The good news is that '''Audacity can be set to factor in the latency from devices such as keyboards'''. In fact, if you notice carefully after recording a keyboard track, that the length of the track (after recording is complete) will slightly compress to compensate for this latency or delay. Therefore, all that is required is to find the optimum "correction amount" to compensate for keyboard latency.

# In the Audacity menu bar, select '''EDIT''' -> '''Preferences'''