U.S. Senators Urge IRS to Reverse Decision Protecting Dark Money, U.S. Senator Dianne Feinstein Announces
For decades, the IRS and the Treasury Department have required 501(c)(4) groups that engage in issue advocacy to identify, confidentially, the names of individual donors who make financial contributions of $5,000 or more during a taxable year to their organization on Schedule B of Form 990. The IRS has proposed rolling back this rule change because it wants “to balance the IRS’s need for the information against the costs and risks associated with reporting on the information.” The Campaign Legal Center’s comment to this rulemaking reinforces this point and notes that the risk of accidental disclosure is exceptionally small because the IRS has taken steps at preventing accidental disclosure.
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