Corporate Tax Lawyers in Walnut Ridge
In Walnut Ridge, Arkansas, a "corporation" is specified as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This doctrine is recognized as "corporate personhood." While the concept is somewhat abstract, the law of Arkansas treats corporations as individual persons, for most purposes. This means that, legally, corporations have most of the same rights, privileges, and commitments as living, breathing human beings.
An apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Walnut Ridge, Arkansas
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Walnut Ridge, Arkansas have to remit.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are many tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Arkansas differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Walnut Ridge, Arkansas must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a Walnut Ridge, Arkansas Corporate Tax Lawyer Help?
Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.
Of course, smaller companies in Walnut Ridge can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Walnut Ridge, Arkansas tax attorney as soon as possible.