
Automotive repair shop sales tax audit – 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. Is your automobile repair business under a sales tax audit? I’m Mansoor Ansari with Nexus Tax Defense. Let’s […]
Documents In A Sales Tax Audit
Transcript Have you been selected for a sales tax audit? I’m Mansoor Ansari with Nexus Tax Defense. The first step in a sales tax audit is the auditor either giving you a phone call, email, or visiting your place of business. Then, they will give you something called a document request list and you will […]