Corporate Tax Lawyers in Eden

In Eden, North Carolina, a "corporation" is a legal entity that is totally distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.

Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in North Carolina are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.

An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Eden, North Carolina

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states also have a corporate income tax, which Eden, North Carolina corporations are required to pay.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.

The corporate tax rate in North Carolina may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

Whatever their legal tax rate, all corporations in Eden, North Carolina are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Eden, North Carolina Corporate Tax Lawyer Help?

Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.

Of course, smaller companies in Eden 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 essential that you contact an Eden, North Carolina tax attorney as soon as possible.