Reply #39: My first instinct is that I agree, Orwellian. Also, certification process seems like it'd be costly [View All]

[ctaylors6]

& cumbersome for all those requirements. It seems to apply only to corporations (ie entities organized as corporations under IRS rules), so at least there'd be more accessible management/accounting records. I'm not clear if it pertains to S-Corps (the proposed legislation in my link is short). It wouldn't apply, from what I read, to companies organized as LLCs, to partnerships, or sole proprietorships. (I have tax/accounting background by the way.)

It looks like to pay for it, they'll tax high income earners additional 4.6% (joint filers with AGI > $1million and single > $500,000).

I'm going to have to think on this.