'Dark money' groups dodge reporting requirement in new regulations

[muriel_volestrangler]

The Treasury Department and IRS on Tuesday finalized regulations that will excuse some politically active tax-exempt groups from having to disclose their high-dollar donors to the IRS.

The rules, which have been in the works for several years, will affect groups organized under 501(c)(4) of the tax code, which include political heavy-hitters like the National Rifle Association and AARP; labor unions; and “dark money” groups that fly under the radar.

Those organizations have no legal obligation to publicly disclose their donors' identities, but they previously had to give the IRS the names and addresses of donors who gave them more than $5,000. Under the new regulations, the groups won’t have to provide the information to the IRS at all.
...
“The Trump administration has opened the flood gates to dark money pouring into our election system just months before Donald Trump is on the ballot,” Wyden, the top Democrat on the Finance Committee, said. “We’re in the midst of a global pandemic and once-in-a-lifetime economic crisis and the Trump administration is prioritizing boosting the president’s political prospects with shady cash.”

https://www.politico.com/news/2020/05/26/dark-money-tax-283044

If they don't have to give names, that makes it easier for illegal donations from foreign interests and powers. It says they have to keep internal records; but that just means hiding the truth from any honest employee who slipped through the net.

[beachbumbob]

1. remember this will work for democratic PACs as well and why we need BIG money

to come in from the wealthy who want to see america survive. Imagine if Bezos or gates or buffet pledges $5 billion dollars each to go into defeating republicanism/trumpsim. The yells of money buying elections by the RW would be hilarious.