IRC Section 527 covers political organization like "The Swift Boat
Veteran for Truth" LOL and certain exemption apply to political
organizations and contributions to political organizations can be
deducted for income tax purposes within limits. However, there is a
clear distinction between a political organization and religious
organization, as these are not the same thing. For example, churches
are not required to file a Federal Income Tax Return provided they are
not involved in any for profit activity, whereas there are very stick
reporting requirement imposed on political organizations with gross
receipt in excess of $25,000.000, including the filing of a federal
income tax return form 990.
I don't think any churches would try to qualify for exemption under IRC
Section 527. LOL
Whoops, it looks like the Bush Administration has been very busy in this
area of taxation and has amended the tax code to remove almost all of
the reporting requirements of PAC, allowing organizations like "The
Swift Boat Veterans for Truth" full run of the ship to do whatever they
please. The laws governing PAC were change during President Bush's
terms in office, and made retroactive back to 2000. This is just one
more thing that congress will have to address and fix, once the country
comes to its senses.
http://www.wrf.com/publication.cfm?publication_id=11478
Regards,
LelandJ
petetheisen wrote:
Leland Jackson wrote:
Here is more on the requirements a 501c(3) organization, like a
religious organization, must meet to maintain their tax exempt
status. I appear that this section of the IRC may have been amended,
during the Bush Administration's terms in office, to be more friendly
towards religious organizations that want to get involved in limited
lobbying activities:
http://www.irs.gov/charities/charitable/article/0,,id=96099,00.html
or
http://tinyurl.com/22ch8
Hi Leland!
I think some of them are actually 527 orgs, unless you read the fine
print you don't know.
Regards,
Pete
[excessive quoting removed by server]
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