Corporate Tax Lawyers in Summit County
A "corporation" in Summit County, Ohio is an organization established under state law which is considered a separate "person" from any of the people who run it.
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Ohio are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Summit County, Ohio
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states further have their own corporate income tax, which corporations located in Summit County, Ohio have to remit.
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 many tax brackets in between.
The corporate tax rate in Ohio 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 best way to attract business (and thus improve their economies) is to have a low corporate tax rate.
In Summit County, Ohio, 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 Summit County, Ohio Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
Of course, smaller companies in Summit County 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 necessary that you contact a Summit County, Ohio tax attorney as soon as possible.