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The gang that couldn't count

The Republican Governors Association (RGA), the largest 527 group allied with the GOP, has informed the IRS that it failed to report millions of dollars in receipts and expenditures last year.

The errors misrepresented the organization's fundraising and political activities in the months leading up to the gubernatorial races in Kentucky, Louisiana, and Mississippi and the recall of Gov. Gray Davis (D) in California. ...

The watchdogs also say the sheer size of the errors raises serious questions about how the RGA keeps its books, and note that similar mistakes by a political committee regulated by the Federal Election Commission (FEC) would certainly result in an audit and perhaps in fines as well.

Amended IRS filings show that the RGA failed to report more than $3 million or nearly 20 percent of the $15.7 million it raised in 2003. The filings also show that the organization failed to report close to $4 million or 25 percent of $15.5 million in expenditures. -- GOP governors group says it underreported millions to IRS (The Hill.com)