For every election, whether it is local, state, or federal, a political campaign is launched for each candidate who is running and is supported by Political Action Committees (PACs). There are several regulations that address supporting a PAC. The most widely known is the Political Reform Act of 1974 which basically states that candidates must remain completely impartial and disregard the desires of the donators so that the state and local governments can serve the needs of the people regardless of their personal prosperity.
Individuals, lobbyists, or businesses/corporations that support a candidate can make contributions to the candidate of their choice. The contribution can be used by the candidate or PAC to either promote their campaign or run an opposition ad against their opponent.
The tax laws regarding these contributions is very complex and require full documentation for public records as well as filing the forms required by the IRS regarding these contributions in a timely manner. Not only are you required to track your contributions but you must also track how you spend the contributions. The government has regulations regarding the recording of the expenditures as well. All of these forms, which consist primarily of IRS Forms 460, 450, 496, and 410, can be extremely time-consuming and confusing for an untrained person to just pick up and fill out without inaccuracies.
Islip + Company political campaign funds management provides you access to accountants who are fully trained professionals who help you manage your campaign funds and keep you abreast of all local, state, and federal requirements so that you remain in compliance and are never in the news for mishandling of campaign funds.
Quite often, errors in political reporting put the candidate on the front page of the news and become a huge liability for the campaign. Islip + Company can help you avoid penalties and embarrassing news headlines because we do not make errors. We will track the due dates, prepare and submit the forms, and help you maximize your campaign funds.
Leave the financial part of your campaign in our expert hands so you can spend more time focusing on the platform you are running on.
For your Sacramento based political campaign funds management, contact or call (916-488-1900) Islip + Company.