Skip to comments.IRS Acts to Enforce 527 Reporting
Posted on 08/22/2004 1:21:48 PM PDT by upchuck
The Internal Revenue Service announced new steps to improve reporting and disclosure by tax-exempt "section 527" political groups.
The new initiative will include contacting section 527 political groups whose filings appear to be incomplete, were filed late, or were amended and are materially different from the original filing. The initiative's launch is timed in advance of key upcoming filing dates so that correct information is available to the public as intended by Congress.
"This effort will help improve the completeness and accuracy of these important public disclosures," said Steven T. Miller, Commissioner of the IRS Tax-Exempt and Government Entities Division. "Our job is to ensure compliance with the law."
The purpose of section 527 groups is to engage in political activities. Under section 527 of the Internal Revenue Code, certain political groups must periodically file public disclosure reports with the IRS. The statute requires these organizations to report their contributions and disbursements so that their support and operations are in the public domain in advance of elections.
Under federal law, the 527 groups cannot coordinate their ads with the presidential campaigns. But if they use individual donations, rather than labor union or corporate donations, they can run ads praising or attacking a candidate right up until election day.
There has been rapid growth in the activity of these groups. According to the Center for Responsive Politics, 527 groups have spent $200 million, prompting watchdog groups to balk at the loophole.
Martha Sullivan, IRS Director of Exempt Organizations, explained that the new effort is intended to step up enforcement of the reporting rules at a critical period. "The statute is very clear that those tax-exempt political organizations reporting to us must make the required disclosures in a timely, accurate manner," Sullivan said. "The IRS is working to make sure this important information is available this fall and that these groups meet their public reporting responsibilities."
In the initial stage of the program, the IRS will immediately begin contacting a cross-section of groups to request that they explain and correct apparent discrepancies in their existing filings prior to upcoming filing deadlines. These deadlines include September 20 (for monthly filers) or October 15 (for quarterly filers), as well as October 21 for pre-election reports.
An organization that fails to timely report, fails to include all required information about contributions and disbursements, or that reports incorrect information is required to pay 35 percent of the amount related to the failure.
The filings, as well as information on the filing requirements and upcoming dates, are available at www.irs.gov/polorgs.
Which explains why President Bush and his staff have said nothing about the Swift Boat Vets. And why sKerry looks so ridiculous insisting that he should.
sKerry's campaign, on the other hand, has plenty to worry about.
This means nothing. It won't be settled until after November. If they did something wrong, Soros will make a fortune destroying some nation's currency and use the profits to pay the fine and penalties.
Jesse Jackson, the Sierra Club, and a huge myriad of leftist groups funded by the government have nothing to fear here. People have been bitching for years about these groups being funded with taxpayer money. Who besides Jerry Falwell has ever been found guilty, much less investigated, of anything? Nothing ever happens because the government is so full of liberals that every time talk of investigations start, liberals in government shut it down.
Of course, I'm glad this is being done. But don't hold your breath for it to be finished until......say......Nov.3rd.
Yes, all are.
Kerry is sooo toast. Hahahaaahaaaa...
Can you smell the smoke from Moveon.org`s records rooms? They should kept this one to themselves.
Yeah, the smoke is coming from the "extra fine cross shredding" shredder's motor. Nedd to kick it into overdrive. LOL :)
I don't know. Wish I did :)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.