What were three provisions of the mccain Feingold Act of 2002?
Its key provisions were 1) a ban on unrestricted (“soft money”) donations made directly to political parties (often by corporations, unions, or wealthy individuals) and on the solicitation of those donations by elected officials; 2) limits on the advertising that unions, corporations, and non-profit organizations can …
How did the Bipartisan Campaign Reform Act limit the use of soft money quizlet?
Banned soft money donations to political parties (loophole from FECA); also imposed restrictions on 527 independent expenditures (issue ads only, not direct advocacy for a candidate). Declared unconstitutional by Citizens United case. Also known as McCain-Feingold Act.
What was the decision in Citizens United v FEC and how has it impacted campaign finance?
Federal Election Commission that held that corporations could be banned from making electioneering communications. The Court upheld the reporting and disclaimer requirements for independent expenditures and electioneering communications. The Court’s ruling did not affect the ban on corporate contributions.
Is Citizens United Democratic or Republican?
Citizens United is a conservative 501(c)(4) nonprofit organization in the United States founded in 1988. In 2010, the organization won a U.S. Supreme Court case known as Citizens United v.
What type of entity is a political campaign?
Political parties; campaign committees for candidates for federal, state or local office; and political action committees are all political organizations under IRC § 527. Among other requirements, most tax-exempt political organizations have a requirement to file periodic reports on Form 8872 with the IRS.
Do I need an EIN for my political campaign?
A political organization must have its own employer identification number (EIN), even if it does not have any employees. To get an EIN, an organization must file Form SS-4 PDF, Application for Employer Identification Number. Additionally, many political organizations must electronically file their periodic reports.
Are political campaigns 501c3?
Under the Internal Revenue Code, all section 501(c)(3) organizations are absolutely prohibited from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office.
Does a PAC have to file a tax return?
If the PAC has taxable income of more than $100, it must also file Federal Form 1120-POL and pay any tax due. Taxable income for a PAC is income other than contributions made to the PAC, such as investment income.