527 Transparency Act of 2005

527 Transparency Act of 2005 - Amends the Internal Revenue Code to revise disclosure requirements for tax-exempt political organizations (527 organizations) to require quarterly (instead of semiannual) reporting of contributions and expenditures in non-election years. Imposes a penalty tax on political organizations that fail to meet disclosure requirements. Denies a gift tax exclusion for donations to political organizations that fail to meet disclosure requirements.