During 2017, Wisconsin State Statute 46.036 (4)( c ) and 49.34(4)( c ) were amended to increase the threshold for the requirement to provide a purchaser with a certified financial and compliance audit report from $25,000 to $100,000 for care and services purchased. Effective January 1, 2018, both the Department of Health Services (DHS Audit Guide) and the Department of Children and Families (Provider Agency Audit Guide) implemented this audit requirement increasing the threshold from $25,000 to $100,000. The increase to the audit threshold is in effect for contract periods that began on or after January 1, 2018.
Scrupulous Records and Legitimate Business Expenses are the Key to Less Painful IRS Audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions...