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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3375
Experience:  Over 20 Years experience
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Dave, Dave,Where would I find IRS and FEC requirements

Customer Question

Hi Dave,
Hi Dave,
Where would I find IRS and FEC requirements and restrictions for filing and starting a political party for profit?
Submitted: 2 years ago.
Category: Tax
Customer: replied 2 years ago.
Can you tell me any past or present for profit political parties that exist?
Expert:  R. Klein, EA replied 2 years ago.
Hello. Hi. This is Randall and I will assist you today.Any entity created for any legal purpose for profit would follow the same basic laws and rules as any other for-profit enterprise. It does not matter what the purpose of your entity is, as long as it is legal, then there are no restrictions such as those put on non-profit entities. You may create an LLC or corporation to do the business of your organization. You would file regular tax returns and pay taxes. The only entities that have restrictions are those that want to be considered not-for-profit.Money donated or given to your for-profit enterprise would not be deductible by the donors, but again, there are no limitations. I have never heard of a for-profit political organization, but there are many public companies who do give a portion of their profits to other organizations for the furtherance of those other organization's activities. You can sell hamburgers and decide that the corporation will feed animals directly with its profits (as opposed to giving the money to a non-profit for a tax deduction). You can sell hot dogs and decide that you will put "Ross Perot for President" on every hot dog wrapper you use. As long as it is legal and you are not trying to be a non-profit or improperly holding yourself out as a non-profit, you are probably not going to break any laws.
Customer: replied 2 years ago.
I was inquiring about a question answered by Dave as to whether or not a political party had to be non-profit. Dave said it could be both and I was told he would be answering my question. I am looking for a resource to back up his answer and would like to communicate with Dave.