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IRS Form 1120-POL Due March 15
All federal and state PACs that are calendar-year taxpayers and that have more than $100 in taxable income (e.g., interest and dividends) must file Form 1120-POL with the IRS by March 15, 2003.
Qualified State or Local Political Organizations (QSLPOs) that have gross receipts in excess of $100,000 must file Form 990 with the IRS by March 15, 2003. All nonfederal PACs and state PACs that are not QSLPOs must also file Form 990 by May 15. Federal PACs are no longer required to file Form 990—even if they filed one for tax year 2001. Please see the November 2002 Election Law Alert, available here, and the December Election Law News available by clicking here.