Washington (July 2, 2002) -- Some political organizations that must file information returns and forms with the Internal Revenue Service have less than two weeks remaining to submit past-due or corrected items.As part of a voluntary compliance program, the IRS recently set a July 15 deadline to allow Section 527 political organizations to file appropriate forms. The program gives organizations the opportunity to come into compliance with disclosure laws prior to the assessment of taxes, fines and penalties.
Affected political organizations are those that have tax-exempt status under Section 527 of the Internal Revenue Code and receive or expect to receive $25,000 or more in gross receipts in any taxable year. These organizations may include political party committees, Federal, State and local candidate committees and other political committees such as political action committees (PACs).
For more information, visit the IRS Web site at http://www.irs.gov/exempt/display/0,,i1%3D3%26genericId%3D15048,00.html
-- Electronic Accountant Newswire staff
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