The FACT Coalition filed a comment on November 26, 2018 with the Internal Revenue Service (IRS) on proposed rules for the implementation of TCJA provisions. The full letter can be read below or downloaded here.
The FACT Coalition filed a comment on November 15, 2018 with the U.S. Securities and Exchange Commission (SEC) to urge the agency to develop comprehensive disclosure reporting requirements of tax information for publicly traded companies. The full letter can be read below or downloaded here.
Justice Brandeis once famously said that “sunlight is the best disinfectant.” It is a quote advocates for government and corporate transparency have repeated each time we are asked if any of “this stuff” makes a difference. For the record, it does.
The latest evidence comes from a recent report produced by two German academics looking at whether a European Union (EU) tax transparency initiative had any measurable impact on corporate behavior.
The FACT Coalition sent a letter to the IRS on proposed rules for the implementation of TCJA provisions. The full letter can be read below or downloaded here.
Let’s strike back at the attackers by heeding the informed advice of those attacked. Let’s end the use of anonymous companies.
At first look, the banking community should be pleased with a bill scheduled for a vote this week in the House Financial Services Committee. Several provisions aim to reduce the compliance costs of financial institutions when trying to meet the requirements of anti-money-laundering rules.
Yet first looks can be deceiving.
A previous version of the bill, a discussion draft examined by the committee in November, included virtually all of the current provisions, such as incentives for innovation, increased information sharing and feedback from the Financial Crimes Enforcement Network and streamlining of suspicious activity reporting. But one provision missing from the latest draft of the bill is a section to require Fincen to collect beneficial ownership information at the time of corporate formation and share that information with financial institutions and law enforcement. Considering Fincen’s new customer due diligence rule, which requires banks to identify beneficial owners of certain corporate bank accounts, this provision would have reduced compliance costs and potential liability should banks find themselves at odds with their regulators over AML compliance.
