07.24.2012framing an election debate on that law’s future. Under current law, these groups do not disclose the funding sources for their ads to the public. As 501(c)(4) political activity has increased in the current federal election cycle, watchdog groups have stepped up their effort to obtain funding source disclosure. One approach has been to seek a rulemaking from the IRS to limit the amount of candidate related activities in which a tax exempt 501(c)(4) may engage. Now comes an IRS response signaling receptivity to reviewing its political activity limitations for tax exempt organizations. There is no indication, however, that the IRS will take any action prior to the fall elections.