Privacy - The S Corporation Association

Carol Roth Pushes CTA Database Purge

Carol Roth’s latest column in The Blaze makes a powerful case for finishing the job on the Corporate Transparency Act (CTA): both repealing the law outright and purging the massive database of sensitive ownership information the government never should have collected.

As Roth writes:

The Trump administration has made Main Street a central priority — and limiting the reach of the Corporate Transparency Act’s Beneficial Ownership Information rule was one of its best decisions so far. The rule required small businesses to hand over sensitive ownership data to the Treasury Department’s Financial Crimes Enforcement Network, under threat of heavy fines and …

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Australian CbC Reporting and S-Corps, Continued

The S Corporation Association today sent a letter to the Australian Tax Office (ATO) building on our ongoing discussions regarding how Australia’s proposed Country-by-Country (CbC) reporting rules could affect S corporations operating in the United States.

By way of background, Australia is in the process of implementing new CbC reporting requirements they say will provide greater transparency for multinational companies doing business in the country. These rules would apply to sizable companies doing business in Australia, including large S corporations.

S corporations are pass-through entities, however, taxed at the shareholder rather than the entity level, and therefore do not pay …

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