Tax Inquiries and Examinations of Churches
Congress has imposed special limitations, found in IRC Section 7611, on how and when the IRS may conduct civil tax inquiries and examinations of churches. The IRS may only initiate a church tax inquiry if an appropriate high-level Treasury Department official reasonably believes, based on a written statement of the facts and circumstances, that the organization: (a) may not qualify for the exemption or (b) may not be paying tax on an unrelated business or other taxable activity. - Publication 1828 (Rev. 8-2015) Catalogue Number 21096G Department of the Treasury Internal Revenue Service
Yes, it is possible for the IRS to revoke the WATCHTOWER's tax exempt status but it is highly unlikely. Unless WATCHTOWER is doing something blatantly illegal, the IRS will leave them alone.