Corporate Tax Lawyers in Allentown
A "corporation" in Allentown, Pennsylvania is an organization formed under state law which is regarded 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 Pennsylvania 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 Allentown, Pennsylvania
All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Allentown, Pennsylvania have to pay.
Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
Likewise, chances are good that the corporate tax rate in Pennsylvania are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is considerably lower than the individual rate.
In Allentown, Pennsylvania, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.
How Can a Allentown, Pennsylvania 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 Allentown 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 imperative that you contact an Allentown, Pennsylvania tax attorney as soon as possible.