Corporate Transparency Act

To very little fanfare last week, the US Government passed the Corporate Transparency Act, which was buried in the Military Spending Bill. This tiny Bill is actually a massive breakthrough on US Money Laundering and Tax evasion reform. (You will hear those words a lot this year folks) It requires that US shell companies provide the ownership records to Federal law enforcement and the IRS to monitor money laundering activities and Tax evasion. This can of worms has been responsible for America being rated alongside the Cayman Islands as a tax shelter. A bunch of tax cheats and money launderers in America will be sleeping less tonight. Now I wont be pointing fingers here. But the reason this all got passed was cooperation between the left and the right in both the congress and senate. And I do suspect they had a particular target in mind, who isnt famous for having an eye for detail, coming up soon. Just sayin'...😷