Can anyone reference me one or more publications (IRS Pubs or other reference works) on the tax obligations of a political campaign? My potential client is running for office and btw has a treasurer but wants to hire me to do the tax related filings about which treasurer and candidate know even less than I do.
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I may be off base in saying this, but that usually doesn't stop me anyhow. I'll caution you to be VERY careful about getting involved in the financial aspects of any political campaign. I speak from limited personal experience form many, many years ago .
If ANYTHING goes amiss, the candidate it always the one at the center and virtually untouchable. Political operatives will trash anyone they can, no matter how far removed or how innocent, in order to preserve the candidate. He is either their meal ticket if they're professionals, or he's the focus of their affection if they're just passionate about a particular issue. If the operatives are inexperienced, then it's even more dangerous. That simply means they are more likely to commit serious missteps and there's an even greater likelihood you'll be in the line of fire if problems arise.
If I'm overreacting, then maybe someone else on this forum will lend some balance.Last edited by JohnH; 10-01-2010, 04:01 PM."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
IRS has
a good page of information on this subject for the Federal requirements:
Each state also has more regulations and that Secretary of State would be the next stop. Every one has a web page with information.
And the local board of elections would be a good stop to make.AJ, EAComment
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Did that once, NEVER, NEVER again! State campaign finance laws make the IRC look like a child's primary reader. The laws seem to be designed to catch the candidate in some discrepancy. Every report I did, following the laws as I could understand them, resulted in a threatening letter that I was going to prison for 10 years and a $250,000 fine because the reports didn't meet the rules of the bureaucrats in the elections office. I thought a website was broadcast media, they said (wasn't detailed in the law) that it is print media. So I 'misclassified' the contributions in a way that was going to destroy the democratic process forever. Had to prepare amended reports and resubmit them. This of course leads to the opposition claiming that the candidate is lying on his financal reports, arrggghh!
Stay far, far away unless you get huge amounts of fees up front for your efforts (or political favors later if you live in Chicago)."A man that holds a cat by the tail learns something he can learn no other way." - Mark TwainComment
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Clarification?
I'm not being asked to be responsible for anything except required filings (if any) with the IRS and the NCDOR. The treasurer is taking care of the filings with the Secretary of State and the boards of elections.Comment
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Once again, even though it appears that you're not being asked to be responsible for anything, if something goes wrong you'll be the first person they point the finger at. Youre an easy target - even more so if you're not a campaign insider. The word "fall guy" comes to mind. Over and over again...
You're a chess player - think of this as a game with two sets of rules. The game on the top of the table is quite different form the one going on under the table. You'll only be allowed to play by one set of rules, many of which won't be revealed to you until things are well under way - that would be whichever set keeps the candidate's nose as clean as possible no matter what your personal and professional expense may be.
taxmandan knows exactly what he's talking about."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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