In November 2013, the Treasury and the IRS proposed new regulations governing political activity of Section 501(c)(4) organizations. Since then, over 150,000 comments on the proposed regulations were submitted to the Treasury and the IRS, which are still in the process of reviewing these comments. The Treasury and the IRS expect to publish revised proposed regulations and thereafter hold a public hearing. In an interview with the Center for Public Integrity, IRS Commissioner John Koskinen indicated that the revisions should be expected in early 2015.
By Mike West, CPA, JD, Senior Manager, mwest@legacycpas.com
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