ST Alpha - "i wonder what would happen if the IRS proposed putting all for profit tax returns on a website open to the public" (Reading a Post)

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i wonder what would happen if the IRS proposed putting all for profit tax returns on a website open to the public

Posted by tRuMaN, (possibly absurd) (aka Truman) Apr 30 '12, 07:39

like it did for not-for-profits.

other than the phone lines of congress suddenly being overrun with angry business lobbyists.

if americans could really see how little in taxes (relative to their percentages, ignoring amounts) companies pay, would changes actually be made?

Responses:

In the end I don't think it would make much difference, it's too complex an issue for people, generally speaking, to really want to pay attention to. - znufrii Apr 30, 07:46
They could only do it for public companies. Private ones have the right to not have financial information broadcasted to the public. -- nm - spamlet Apr 30, 07:44 18
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  - That's the point of not being a public entity. You get to keep your financial information to yourself. - spamlet Apr 30, 07:50 4
    - [deleted] 2
      - It certainly does disclose financial information on the Schedule M-3. You start with worldwide book income. - spamlet Apr 30, 07:58 1
        
        [deleted]
    - this -- nm - Beaker Apr 30, 07:51
  - I know as an S corp. we are not required to disclosue anything to anyone - even when doing things like applying for a loan. - decline Apr 30, 07:47
  - if it is non-public why would anyone have the right to that info? Next they want your tax returns to see what you are paying as well -- nm - Beaker Apr 30, 07:47 1
    - [deleted]
  - dont quote me on this, but i think there is - tRuMaN, (possibly absurd) Apr 30, 07:47 7
    - [deleted] 6
      - i dont know honestly. is always been one of those things that i was told (taught?) but never knew the basis of. - tRuMaN, (possibly absurd) Apr 30, 07:48 5
        
        It would be IRS regulations, not SEC. Maybe something like this? -- (link) - mara Apr 30, 07:58 4
        
        [deleted] 2
        
        and it comes right back to my point. If they tried that with private companies, who is to say individuals wouldn't be next -- nm - Beaker Apr 30, 08:03 1
        
        [deleted]
        
        [deleted]
- yeah, thats true. or the SEC requiring all companies with listed stocks to publish them. -- nm - tRuMaN, (possibly absurd) Apr 30, 07:45
[deleted] 1
- yeah, i do wonder if more transparency would at least help everyone understand - tRuMaN, (possibly absurd) Apr 30, 07:45

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i wonder what would happen if the IRS proposed putting all for profit tax returns on a website open to the public

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