Preparing for an IRS Audit

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The best protection during an Internal Revenue Service (IRS) audit of a foundation’s returns is to know the IRS rules and regulations relating to foundations, keep good records, have knowledgeable attorneys and CPAs on hand, and, most important, not panic if an IRS audit notice arrives.

An audit notice from the IRS does not mean the IRS suspects wrongdoing or that it automatically will claim additional tax is due. Most audits are routine and result in no change to the return, as filed.

Does your foundation have procedures in place to allow it to respond adequately to an audit notice?

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