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IRS As Data Collector Won't Ease Tax Probes, Lawmakers Told

Law360 (March 13, 2019, 9:06 PM EDT) -- U.S. authorities’ longstanding challenge in penetrating multilayered business structures to find who owns a tax-evading company wouldn’t be eased by tasking the Internal Revenue Service with collecting ownership data, members of the House of Representatives were told Wednesday.

Dennis Lormel, an expert on financial crimes, told the House Financial Services subcommittee on national security, international development and monetary policy it would be a mistake to make the IRS “the collection point” for so-called beneficial ownership information.

“That’s not workable, sir, from my experience,” Lormel said to Rep. French Hill, R-Ark., a subcommittee member who recently drafted a bill aimed at increasing...

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