political campaign checking accounts

Posted By: NotDoneYet

political campaign checking accounts - 10/29/14 03:05 PM

It has been awhile (10 yrs) since I worked at the branch level opening accounts. It seemed there were specific requirements to open a political campaign account. It appears the IRS may require something different than the state. Meshing the two worlds is taking me longer than I have with everything else I handle.
This account is for a local office. Can anyone help me out with what we may or may not need? He is using his social security number, not an EIN. There are a couple other signers besides himself.
I sincerely appreciate any help.
Posted By: JacF

Re: political campaign checking accounts - 10/29/14 05:30 PM

Google PA campaign finance, and you should find some info. I can't get to my resources at the moment, but I've researched this before. I recall reading that each campaign should have a manager and a treasurer, and the treasurer may appoint additional signers.

If I can get to my info later, I'll check back in.
Posted By: NotDoneYet

Re: political campaign checking accounts - 10/29/14 07:20 PM

What I found sounds like this committee should have assigned roles and not everyone listed as signers including the candidate. The IRS prefers an EIN but doesn't require one.
At least we can confirm he is running for office, but the election is 2 weeks away and the account is just being opened. That seems a little odd. Maybe I am over thinking this.
Thanks for what you posted since it confirmed what I had found.
Posted By: JacF

Re: political campaign checking accounts - 10/29/14 08:52 PM

Originally Posted By: NotDoneYet
the election is 2 weeks away and the account is just being opened. That seems a little odd.


It is very odd. I'm not sure what last minute fundraising and campaigning the candidate would be doing at this point. I think it's an important enough question that it warrants asking the customer.