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* The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws.  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 (Internet Relay Chat) Computer conferencing on the Internet. There are hundreds of IRC channels on numerous subjects that are hosted on IRC servers around the world. After joining a channel, your messages are broadcast to everyone listening to that channel.  section 501(c) are prohibited pro·hib·it  
tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its
1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid.

2.
 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 Excise Tax

1. An indirect tax charged on the sale of a particular good.

2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS.

Notes:
1.
 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
Words:94
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