May/June 2013, Taxation of Exempts
Preparing for and Navigating Complex IRS Examinations
Excerpt taken from the article.
Perhaps you just learned from the IRS that your tax-exempt organization has been selected for examination. Or maybe you have heard from professional peers, or read in The Chronicle of Philanthropy, that the IRS is fOCUSing a "compliance check" project squarely on your segment of the sector. Or worse, you may have just read a scathing front page story in your local newspaper detailing the "excessive" compensation package that your board of trustees paid to the organizations former (or current) chief executive. If any of these scenarios rings true, you may have some questions about the IRS examination process and how it might unfold. This discussion aims to take some of the mystery out of the audit experience-specifically, by providing a roadmap of how a complex audit of an exempt organization typically evolves, and by sharing practical advice based on the authors' collective experience advising clients on tax controversies involving exempt organizations and their officers, employees, trustees, and donors.
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This article is designed to give general information on the developments covered, not to serve as legal advice related to specific situations or as a legal opinion. Counsel should be consulted for legal advice.
