Political committees must establish a bank account. This is required for many reasons, including helping keep committee funds separate from personal funds. You’ll use this account to deposit receipts and make disbursements. The account must be at one of the following:
- National bank
- State bank
- FDIC- or NCUA-insured institution
You'll list the name and address of the bank on the committee's Statement of Organization (Form 1).
Banks require you to have a taxpayer identification number to open an account. Get your “Employer Identification Number” online or by completing IRS Form SS-4. If you have questions about obtaining a taxpayer identification number, call the Internal Revenue Service, 1-800-829-3676.
All bank accounts must be opened in the name of the committee using the committee’s Employer Identification Number. Bank accounts should never be opened in the name of an individual using an individual’s Social Security Number.
SSF must pay taxes
A separate segregated fund (SSF) must use its own funds to pay taxes on interest income. Federal and state taxes on SSF funds are not considered administrative expenses payable by the connected organization.