Corporate Tax Lawyers in Bensalem
A "corporation" in Bensalem, Pennsylvania 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 Pennsylvania are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Bensalem, Pennsylvania
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Bensalem, Pennsylvania have to pay.
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 tax rate in Pennsylvania 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.
Corporations in Bensalem, Pennsylvania are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
How Can a Bensalem, Pennsylvania Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
Of course, smaller companies in Bensalem 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 Bensalem, Pennsylvania tax attorney as soon as possible.