Corporate Tax Lawyers in Fairview
A "corporation" in Fairview, Oregon 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 Oregon 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 Fairview, Oregon
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 Fairview, Oregon corporations are required to pay.
Under federal laws that govern corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
The tax rate in Oregon 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 Fairview, Oregon, 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 Fairview, Oregon 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.
But most smaller Fairview corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Fairview, Oregon as soon as you can.