IRS Audits Donors on Gift Tax

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The IRS recently sent audit letters to 5 donors who had not filed gift tax forms for donations they had made in 2008 to certain social advocacy groups. These groups come under Section 501(c)4 of the tax code, the section that permits groups the right to withhold the identities of their donors who contribute towards political campaign advertisements. Since 2008, many political groups were formed under Section 501(c)4 such as American Crossroads, which discloses donors, and Crossroads GPS, which doesn’t, both of which are large Republican organizations.

Not to be outdone, the Democrats also plan to start 2 groups of their own – Priorities USA and Priorities USA Action – to raise $100 million for the 2012 re-election of President Barack Obama.

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