The Treasury Department and IRS today finalized regulations that will excuse some politically active tax-exempt groups from having to disclose their high-dollar donors to the IRS
from having to disclose their high-dollar donors to the IRS.
Supporters of the move say the IRS doesn’t need the information and that requiring it posed privacy risks, even though the agency kept the information confidential. But opponents say it will make political activity by tax-exempt groups even more opaque and open the door to donations from foreigners. “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.”
The groups must continue to keep the names and addresses of major contributors in their own records, said the agency.
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