The looming election cycle is propelling calls by lawmakers and tax advisers for the IRS to step up oversight of political organizations claiming to be tax-exempt—a prized status that's still not clearly defined.
. . .
Lawmakers on both sides of the aisle say more oversight is needed, and Republicans and Democrats lately are trading concerns about "dark money" groups supporting the other's candidates. Tax pros also say the area is ripe for transparency.
"You're left in this world of still having questions," said Meghan Biss, a Member at Caplin and Drysdale, who worked at the IRS for over a decade. "What is social welfare versus what is political activity? And at what point have you crossed into too much political activity?"
For the full article, please visit Bloomberg Law's website (subscription required).