One false step can land you in hot water with the IRS, Federal Election Commission, or state regulatory organizationsRead Now
Nearly a half-century ago, political organization accounting complexities were creating waves of concern. They still are. “We created a monster,” announced U.S. Senator John Pastore at a recent Senate debate. “We have a law now that even the people who wrote it do not understand.” (Proquest.com 1976 article). Political organization accounting complexities—with many compliance requirements (and pitfalls)—merit a highly specialized CPA who can ensure accounting is done right.
This is not a new challenge, but it’s become increasingly complicated and time-consuming over the decades since this article was published. Political organization accounting—whether for a candidate, PAC, SuperPAC, or other tax-exempt organization—is tricky and time-consuming.
Political organization accounting and compliance are critically important to success. Accounting done right can win the day. Accounting done wrong can land you in huge trouble with the IRS or state, and even the Federal Election Commission—which does have requirements tied to state as well as federal organizations.
Consequences of inaccurate, incomplete, or untimely accounting reporting can include huge monetary penalties, legal prosecution, and destruction of reputation once the word gets out.
Are you eagerly awaiting the opportunity to embrace all these mentally-taxing, time-consuming challenges?
If not, reach out to John Morse, CPA.
Having served as the President of the Colorado Senate, John Morse knows politics and political organization accounting and compliance inside and out. He and his team understand both the complexities of tax law and the day-to-day operations of political entities. They are specialists in helping tax-exempt political organizations, including such political action committees as PACs and SuperPACs.
These core competencies work together to create a highly effective team, ready to help you navigate the IRS, FEC, and all your other (non-candidate) political accounting needs.