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CPE & Training Solutions Monthly Newsletter
from Thomson Tax & Accounting
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Politics as Usual—But It May Jeopardize Your
Tax Exempt Status |
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With the National political campaigns in full swing it is only natural to get caught up in the excitement, but for 501(c)(3) nonprofit organizations this can be a dangerous activity. An organization that participates or intervenes in a political campaign (“campaign activity”) on behalf of, or in opposition to, a candidate for public office can’t be exempt under IRC Sec. 501 (c)(3).
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Jackpot!
Jackpot returns
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Join us in Chicago for our new conference, Windy City Week! Earn 44 CPE credits and choose from topics including: Compilation and Review, Forensic Accounting and Auditing Techniques, Technology for Tax Practice, Accounting Update, Practice Development and Management, Individuals and Entities Federal Tax Update, Sticky Estates and Trusts Issues, and Managing IRS Audits. Register by June 16 and take advantage of special Early Bird pricing!
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2008 Course Schedule
Our 2008 Course Schedule is now available! Click
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this year.
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Fraud III: Auditing Recently updated!
8 CPE Credits | Auditing
A natural sequel to Marshall Romney's first two courses on fraud, this course discusses the procedures or actions undertaken by an auditor to ascertain the facts of a fraud, including how it was committed and the extent of the related loss. This course has been fully updated to include discussion of SAS 99, Consideration of Fraud in a Financial Statement Audit.
Tax Research I: Tax Law and Treasury Interpretations Recently updated!
4 CPE Credits | Taxes
When people think of taxes, they usually think of the records needed to complete the income tax returns, the filing dates, any extensions and, of course, the amount of money the taxpayer owes. However, there is another piece to the puzzle. Tax preparers also need to research tax issues. This research can occur before, during, or even after a return is prepared. This course provides an introduction to the area of tax research. Tax Research I: Tax Law and Treasury Interpretations will reacquaint you with the Internal Revenue Code and Treasury Department regulations as well as interpretations, rulings, and procedures issued by the Internal Revenue Service. This course will teach you how to research tax issues and answer tax questions by consulting these tax materials.
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2007 Federal Income Tax Update Recently
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24 CPE Credits | Taxation
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the tax works and how it applies. |
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To view complete course list and information, visit trainingcpe.thomson.com. |
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| Politics as Usual—But It May Jeopardize Your Tax Exempt Status, continued |
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Continued from above...
Rev. Rule. 2007-41, 2007-25IRB outlines 21 situations with political overtones and explains why each is, or is not, campaign activity. The 21 examples deal with:
- An organization’s voter education/registration activities and voter turnout drives,
- Actions by an organization’s leaders,
- A candidate’s appearance at an organization’s function,
- Issue advocacy,
- Business dealing with a candidate, and
- Website content and links.
Loss of an organization’s tax exempt status subjects it to taxation and the potential loss of charitable contribution deductions by its contributors, a position in which no nonprofit organization wants to find itself.
Campaign activity by a Section 501 (c)(3) organization has negative tax consequences beyond loss of the exemption. A 10% excise tax can be levied on the organization’s political expenditures, and the lesser of its net investment income or its political activity expenditures is taxed at regular corporate rates (if such income and expenditures both exceed $100 for the year).
So, enjoy the campaigns but avoid the “campaign activity.” |
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