Under US election laws, foreigners are barred from contributing money as aid to finance political campaigns, including inaugurations. Non-resident foreigners in particular, who are found to have knowingly or unwittingly violated such rule will be fined and/or prosecuted. In Trump’s case, the inaugural committee in charge of handling the presidential inauguration, accepted donations from US registered shell companies that had direct connections to foreign nationalities. In business parlance, a legal entity becomes a shell company if after incorporation and registration it continues to exist only on paper, as it does not engage in any business activity, maintain employees, or set …
Tag: Foreign Contributions to Trump Inaugural Funds
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- Cut and Dried Wealth Managers Face Tough Financial Planning Challenges Starting 2021Wealth managers handling the business assets of individuals with high and ultra high net worth, will face new challenges starting this tax year 2021 and onwards. Aside from tax policy changes being proposed by the Biden administration, a new bill aimed at changing the IRS’ audit behavior toward the tax returns of wealthy taxpayers will […]
- Tesla’s $1.5 Bitcoin Investment Sparked Greater Interest for Bitcoin MiningIn an SEC filing last Feb. 08, Elon Musk’s Tesla stated investing $1.5 billion in bitcoins, in line with the company’s future plans of accepting BTC payments. Naturally, Tesla’s move had further boosted bitcoin’s price, bringing it to a record high of $46,800. This new development has sparked greater interest in bitcoin mining, being a […]
