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Tax-Exempt Organizations Should Prepare Now For An IRS Tax Audit
White & Case – It is an uncertain time to be a tax-exempt public charity or private foundation. The federal government has recently scrutinized certain tax-exempt organizations, and draft congressional legislation proposed a tax increase on private foundations. Despite recent record-low audits of exempt organizations, there is potential for increased inspection, and tax-exempt organizations should take steps now to prepare for an Internal Revenue Service (IRS) audit.