Corporate Tax Lawyers in River Grove
In River Grove, Illinois, a "corporation" is an entity that is, under the law, distinct from any of its owners. Basically, this means that the people who own a corporation, and the corporation itself, are distinct "persons."
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Illinois are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
One of these obligations is the duty to pay income tax in much the same way as an individual person.
Corporate Tax Rate in River Grove, Illinois
Essentially every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in River Grove, Illinois are required to pay it.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are various tax brackets in between.
The tax rate in Illinois for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In River Grove, Illinois, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a River Grove, Illinois Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
Of course, smaller companies in River Grove can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a River Grove, Illinois tax attorney as soon as possible.