Washington (Nov. 25, 2002) -- Many state and local political organizations will be exempt from filing certain forms under new requirements just released by the Internal Revenue Service.
A new law changes filing requirements for many political organizations that have tax- exempt status under Section 527 of the Internal Revenue Code. It also makes the changes retroactive to July 1, 2000, when the reporting requirements became mandatory.
"The new provisions eliminate the need for many political organizations to file certain federal tax reports and returns. We hope this will provide greater clarity for 527 organizations," said Steven T. Miller, director of the IRS’s Exempt Organizations Division.
Among its provisions, the new law exempts state and local candidate and party committees from filing Form 8871 and Form 990 (or 990-EZ), exempts qualified state and local political organizations (QSLPOs) from filing Form 8872, and exempts political committees filing with the FEC from filing Form 990 (or 990-EZ). It also increases reporting thresholds for certain Form 990 filers, and modifies certain electronic filing requirements.
-- Electronic Accountant Newswire staff
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