H.R. 5978: Foreign Remittance Accountability and Transparency Act

This bill, known as the Foreign Remittance Accountability and Transparency Act, aims to address issues related to foreign government programs that may enable or facilitate tax evasion by U.S. citizens. It directs the Comptroller General of the United States, in collaboration with the Secretary of the Treasury, to conduct a comprehensive study on these programs. The primary focus areas of the study include:

Scope of the Study

1. Identification of Programs: The study will identify foreign programs that are specifically designed to support remittance transfers from individuals residing in the United States.
2. Assessment of Compliance: The study will evaluate whether these identified programs bypass U.S. tax laws or reporting requirements, and to determine if such bypass is intentional.
3. Financial and Policy Analysis: The study will examine the financial volume associated with these programs and the potential policy implications.

Reporting Requirements

Within 180 days following the enactment of this legislation, the Comptroller General is mandated to prepare and submit a report to Congress. This report must contain:

1. Study Results: The findings from the study conducted, detailing the programs identified and the compliance assessments.
2. Policy Recommendations: Suggestions for potential regulatory or enforcement actions based on the study results to address any identified issues regarding tax evasion.

Purpose of the Bill

The overarching aim of this bill is to enhance transparency and accountability in remittance practices that could potentially undermine U.S. tax laws. By investigating these foreign programs, the bill seeks to inform policy decisions that might reinforce tax compliance among U.S. citizens engaged in remittance activities.

Relevant Companies

None found