IRS: Lobbying Could Harm Bond Status: Agency Eyes Tough Stance on Nonprofitts.

The Bond Buyer | June 14, 2002| | Copyright

The Internal Revenue Service appears to be developing a tough new stance on the lobbying activities of nonprofit organizations that have bond-financed facilities -- a move that is sending a warning that excessive lobbying potentially could jeopardize the tax-exempt status of their debt.

The IRS is currently auditing the bond issue of one 501(c)(3) organization in part because the tax agency believes the group's lobbying activities may violate the tax law governing bonds. The IRS may ask the group to agree to enter into a cash settlement to protect their bondholders ...

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