* The IRS issued a reminder--as it has done in recent presidential election years--that charities, educational institutions, religious and other federal-income-tax-exempt organizations described in IRC section 501(c) are prohibited from participating or intervening in any political campaign for or against any candidate for public office (www.irs.gov/newsroom/article/0,,id=122887,00.html). Such entities cannot, for example, make donations, raise funds or distribute literature. Tax exempt organizations the IRS finds involved in such undertakings risk losing their favored stares and being subject to an excise tax on their politically related expenditures.
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|Title Annotation:||Tax Notes|
|Author:||Schnee, Edward J.|
|Publication:||Journal of Accountancy|
|Date:||Jul 1, 2004|
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