Life Cycle of a Private Foundation - Potential Examination Consequences
An examination can result in the following actions:
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No change to the organization's exempt status or tax liability,
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No change to the organization's status or liability, with an advisory and later IRS follow-up to see if advice has been followed,
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Imposition of tax (unrelated business income, employment, or excise) and/or penalties,
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Modification or termination of private foundation status, and/or
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Revocation of the IRS's determination that the organization is tax-exempt.
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Page Last Reviewed or Updated: 2012-08-14
