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Obama Administration Pushing Beneficial Ownership Bill Ahead of Midterm Elections
By Kira Zalan
printThe Obama administration is pushing lawmakers to introduce legislation that would require corporations to obtain tax identification data that could be turned over to investigators. Under the measure, the Internal Revenue Service would assign federal tax Employee Identification Numbers (EINs) to companies formed in any state and make information on the entities' owners available to law enforcement agencies investigating international money laundering and terrorist financing. The White House disclosed the plan earlier this year. The legislation may be introduced in Congress later this session, said Joshua Simmons, policy counsel for Global Financial Integrity, an advocacy group working with the administration...
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