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This is part 5 of 6 of our in-depth guide to winning your audit. Preparing for an Audit In preparing for an IRS audit, begin by taking the following four steps: Step 1. Review the tax return being audited. If it was professionally prepared, go over it with the preparer. If you did it yourself, […]

This is part 4 of 6 of our in-depth guide to winning your audit. Types of IRS Audits There are three types of IRS audits: correspondence, office, and field. The way the IRS goes about auditing you can produce very different results. A few years back, office audits resulted in additional tax and penalties averaging […]

This is part 3 of 6 of our in-depth guide to winning your audit. When the IRS Increases Your Tax Bill Without an Audit The IRS increasingly relies on computer-generated tax bills that are technically not audits. This means your tax return still could be examined in the future. The IRS is authorized to make […]

This is part 2 of 6 of our in-depth guide to winning your audit. Audit Selection—Why Me, O Lord? You just got an examination notice from the IRS. Are you merely unlucky, or are there more sinister forces at work? Computers and Classifiers The IRS computer is to blame for most audits. Each year, your […]

This chapter deals with the types of IRS audits—both correspondence and face-to-face—that individuals and small business owners are most likely to face.

Funeral plans, burial spaces/plots, and prepaid burial contracts are exempt for Florida Medicaid if the funeral plan or burial contract is irrevocable. These contracts need to be with a funeral home or funeral director in order to be excluded. Typically, when you purchase a prepaid funeral plan or burial contract, the contract is often revocable […]

A Florida Medicaid Qualified Income Trust is used when an individual has too much income to qualify for Medicaid. Currently the yearly Medicaid maximum an applicant for Florida nursing home Medicaid can have is $2,349 (2020) per month. If the applicant is even a penny or dollar over the $2,349 per month amount, then the […]

When are Funeral Plans, Burial Spaces/Plots, and Prepaid Burial Contracts Exempt from Florida Medicaid? Funeral plans, burial spaces/plots, and prepaid burial contracts are exempt for Florida Medicaid if the funeral plan or burial contract is irrevocable. These contracts need to be with a funeral home or funeral director in order to be excluded. Typically, when […]