Preparing for and Responding to an IRS Audit
The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]
Tag: Audit
Nonprofits: Act Thoroughly on Audit Findings
External audits can help assure your not-for-profit’s stakeholders that your financial statements are fairly presented according to U.S. Generally Accepted Accounting Principles. They can also help prevent occupational fraud. Often, […]
3 Tips for Making the Financial Statement Audit Process Smoother
Nonprofits are not required to provide audited financial statements. However, audited statements are more likely to reassure large donors and grant makers about your financial stability, and they are typically required […]
How IRS Auditors Learn About Your Business Industry
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS […]
Nonprofits: Ready, Set, Audit!
You can demonstrate your organization’s financial fitness to donors and other stakeholders by organizing yearly financial statement audits. In addition, state governments and other grant makers may require them. However, […]
Your Nonprofit Probably Won’t Be Audited by the IRS, But If It Is …
Despite recent accusations that the IRS targets certain types of tax-exempt organizations for audit, not-for-profit audits generally are rare. That’s because most nonprofits owe no or very little tax. However, […]
The audit is over. Now what?
Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve […]
Worried About an IRS Audit? Prepare in Advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, […]
8 Tips for Single Audit Requirements
Many organizations received or are receiving federal funding due to COVID-19 and are subject to single audit rules for the first time. The GAQC has also developed a great checklist, […]
Good Business Records Maximize Tax Deductions & Reduce Audit Issues
If you operate a business, or you’re starting a new one, you know you need to keep business records of your income and expenses. Specifically, you should carefully record your […]
Want to find out what IRS auditors know about your business industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques […]
5 ways nonprofits can prepare for an audit
No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We recommend taking the following steps. 1. […]
