Nonprofit checklist for IRS exam

This comes from a fantastic presentation today to the NJCPA by Parag P. Patel, Esq. Tax Attorney in New Jersey:

We expect to see more audits of nonprofit organizations in the next few years. Not-for-profits preparing for a potential IRS audit are advised to keep records for open tax years—meaning those that haven’t surpassed the statute of limitations, generally 10 years. These records include:


● List of names, addresses, and compensation details for officers, directors, and trustees
● Board and committee meeting minutes
● Copies of the organization’s publications, newsletters, brochures, pamphlets, and other literature related to the organization’s activities ● Copies of prior and subsequent year returns
● Form 990-series filed returns and supporting workpapers to reconcile the returns to the books and records, such as chart of accounts, general ledger, trial balance, reconciliation schedules, tax return workpapers, bank statements, audited financial statements, etc.
● Records used to determine and support the organization’s sources of income on the Form 990-series return, including government grants, donations, program service revenue, and so forth
● Records used to determine and support the organization’s expenses, assets, and liabilities reported on the Form 990-series return, such as invoices, contracts, leases, and loan agreements
● Federal employment tax returns, Forms 940, 941, W-2, W-4, plus employee earnings records and employment contracts even if the contract was created prior to the open tax year
● Forms 1096, 1099-MISC, 1099-NEC, and any other similar return, including service contracts and agreements between the organization and independent contractors
● Pension plan information, including the latest IRS approval letter, Form 5500-series filed return, plan documents for deferred compensation plan, or tax-sheltered annuities
● Copies of reports made to other federal agencies
● Correspondence with the IRS

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