Walter & Shuffain - Certified Public Accountants & Business Advisors

Financial best practices to implement and pitfalls to avoid with your private foundation

Following the reopening of the IRS in July 2020, high-income earners and private foundations have been under the IRS’s lens in an effort to recover back taxes owed by these groups. Treasury Secretary Steven Mnuchin reported that the IRS would be looking to audit these groups back in March 2020, in an effort to recover taxes from high-income non-filers and interrupt self-dealing in private foundations.