The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the House Financial Services Committee in support of the Kleptocracy Asset Recovery Rewards Act (H.R. 389). The full letter can be read below or downloaded here.
This Wednesday, March 13th, the House Financial Services Committee’s subcommittee that covers national security issues will hold a hearing on corporate transparency and efforts to fight money laundering. They will once again discuss a proposal to collect the ownership information (a.k.a. beneficial ownership) of companies when they are formed in the United States. Currently, no state collects this information, and the anonymity has opened the door to a vast array of bad actors that endanger our communities and threaten our national security. More on that later.
The Committee is to be applauded for raising these important issues. Let’s only hope that, this time, they listen to what they hear.
The FACT Coalition filed a comment on February 5, 2019 with the Internal Revenue Service (IRS) on Guidance Related to the Foreign Tax Credit [REG–105600–18]. The full letter can be read below or downloaded here.
The FACT Coalition sent a letter to Treasury Secretary Steven Mnuchin urging support of beneficial ownership disclosure. The full letter can be read below or downloaded here.
The FACT Coalition filed a comment on December, 2018 with the Internal Revenue Service (IRS) on a proposal removal of Section 385 documentation regulations (REG-130244-17). The full letter can be read below or downloaded here.
Supporters of the Tax Cuts and Jobs Act might have hoped for a more celebratory first year anniversary. The public has not seen the kinds of benefits promised — few have seen anything close to $4000 raises, and real wage growth, accounting for inflation, continues to be sluggish. And despite surging corporate profits, the stock market took a tumble as other factors weigh heavy on the minds of investors. Even the board room celebrations are muted at best.
